In May, on-chain transaction volumes as well as the revenues generated through mining operations have grown. The estimated figures are remarkable all-time highs according to the monthly data. $2.35 billion was recorded as the gross miner revenue, an increase of 43 percent against April.
At the time of this report, the price of Ethereum sits at $2,570. The adjusted on-chain volume for the crypto has peaked about 92.7 percent from April, smashing $666 billion. Mining transaction fees on the ETH network increased to 43.9 percent from April to spike above the one billion dollar mark.
A Look at the Overall Crypto Exchange Volumes and Mining Revenue
Other records in on-chain volumes and revenues were broken in May too. A significant outcome is in the case of Ethereum toppling Bitcoin in both on-chain volume and miner revenue. BTC did not sail well with May after shedding over 34 percent within the month.
The overall on-chain volume hit a new all-time high of $1.07 trillion, an obvious 35.4 percent growth. Stablecoin supply followed suit with $101.6 billion ATH at 26.2 percent. Spot trading volume on centralized exchanges hit $2.18 trillion at 38 percent.
DeFi Protocols Bask in ATHs
Ethereum-based Decentralized Finance Protocols (DeFi) also joined the party in remarkable metrics. The revenue generated by the protocols hit over $370 million in May. According to expectations, the revenue is linked to the supply side – providing liquidity to the protocols.
Uniswap led the spot for May as it clinched $153.9 million which is a growth of 41.4 percent. Sushiswap followed with a 20.3 percent increase, and Aave with 16.6 percent. The total revenue generated by DeFi protocols in the past month hit $371.6 million.