Ethereum’s Fee Revenue Hits $2.728 Billion in 12 Months, Bitcoin Follows with $1.302 Billion
Ruholamin Haqshanas
Last updated:
July 3, 2024, 07:38 EDT
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2 min read
According to a recent analysis by Lookonchain, Ethereum has secured its position as the leading blockchain by generating an impressive $2.728 billion in fee revenue over the past year.
This substantial figure highlights Ethereum’s dominance in the blockchain ecosystem, as it remains the preferred platform for decentralized applications (dApps) and smart contracts.
The high fee revenue reflects the widespread usage and demand for Ethereum’s services, particularly in sectors such as decentralized finance (DeFi) and non-fungible tokens (NFTs).
In addition, the Ethereum network reported a robust income of $365 million in the first quarter of 2024, marking a remarkable year-on-year revenue growth of 155%.
During Q1, Ethereum’s fee revenue from user transactions reached a significant milestone of $1.17 billion, an 80% increase from the previous quarter.
Bitcoin, the original blockchain technology, comes in second with a substantial $1.302 billion in fee revenue.
Despite primarily serving as a store of value and medium of exchange, Bitcoin’s significant fee income demonstrates its continued usage within the cryptocurrency space.
Features such as Bitcoin Ordinals and Runes have contributed to the noticeable increase in transaction fees in 2024, with up to 68% of Bitcoin transactions linked to these features since the halving.
Tron follows Bitcoin with $459.39 million in fee revenue, while Solana and Binance Smart Chain (BSC) generated $241.29 million and $176.56 million, respectively.
Furthermore, the report from Steno Research predicts that net inflows into spot Ether ETFs could potentially reach up to $20 billion within the first year, with ether expected to reach a minimum price of $6,500 by the end of the year.
However, founder and partner at Mechanism Capital, Andrew Kang, has suggested that the price of Ether could experience a significant drop to as low as $2,400 following the launch of spot ETFs due to less institutional interest compared to Bitcoin.
In summary, the Ethereum network’s fee revenue remains strong, positioning it as a leading player in the blockchain ecosystem, while the future of spot Ether ETFs presents both potential for significant inflows and the possibility of price fluctuations.
