#Ethereum on-chain fees tell a story of protocol evolution, as DEXs overtake CEXs. 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. Live Chart | @glassnode 12.6K viewsedited 21:41