Crypto market data aggregator Messari tweeted about the streak on October 8, noting it is the longest period that Ethereum’s transaction fee revenue has exceeded Bitcoin’s in the crypto asset’s history.
Ethereum fees have been higher than Bitcoin fees for 2 months straight. It’s longest streak ever pic.twitter.com/2KgnNBcrrT
— Messari (@MessariCrypto) October 8, 2020
Ethereum fees skyrocketed into new all-time highs during August as the decentralized finance (DeFi) bubble began to shift into high-gear. The smart contracts underpinning DeFi protocols typically require the execution of multiple Ethereum transactions, exacerbating network congestion.
Average Ethereum fees currently sit at roughly $2, down from September’s record high above $14.
The surge in transaction costs has reignited vigorous debate within the Ethereum community as to how the network should adapt in the interim before the completion of ETH 2.0’s roll-out, which is currently expected some time