Ethereum Generates $743M in Fees, Outpaces Rivals and Bitcoin
• Ethereum (ETH) continues to be the most dominant blockchain in terms of fees generated, raking in a staggering $743 million over the past six months.
• TRON follows closely behind Ethereum with $282 million in fees generated over the same period, while bitcoin (BTC) trailed far behind with just under $80 million.
• Layer-2 networks such as Arbitrum One have emerged as a promising solution for high transaction costs, generating an average of $236,000 daily in fees over the past week.
Ethereum Dominates Fee Generation
Ethereum (ETH) continues to be a clear leader when it comes to fee generation within the blockchain world. According to Token Terminal’s April 10 report, Ethereum generated more than double its nearest competitor during the past six months, amounting to a staggering $743 million in cumulative daily fees. Meanwhile, TRON followed closely behind with $282 million and bitcoin (BTC) lagged far behind at just under $80 million during the same period.
Low Fees Still Challenge Non-Whale Users
Although Ethereum boasts relatively low average transaction fees of around $4.70 according to BitInfoCharts, this is still challenging for non-whale users who may prefer alternative networks. Token Terminal stresses that examining fees is key metric when evaluating which protocols are genuinely in use and signals continued growth for the ecosystem. Uniswap was another top performer generating around $269 million in total during these 6 months.
Layer-2 Networks Offer Solutions
Layer-2 networks offer potential solutions for high transaction costs associated with Ethereum transactions. Arbitrum One was ranked sixth highest in terms of network fees generated and Crypto Fees reports that it had an average daily fee generation of around $236,000 over the past week. Additionally, L2Fees reports that it only costs 0$0.06 to conduct an Ethereum transaction on this network and 0$0.17 for token swaps – although withdrawing Ethereum from this system can take up to one week due its optimistic rollup technology presenting limitations .
Ethereum Prices Remain Stagnant
Despite Ethereum’s strong performance concerning fee generation, its prices have remained stagnant hovering around 1859$. This could be due to bitcoin’s consolidation over the past three weeks or because of the upcoming Shanghai hard fork set occur on April 12th which could cause some turbulence ahead .
