That’s according to new analysis from blockchain intelligence firm Glassnode, who explored the source of skyrocketing fees that have resulted in nearly $7 million being paid in gas in a single day on Thursday.
The examination identified Tether as the single largest source of Ethereum gas spending, along with massive spending increases by DeFi applications such as Uniswap and arbitrage bots trying to keep the market at equilibrium. It’s all part of the increasing growing pains for Ethereum, as users hunt for returns in the lead up to fee relief promised with the arrival of Ethereum 2.0 , the long-awaited upgrade to the network.
Over 17,500 $ETH (USD$6.8 million) was spent on fees yesterday on #Ethereum .
As users compete for limited space in the #DeFi ecosystem, arbitrage bots have become unwelcome gas guzzlers, pushing gas prices to all time highs.
Read the full analysis