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$6.8 Million is Being Spent on Ethereum Fees Each Day as DeFi Craze Continues

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$6.8 Million is Being Spent on Ethereum Fees Each Day as DeFi Craze Continues

NewsBTC1 month ago
Published on August 14, 2020 02:00 GMT+0edited on August 14, 2020 03:03 GMT+0

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The DeFi craze is reaching new peaks, with investors now throwing money into just about every Ethereum-based token with unique properties and strong “meme potential.”

One such example of this is Yam Finance, which is a protocol launched roughly 48 hours ago that drew in hundreds of millions of dollars before a fatal bug left a small portion of these funds locked within the platform.

The rise and fall of Yam Finance sent shockwaves throughout the entire crypto market, with it causing many popular DeFi tokens – like Compound – to see heightened volatility due to traders trying to farm massive yields on the platform.

One byproduct of this craze has been rising Ethereum transaction fees.

The amount of money that investors are spending to transact between ERC-20 tokens is currently the highest …