DeFi: the main protocols generate more fees than Bitcoin

Major DeFi protocols generate seven-figure daily fees.

Bitcoin fees for Q1 2020 averaged $ 250,000.

Ethereum is way ahead and brings in over $ 25 million in fees per day

Complaints about Ethereum’s high fees never end. However, the main decentralized funding platforms have also collected a lot of money, according to new research.

Messari Crypto founder Ryan Selkis has researched the state of fees in the industry. The data revealed that some of the best DeFi protocols generated more daily fees than Bitcoin System during the first quarter of 2020.

The conversation quickly turned into a usual tirade of crypto tribalism and Ethereum criticism. That said, she also raised some interesting observations about the current revenues of DeFi platforms.

Current DeFi fees

Selkis specifically mentioned Uniswap , SushiSwap , Aave , Compound Finance, and KeeperDAO as the top five DeFi protocols in terms of fees, according to his research.

The screenshot showed Uniswap making almost $ 3.5 million per day, while SushiSwap was second with nearly $ 1.3 million. Compound followed in third, earning $ 1.2 million.

At the top of the list was Ethereum , unsurprisingly, with a whopping $ 24.4 million in daily fee income. Bitcoin was in second place with $ 6.6 million.

The comparison was made with Bitcoin’s first three months in 2020, when fees paid to miners were around $ 250,000 per day on average.

The analysis turned out to be unfair, given the comparison was made at completely different times in the market and Bitcoin now generates significantly more fees than any DeFi protocol. However, this underlines how far we have come in such a short time.

CryptoFees reports similar numbers with Ethereum and Bitcoin leading the pack, but DeFi protocols are the rest of the top ten in terms of fees. Also on this list, Stellar and Balancer currently earn $ 475,000 and $ 235,000 in daily fees.

Other DeFi protocols such as Bancor , Synthetix, Curve, Binance Chain, Ren, and 0x were all on the list, but their earnings were less than $ 100,000 per day.

Ethereum: fees still too high

If Ethereum were a typical company, its profits would be impressive and shareholders would likely be happy – but they are not. Those who hold the asset for the long term aren’t as concerned about these exorbitant fees, but anyone trying to actually use the network has big problems.

According to BitInfoCharts , the average transaction fee is currently around $ 20 at the time of publication.

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