Ethereum has surpassed Bitcoin in fee income over the past year by an epic 100%, according to the newest report from Lookonchain. Thus, its network has recorded $2.73 billion in fee income, the most in the industry. Bitcoin, in second place, generated $1.3 billion. Closing the top three is Tron Network, with almost $460 million.
Alex DovbnyaOther networks also contributed to the overall fee income landscape. Solana generated $241.3 million, Binance's chain accumulated $176.6 million and Avalanche recorded $68.83 million. Additionally, the zkSync Era earned nearly $60 million, Optimism $40.4 million and Polygon $23.9 million.
As the data highlights, Ethereum has a significant lead, doubling Bitcoin's revenue. This result is attributed to a broader range of applications and services on the network of the main altocin, with higher usage and transaction fees as a result.
Sure win?
Ethereum's ecosystem supports decentralized finance platforms, NFTs and various applications, all of which contribute to increased transaction volume and fee income. This is what has positioned ETH as a more versatile and widely used network compared to Bitcoin.
In return, Bitcoin's revenue, while still over a billion dollars, is primarily driven by its role as a digital store of value and medium of exchange. Its transaction fees are affected by network congestion and the price of BTC itself, which can fluctuate significantly.
However, it still lacks the extensive range of applications found in the Ethereum ecosystem, resulting in lower overall fee income.
Yuri Molchan
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin