The Ethereum platform, a leading smart contract network, generates significantly higher fee revenue per year compared to other blockchains, according to recent findings from cryptocurrency tracker Lookonchain. Ethereum (ETH) rakes in $2.728 billion in fees annually, which is more than double the earnings of its closest competitor, Tron (TRX), at $459.39 million per year. Ethereum’s fee revenue also surpasses that of Bitcoin (BTC), the top cryptocurrency by market capitalization, which stands at $1.3 billion annually.
Lookonchain’s analysis extends to other prominent fee-generating chains, revealing Solana (SOL) as generating $241.29 million, Binance Smart Chain (BSC) with $176.56 million, and Avalanche (AVAX) with $68.83 million in yearly revenue. Additionally, Ethereum’s layer-2 scaling solutions, zkSync Era, Optimism (OP), and Polygon (MATIC), contribute $59.77 million, $40.4 million, and $23.91 million, respectively.
Gas fees on the Ethereum network, paid in ETH and measured in gwei, are crucial for executing transactions and smart contracts. The fees fluctuate based on factors such as supply, demand, and network capacity. Uniswap (UNI), a decentralized exchange (DEX) protocol, stands out as the top gas consumer, having utilized 129.17 ETH valued at $401,815.53 in the past 24 hours.
Presently, the average gas fee on the Ethereum network is 6 gwei, equivalent to $0.39, as reported by Etherscan. The current trading price of Ethereum is $3,119, reflecting a 5.4% decrease in the last 24 hours.
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