Ethereum on-chain fees tell a story of protocol evolution, as DEXs overtake CEXs.

in #ethereumlast month

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Phase 1: Exchange based trading, alongside retail led ICO mania dominates gas fees.

Phase 2: Trading activity slows in the bear whilst smart contract experimentation continues.

Phase 3: DeFi + DEXs + mass CEX withdrawals dominate gas fees with Exchange related gas fees falling to only ~5% dominance.