Ethereum (ETH) is the leading smart contract platform in the blockchain space, generating significantly more revenue from fees per year than any other blockchain. New data from Lookonchain shows that Ethereum earns $2.728 billion in fees annually, which is more than five times its closest competitor, Tron (TRX), at $459.39 million. Ethereum also outperforms Bitcoin (BTC), the top cryptocurrency by market cap, which earns $1.3 billion in fees per year.
In addition to Ethereum, other top fee-generating chains highlighted by Lookonchain include Solana (SOL) with $241.29 million, Binance Smart Chain (BSC) with $176.56 million, and Avalanche (AVAX) with $68.83 million in annual revenue. Layer-2 scaling solutions for Ethereum, such as zkSync Era, Optimism (OP), and Polygon (MATIC), also contribute to the overall fees generated by the platform, with $59.77 million, $40.4 million, and $23.91 million, respectively.
Ethereum users pay gas fees in ETH and gwei to execute transactions and run smart contracts on the platform, with fees varying based on supply, demand, and network capacity. According to Etherscan, the leading gas-consuming application on the Ethereum blockchain is Uniswap (UNI), a decentralized exchange protocol that has utilized 129.17 ETH worth $401,815.53 in the last 24 hours. The average gas fee on Ethereum is currently 6 gwei, or $0.39, as per Etherscan data.
Despite the high fees generated by Ethereum, the platform has experienced a 5.4% decrease in price over the last 24 hours, trading at $3,119 at the time of writing. To stay updated on the latest news and trends in the blockchain space, readers are encouraged to subscribe for email alerts and follow the platform on various social media channels including X, Facebook, and Telegram.
In conclusion, Ethereum is a dominant force in the blockchain industry, generating substantial revenue from fees compared to its competitors. With a strong ecosystem of applications and solutions, Ethereum continues to attract users and developers looking to leverage its smart contract capabilities. As the platform evolves and scales with layer-2 solutions, it is likely to maintain its position as a leading blockchain for years to come. Stay informed with the latest developments in the space by subscribing and following Ethereum on social media platforms.
