In the latest analysis by blockchain data provider Lookonchain, Ethereum has emerged as the clear leader in blockchain fee revenue.
The analysis shared in a recent tweet ranks the top 10 chains by 1-year fee revenue.
Here are the top 10 chains by 1-year fee revenue.#Ethereum earns a fee of $2.728B per year, #Bitcoin earns a fee of $1.302B per year, and #TronNetwork earns a fee of $459.39M per year. pic.twitter.com/ixAiP9g8JA
— Lookonchain (@lookonchain) July 3, 2024
Breaking Down the Top Performers
Ethereum’s performance stands out as it ranks first. The network has generated $2.728 billion in fee revenue over the past year.
Bitcoin secures the second spot with $1.302 billion in annual fee revenue. Despite not offering smart contract functionality like Ethereum, Bitcoin’s strong performance underscores its enduring role as a store of value.
Tron takes the third position with $459.39 million in yearly fees. Other notable mentions in the top 10 include Solana ($241.29 million), BSC (Binance Smart Chain, $176.56 million), and Avalanche ($68.83 million).
These platforms have gained traction as alternatives to Ethereum, offering lower fees and faster transaction times.
The presence of layer-2 solutions like zkSync Era ($59.77M) and Optimism ($40.4M) in the rankings also shows the growing importance of scalability solutions in the Ethereum ecosystem.
This fee revenue data provides valuable insights into the relative health and adoption of various blockchain networks. High fee revenues generally indicate strong user demand and network activity.
The data shows that Ethereum stands at the top in terms of yearly fee revenue. The data comes at a time when the crypto industry is awaiting the launch of ETH ETFs.
Reports also state that Ethereum will likely outperform Bitcoin after the launch of the ETH ETF. K33 Research analysts cited various reasons for increased pressure on Bitcoin, including the selling pressure from various German governments and Mt. Gox distribution.
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