The total value spent in fees in Ethereum in a given hour. Ethereum fees are based on the total gas fees spent in Ethereum transactions. This is a key demand indicator for Ethereum and Ethereum-based applications as it aggregates the total amount users are spending to transact in the Ethereum blockchain.
Ethereum fees are useful to gauge short-term and long-term demand in Ethereum blockspace. As demand for blockspace increases, so do Ethereum fees. Through short-term time-frames users may be able to spot anomalies or sudden spikes related to factors such as high speculative activity, major airdrops (such as UNI’s) and more. In a long-term point of view, increasing network fees are indicative of a growing network, creating demand for ETH to access Ethereum blockspace.