In a recent report released by the Phoenix Group on December 27, 2024, Ethereum has emerged as the top revenue-making blockchain network, raking in an impressive $2 billion in earnings in the past year. This is not surprising considering Ethereum’s strong presence in the decentralized finance (DeFi) and non-fungible token (NFT) sectors, as well as its ongoing improvements such as Ethereum 2.0.
Following Ethereum, Tron and Solana take the second and third spots on the revenue leaderboard with earnings of $567 million and $370 million respectively. Tron’s popularity stems from its high stablecoin transfer volume and transaction per second (TPS) capabilities, while Solana is favored by developers for its speed and scalability-focused approach.
Emerging contenders in the blockchain space include Base, Linea, and Arbitrum, which have attracted attention for their scalability solutions. Base, a layer-2 blockchain developed by Coinbase, secured $77.4 million, showcasing a strong start in the competitive blockchain market. Linea, a Zk-Rollup technology by ConsenSys, raised $26.5 million, highlighting growing interest in zero-knowledge proof technology. Arbitrum, another layer-2 solution, earned $22.3 million, mainly due to its performance in the DeFi sector.
Other notable performers in the blockchain industry include BNB Chain and Avalanche, with revenues of $19.2 million and $17 million respectively. BNB Chain, backed by Binance, remains a popular choice for dApp development, while Avalanche gains traction with its subnet design.
Moving down the revenue list, Ton, Injective, and Scroll are among the mid-tier gainers, with earnings of $14.5 million, $14.1 million, and $13.7 million respectively. These projects showcase the growing interest in decentralized finance applications and layer-2 solutions within the blockchain ecosystem.
Rounding out the top fifteen projects are Blast, Optimism, Near, and StarkNet, each contributing to the competitive landscape of the blockchain industry. Blast, with $12.3 million in revenue, is known for its high-speed transactions and is gradually gaining recognition among developers. Optimism, a popular Ethereum scaling solution, is playing a crucial role in reducing transaction fees. Near, with a revenue of $7.4 million, boasts a user-friendly decentralized interface, while StarkNet, a Zk-Rollup technology, is demonstrating growth in the blockchain space.
Overall, the blockchain industry in 2024 is characterized by fierce competition and constant evolution. While Ethereum currently leads the pack, advancements in scalability, usability, and network growth strategies are paving the way for new players to enter the market and established networks to adapt. As we look ahead to 2025, the industry is poised for further growth and increased competition as blockchain technology continues to mature.
