$2,728,000,000 in Fees Generated by Ethereum Blockchain Annually, Over 5x Above Closest ETH Rival: Lookonchain

Leading smart contract platform Ethereum (ETH) generates far more revenue from fees per year than any other blockchain.

New data from crypto tracker Lookonchain reveals that the top altcoin earns $2.728 billion in fees per year, or more than twice its closest rival, Tron (TRX), which earns $459.39 million annually.

Ethereum also earned just over twice that of Bitcoin (BTC), the top crypto asset by market cap, which came in at $1.3 billion during the same time frame.

Other top fee-generating chains analyzed by Lookonchain include smart contract platform Solana (SOL) with $241.29 million in revenue per year, Binance Smart Chain (BSC) with $176.56 million, and layer-1 blockchain Avalanche (AVAX) with $68.83 million.

Furthermore, ETH layer-2 scaling solutions zkSync Era, Optimism (OP) and Polygon (MATIC) came in with $59.77 million, $40.4 million and $23.91 million, respectively.

Ethereum users pay gas fees paid in ETH and denominated in gwei to successfully conduct transactions and execute smart contracts on the Ethereum blockchain. Gas fees depend on the supply, demand and network capacity.

According to Ethereum data tracker Etherscan, the current leading gas guzzler is decentralized exchange (DEX) protocol Uniswap (UNI), which has consumed 129.17 ETH worth $401,815.53 over the last 24 hours.

Currently, the average gas fee on the Ethereum blockchain is 6 gwei, or $0.39, according to Etherscan.

Ethereum is trading for $3,119 at time of writing, a 5.4% decrease during the last 24 hours.

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The post $2,728,000,000 in Fees Generated by Ethereum Blockchain Annually, Over 5x Above Closest ETH Rival: Lookonchain appeared first on The Daily Hodl.