Despite the launch of a slew of blockchain networks offering lower fees and faster transaction times, Ethereum’s dominance continues, and users seem willing to pay higher fees.
As such, Ethereum has surpassed Bitcoin in terms of 1-year fee revenue, according to data compiled by Lookonchain. With a whopping $2.728 billion, Ethereum clearly leads the pack in fees, while Bitcoin follows in second place, generating $1.30 billion in fees.
According to the popular on-chain analytics platform, the Tron blockchain secured the third spot with $459.39 million in fees during the same period, indicating its growing popularity. Solana and Binance Smart Chain (BSC) claimed the fourth and fifth spots with $241.29 million and $176.56 million in one-year fee revenue, respectively.
Source: X, LookonchainThe list features Avalanche on the sixth, zkSync Era on the seventh, and Optimism on the ninth, with $68.83 million, $59.77 million, and $40.4 million, respectively. Polygon claimed the tenth spot with just $23.91 million in fees in the past year.
Meanwhile, Ethereum also leads the smart contract platform space, claiming 62% of the $695 billion market cap, which, interestingly, represents its peak share for 2024.
The latest CoinMarketCap’s analysis revealed that the network has also outperformed in revenue generation, accounting for 70% of all income among Layer 1 blockchains. Furthermore, Ethereum has witnessed its DeFi TVL double since the beginning of this year, thereby solidifying its dominant position in the industry.
“Although the DeFi sector has seen an overall reduction in TVLs since the beginning of this year, Ethereum is still the dominating chain in DeFi, with c.84.3% of TVL market share, primarily driven by DEX trading and staking.”