Ethereum Leads in Blockchain Fee Revenue with Over $2.7 Billion Annually
Ethereum's Dominance in Fee Generation
Ethereum (ETH), the leading smart contract platform, generates significantly more revenue from fees than any other blockchain. Data from Lookonchain reveals that Ethereum earns $2.728 billion in fees per year. This amount is over five times higher than its closest competitor, Tron (TRX), which earns $459.39 million annually.
Other High-Earning Blockchains
Other notable blockchains also generate substantial revenue from fees but still lag far behind Ethereum. Solana (SOL) earns $241.29 million annually, Binance Smart Chain (BSC) makes $176.56 million, and Avalanche (AVAX) generates $68.83 million. Additionally, Ethereum layer-2 scaling solutions such as zkSync Era, Optimism (OP), and Polygon (MATIC) contribute $59.77 million, $40.4 million, and $23.91 million respectively.
The Role of Gas Fees
Ethereum users pay gas fees in ETH, denominated in gwei, to conduct transactions and execute smart contracts. These fees fluctuate based on supply, demand, and network capacity. Currently, the average gas fee on the Ethereum blockchain is 6 gwei, or $0.39.
Leading Gas Consumers
Decentralized exchange protocol Uniswap (UNI) is the current leading gas consumer on Ethereum, having used 129.17 ETH worth $401,815.53 in the last 24 hours, according to Etherscan.
Read More: https://onthenode.com/analysis/ethereum-leads-in-blockchain-fee-revenue-with-over-2-7-billion-annually
Ethereum's Dominance in Fee Generation
Ethereum (ETH), the leading smart contract platform, generates significantly more revenue from fees than any other blockchain. Data from Lookonchain reveals that Ethereum earns $2.728 billion in fees per year. This amount is over five times higher than its closest competitor, Tron (TRX), which earns $459.39 million annually.
Other High-Earning Blockchains
Other notable blockchains also generate substantial revenue from fees but still lag far behind Ethereum. Solana (SOL) earns $241.29 million annually, Binance Smart Chain (BSC) makes $176.56 million, and Avalanche (AVAX) generates $68.83 million. Additionally, Ethereum layer-2 scaling solutions such as zkSync Era, Optimism (OP), and Polygon (MATIC) contribute $59.77 million, $40.4 million, and $23.91 million respectively.
The Role of Gas Fees
Ethereum users pay gas fees in ETH, denominated in gwei, to conduct transactions and execute smart contracts. These fees fluctuate based on supply, demand, and network capacity. Currently, the average gas fee on the Ethereum blockchain is 6 gwei, or $0.39.
Leading Gas Consumers
Decentralized exchange protocol Uniswap (UNI) is the current leading gas consumer on Ethereum, having used 129.17 ETH worth $401,815.53 in the last 24 hours, according to Etherscan.
Read More: https://onthenode.com/analysis/ethereum-leads-in-blockchain-fee-revenue-with-over-2-7-billion-annually
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