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Whales profit as high Ethereum gas fees sideline retail DeFi investors

Published 02/06/2021, 06:30 PM
Updated 02/07/2021, 08:20 PM
Whales profit as high Ethereum gas fees sideline retail DeFi investors
ETH/USD
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Since early 2020 the decentralized finance sector has been recieved a lot of attention due to its cutting-edge innovation and the lucrative high yield opportunities offered to cryptocurrency holders.

Despite these features, this week’s record-high gas fees show that the sector is still having growing pains and the absence of a suitable layer 2 solution could be pushing smaller investors away from DeFi.

Average Ethereum gas price. Source: Etherscan
Average Ethereum fees by day in 2020. Source: Flipside Crypto
Number of transfers by wallet size in 2020. Source: Flipside Crypto

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