Data: The transaction fees earned by Ethereum miners have fallen by more than 85% in the past three weeks

According to Decrypt, last month, the average transaction fee of Ethereum (ETH) reached the highest level in history, almost reaching $12, which caused great trouble to traders and other ETH users. As a result, the fees of Ethereum miners continue to soar, and transaction fee income in September alone reached $166 million. But now, the situation has basically returned to normal. According to Glassnode data, the total transaction fees earned by miners in Ethereum have dropped from the peak of 42763 ETH on September 17 to 5898 ETH yesterday, which is equivalent to a drop of 86.2% in three weeks. Correspondingly, the average fee per transaction has also fallen to a similar degree, from a peak of $11.62 on September 17 to $2.1 yesterday. This makes the cost of using the Ethereum blockchain lower. It's not just transaction fees that have fallen sharply in the past few weeks. The absolute number of transactions on the Ethereum network also dropped sharply, reaching 935,000 yesterday, a 29.2% drop from the peak of 1.32 million reached on September 17. The total amount of transactions fell even more. From 6.5 million ETH on September 17th to 1.7 million yesterday, a drop of 74%. The cost increase from June to September was mainly due to the rapid expansion of interest in the DeFi industry.