Ethereum Earns $2.728 Billion in 1-Year Fee Income, Bitcoin Follows with $1.302 Billion
Ethereum has emerged as the leading blockchain in terms of fee revenue, generating a staggering $2.728 billion over the past year, according to a recent analysis by Lookonchain.
The figure underscores Ethereum’s dominant position in the blockchain ecosystem, where it continues to be the go-to platform for decentralized applications (dApps) and smart contracts.
Furthermore, the high fee revenue is indicative of the heavy usage and demand for its services, driven by various sectors including decentralized finance (DeFi) and non-fungible tokens (NFTs).
The Ethereum network also reported a robust income of $365 million in the first quarter of 2024, an impressive year-on-year revenue growth of 155%.
Ethereum’s fee revenue, generated through user transactions, reached a notable milestone of $1.17 billion in Q1, an 80% upswing from the previous quarter.
Bitcoin, the pioneer of blockchain technology, comes in second with a significant $1.302 billion in fee revenue.
While Bitcoin primarily serves as a store of value and medium of exchange, its substantial fee income highlights its ongoing usage within the cryptocurrency space.
For one, Bitcoin Ordinals, a feature that allows the inscription of arbitrary data on the Bitcoin blockchain, have caused a noticeable increase in transaction fees in 2024.
Moreover, Runes, which lets users inscribe individual satoshis with unique identification numbers, and embed them with arbitrary data directly into the Bitcoin blockchain, has contributed to up to 68% of Bitcoin transactions since the halving.
Following Bitcoin, Tron stands out with $459.39 million in fee revenue.
Solana, known for its high-speed transactions and low fees, generated $241.29 million in fee revenue.
Binance Smart Chain (BSC),
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