Coin World News reported:
Despite the launch of a series of blockchain networks offering lower fees and faster transaction times, Ethereum’s dominance continues, with users seemingly willing to pay higher fees.
As a result, according to data compiled by Lookonchain, Ethereum has surpassed Bitcoin in 1-year fee revenue. Ethereum’s fees amounted to $2.728 billion, significantly ahead, while Bitcoin followed closely with $1.3 billion in fees.
According to the popular on-chain analysis platform, the Tron blockchain ranked third during the same period with $459.39 million in fees, indicating its growing popularity. Solana and Binance Smart Chain (BSC) ranked fourth and fifth with $241.29 million and $176.56 million in one-year fee revenue, respectively.
Source: X, Lookonchain
The sixth on the list is Avalanche, the seventh is zkSync Era, and the ninth is Optimism, with $68.83 million, $59.77 million, and $40.40 million respectively. Polygon ranked tenth last year with only $23.91 million in fees.
Meanwhile, Ethereum also leads in the smart contract platform field, occupying 62% of the $695 billion market capitalization, interestingly representing its peak share for 2024.
CoinMarketCap’s latest analysis shows that the network also performs well in revenue generation, accounting for 70% of all first-layer blockchain revenue. Furthermore, since the beginning of this year, Ethereum’s DeFi TVL has doubled, further cementing its dominance in the industry.
“Despite the overall decrease in the DeFi industry’s TVL since the beginning of this year, Ethereum remains the dominant chain in DeFi, with a TVL market share of about 84.3%, mainly driven by DEX trading and staking.”
