The leading smart contract platform Ethereum (ETH) generates significantly higher fee revenue annually than any other blockchain, according to a report by CoinDesk.
New data from cryptocurrency analytics firm Lookonchain shows that the top altcoin generates an annual fee revenue of $2.728 billion, more than double that of its closest competitor Tron (TRX), which generates $459.39 million per year.
Ethereum’s revenue is also more than double that of Bitcoin (BTC), the largest cryptocurrency by market capitalization, which generates $1.3 billion in the same period.
Other top fee-generating chains analyzed by Lookonchain include the smart contract platform Solana (SOL), with an annual revenue of $241.29 million, Binance Smart Chain (BSC) with $176.56 million, and layer-one blockchain Avalanche (AVAX) with $68.83 million.
Additionally, Ethereum’s layer-two scaling solutions zkSync, Optimism (OP), and Polygon (MATIC) generate $59.77 million, $40.40 million, and $23.91 million, respectively.
Ethereum users pay gas fees in ETH and gwei to successfully transact and execute smart contracts on the Ethereum blockchain. Gas fees depend on supply, demand, and network capacity.
According to data from Ethereum tracker Etherscan, the leading gas consumer is the decentralized exchange (DEX) protocol Uniswap (UNI), which has consumed 129.17 ETH in the past 24 hours, worth $401,815.53.
Etherscan’s data also shows that the average gas fee on the Ethereum blockchain is 6 gwei, or $0.39, at the time of writing.
The price of Ethereum is $3,119 at the time of writing, representing a 5.4% decrease in the past 24 hours.
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