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Oil prices surge! Ethereum average transaction fees hit a new record, and the coin price breaks this year's new high!

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Oil prices surge! Ethereum average transaction fees hit a new record, and the coin price breaks this year

The Ethereum Gas Fee has surged again today (9/1), with the average transaction fee reaching as high as 426 gwei. At the end of August, the Gas Fee had dropped significantly to 62 Gwei. However, with the launch of SushiSwap, a clone of the automated market maker platform Uniswap that introduced liquidity mining, not only has the Gas Fee consumption skyrocketed to the third spot on the leaderboard, but Uniswap's Total Value Locked (TVL) has also seen a sharp increase.

SushiSwap Emerges as a Dark Horse

Previously reported on August 13th, the average Gas Fee had soared to 330 gwei, with some transactions requiring over 400 gwei for successful confirmation. Although there was a slight decrease afterwards, the Uniswap clone, SushiSwap, emerged as a dark horse, driving up overall trading volume, with Gas Fees peaking at 488 Gwei at one point.

Since the launch of liquidity mining by SushiSwap on the evening of the 28th (where users stake Uniswap LP tokens to earn SUSHI tokens), locked assets in Uniswap have surged, growing from approximately $400 million to $1.329 billion as of the time of writing, according to DeFiPulse data.

Uniswap Locked Assets (Source: defipulse)

According to Etherscan data, the past 24-hour transaction fee distribution is as follows:

  • Uniswap V2: 5,782.78 Eth (25.99%)
  • Tether USD: 2,785.35 Eth (11.05%)
  • SushiSwap: 630.82 Eth (2.89%)

Forsage, a Ponzi scheme that previously held the third spot on the transaction fee leaderboard, has now dropped to seventh place (1.21%). Additionally, blockchain engineer David Mihal has constructed a fee leaderboard for various cryptocurrency projects based on Coinmetrics data. In the past day, Ethereum transaction fees were more than seven times that of Bitcoin, with even Uniswap V2 consuming more fees than Bitcoin.

Project Fee Leaderboard (Source: cryptofees)

Sushi's Daily Trading Volume Surpasses Three Established Exchanges

Through its liquidity mining program that draws liquidity from other DeFi platforms, SushiSwap has not only been dubbed "vampire mining" by cryptocurrency analyst Martin Krung but has also left Ethereum founder Vitalik Buterin feeling quite despondent, considering it a "bizarre kind of network attack."

Research director at a foreign media outlet, Larry Cermak, finds the phenomenon of Sushi incredible. He compiled the trading volumes of Uniswap over the past day, with Sushi tokens accounting for $175 million, surpassing the individual 24-hour trading volumes of established exchanges such as Bitstamp, Poloniex, and Bittrex.

Uniswap Daily Trading Volume Distribution (Source: @lawmaster)

This prompted data analyst Larry, known for his analytical skills, to state:

I really need to double-check the data. Unbelievable, too absurd that this "digital sushi" that didn't exist four days ago now has a trading volume higher than Bitstamp. I think such exaggerated trading volumes are unsustainable, and the frenzy will eventually fade.

Perhaps due to the significant demand for DeFi liquidity mining, the price of Ether has also reached a new high for the year at $472.