Ethereum Blockchain Generates Annual Fees of 2728 Billion Surpassing Nearest Competitor Fivefold Lookonchain Analysis
Ethereum (ETH), a leading smart contract platform, dominates in annual fee generation among blockchains, according to new data from crypto tracker Lookonchain. Ethereum accrues $2.728 billion in fees annually, more than double its closest competitor, Tron (TRX), which earns $459.39 million. This figure also surpasses Bitcoin (BTC), the largest crypto asset by market cap, which earns $1.3 billion annually in fees.
Lookonchain’s analysis further includes Solana (SOL) at $241.29 million, Binance Smart Chain (BSC) at $176.56 million, and Avalanche (AVAX) at $68.83 million in yearly fee revenues. Ethereum’s layer-2 scaling solutions zkSync Era, Optimism (OP), and Polygon (MATIC) contribute $59.77 million, $40.4 million, and $23.91 million, respectively.
Gas fees on Ethereum, paid in ETH and denominated in gwei, support transaction and smart contract execution. Fees vary based on network conditions including supply and demand. Notably, decentralized exchange Uniswap (UNI) is the largest consumer of gas, having spent 129.17 ETH valued at $401,815.53 over the last 24 hours. Currently, the average gas fee on Ethereum stands at 6 gwei, or $0.39.
As of the latest update, Ethereum is trading at $3,119, reflecting a 5.4% decline in the past day.
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