Jacob Franek, cofounder and COO of Coin Metrics, discusses why daily transaction fees on Ethereum have surpassed those on Bitcoin, what daily transaction fees reflect generally about a blockchain, why this change appears to be driven by demand for Tether on Ethereum, and what types of transactions people are using Tether for on Ethereum. We also cover Bitcoin vs. its forks — Bitcoin Cash and Bitcoin Satoshi's Vision — and whether or not the latter two are becoming medium-of-exchange coins as they hoped to be, why they're being used more for data storage and what kind of data is being stored there.
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Episode notes:
Coin Metrics: https://coinmetrics.io
Jacob Franek: https://www.linkedin.com/in/jacob-franek-b9865039/
ETH daily transaction fees surpassed those of Bitcoin: https://cdn.substack.com/image/fetch/c_limit,f_auto,q_auto:good/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F92cbb3e2-4e28-4cd7-8557-db7eea1656c5_1200x742.png
For a few months in 2018, ETH daily transaction fees were higher than BTC's: https://cdn.substack.com/image/fetch/c_limit,f_auto,q_auto:good/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fd2e5e596-39da-4c3a-a6ec-6c4277e1d210_1420x878.png
Demand for Tether on Ethereum skyrocketing: https://cdn.substack.com/image/fetch/c_limit,f_auto,q_auto:good/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F632ba7b5-de3e-4a9d-b34c-d30a32486070_1200x742.png
Ethereum processes more than 2x transactions per day than Bitcoin: https://drive.google.com/file/d/1QD82uclQKUQXp1WT12LMuqTVobkvNKEq/view
ETH locked in DeFi rising: https://twitter.com/spencernoon/status/1174048582204309505
Gas per transactions rising on Ethereum, indicating transactions are becoming more complex: https://drive.google.com/file/d/1Q53YFSgwSgtvvd346ARdbFV2ejwX8ZLX/view
Non-ETH/ERC-20/ERC-721/Tether transactions are also growing: https://drive.google.com/file/d/1Q4lFfW002Q_L9geNall8E5JSznnzVHZd/view
Ethereum miners have been voting up the gas limit: https://www.etherchain.org/tools/gasLimitVoting
Increasing the gas limit effectively increases the block size: https://etherscan.io/chart/gaslimit
Coin Metrics' comparison of Bitcoin forks: https://coinmetrics.io/a-comparative-analysis-of-bitcoin-forks/#more-1865
Comparison of medium of exchange metrics for BTC, BCH and BSV: https://cdn.substack.com/image/fetch/c_limit,f_auto,q_auto:good/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F7af691e0-7ee9-4dab-aad3-9e0a8a651542_1048x876.png
BSV being used for data storage: https://cdn.substack.com/image/fetch/w_1100,c_limit,f_auto,q_auto:good/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Ff9d22b7a-c133-4086-a553-f7fbecb02227_1200x742.png
Almost all BSV transactions come from weathersv app: https://cdn.substack.com/image/fetch/w_1100,c_limit,f_auto,q_auto:good/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F85817c8b-69a2-42ff-9174-ab4bb81c29e6_1200x742.png
Comparison of hash rate on BTC, BCH and BSV: https://cdn.substack.com/image/fetch/w_1100,c_limit,f_auto,q_auto:good/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4e16275d-80aa-48ca-bb84-0ddf7929be49_1387x833.png
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