Ethereum has continued to shock the broader cryptocurrency ecosystem with its performance. Various indices show the digital asset taking the lead with the recent being total fee revenue within the past year. Ethereum raked in a total of $2.728 billion to lead other assets as per data from Lookonchain.
Ethereum’s Dominance in Fee Revenue
Notably, Ethereum’s one-year fee revenue is more than twice that of Bitcoin, the world’s largest digital asset. Bitcoin made a total of $1.302 billion to occupy the second position. Others are Tron with $459.39 million, Solana made $241.29 million and BSC with $176.56 million.
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
The other four had earnings in revenue fees less than $100 million. They include Avalanche – $68.83 million, zkSync Era – $9.77 million, Optimism – $40.4 million and Polygon – $23.91 million.
Interestingly, the combined revenue fee of the top ten earners showed that the total combined fee from the remaining nine assets gave a cumulative $2,372,150,000. This shows that Ethereum surpassed the other nine assets with an astonishing $355,850,000.
Crypto analysts have attributed the notable lead by Ethereum to its broader range of services and applications on the network. The revenue was expected given the higher usage volume and transaction fees in DeFi.
Ethereum Comparison with Bitcoin
Ethereum is a blockchain that provides support to decentralized finance platforms such as Aave, Compound, Notional, amongst others. Additionally, the ecosystem houses NFTs and other applications. The combined transaction volume and fees income from these has helped to propel Ethereum to the number one spot.
In comparison, Bitcoin’s revenue is majorly reliant on its function as a medium of exchange and a digital store of value. Meanwhile, Bitcoin’s transaction fees is affected by congestion on the network and BTC price performance which is currently bearish.
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