Bitcoin Transaction Fees Outpace Ethereum, DeFi TVL Surges 11% in November: Binance
Research
According to a report by Binance Research, Bitcoin transaction fees have outpaced Ethereum fees in the past month; however, assets held in DeFi protocols surged 11% in November.
In November, network transactions fees on Bitcoin surpassed those of Ethereum for the second time. Bitcoin’s average daily fee totaled $56 million, while Ethereum’s averaged at $39.7 million. More short-term traders on the Bitcoin network is the leading contributor for the difference in the network’s transaction fee, according to the report.
Additionally, total value locked (TVL) in DeFi protocols overall gained 11% in November, bringing the total to $14.2 billion. Despite the total growth, DeFi assets under management (AUM) have been steadily decreasing since its all-time high of $16 billion in September, resulting from a few large protocols taking a significant portion of the market share.
Uniswap accounted for ~20% of the total DeFi TVL, while Maker took nearly 15% of the total, followed by Curve at 9%. Year-to-date, Uniswap alone has seen total value locked in its pool surge nearly 800%.