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Ethereum Skyrockets 100% Over Bitcoin in Annual Revenue
Gamza Khanzadaev
Ethereum Clearly Surpasses Bitcoin in Annual Fee Revenue, Earning 100% More Than Last Year
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According to the latest report from Look on the chain. So, its network has recorded $2.73 billion in fee revenue, the highest in the industry. Bitcoin, in second place, has generated $1.3 billion. Rounding out the top three is Tron Network, with almost $460 million.
Other networks also contributed to the overall fee revenue landscape. Solana generated $241.3 million, Binance Chain accumulated $176.6 million, and Avalanche recorded $68.83 million. Additionally, zkSync Era earned nearly $60 million, Optimism $40.4 million, and Polygon $23.9 million.
As the data shows, Ethereum has a significant advantage, doubling the revenue of Bitcoin. This result is attributed to a wider range of applications and services on the mainline altcoin network, resulting in higher usage and transaction fees.
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The Ethereum ecosystem supports decentralized finance platforms, NFTs, and various applications, all of which contribute to increased transaction volume and fee revenue. This is what has positioned ETH as a more versatile and widely used network than Bitcoin.
In return, Bitcoin’s revenue, while still over a billion dollars, is primarily driven by its role as a digital store of value and medium of exchange. Its transaction fees are affected by network congestion and the price of BTC itself, which can fluctuate significantly.
However, it still lacks the wide range of applications found in Ethereal ecosystem, resulting in a reduction in overall fee revenue.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated with a degree in finance and credit with a focus on securities and financial derivatives. He then completed a master’s degree in banking and asset management.
He wants to contribute to the discussion of economic and fintech topics, as well as inform more people about cryptocurrencies and blockchain.