Top 10 blockchains by transaction fees received per year
Date: 2024-07-08 Author: Gabriel Deangelo Categories: BLOCKCHAIN
In the world of cryptocurrencies, the number of blockchains offering low fees and fast transaction processing continues to grow. However, despite this diversity, Ethereum's dominance remains unchallenged. Users are willing to pay high fees for the unique benefits this network provides.
According to Lookonchain, Ethereum ranks first in annual transaction fee revenue, registering an impressive $2.728 billion. This is significantly higher than Bitcoin, which ranks second with revenue of $1.30 billion. These figures highlight how in demand Ethereum remains despite the emergence of many alternative blockchains.
Popularity of Tron and other blockchains
Third on the list is the Tron blockchain, which collected $459.39 million in fees over the same period. This indicates its growing popularity and strengthening position in the market.
Following closely are Solana and Binance Smart Chain (BSC), with revenues of $241.29 million and $176.56 million, respectively. These blockchains are known for their low fees and high transaction speeds, making them attractive to users.
Other blockchains in the top 10
The second half of the list is led by Avalanche, which came in sixth with $68.83 million in commissions for the year. It is followed by zkSync Era ($59.77 million) and Optimism ($40.4 million), in seventh and ninth places, respectively. Rounding out the top ten is Polygon with fee income of $23.91 million last year.
Ethereum not only leads in fee income, but is also the leader among smart contract platforms. Ethereum claims 62% of the $695 billion market capitalization, which represents its peak share in 2024, according to CoinMarketCap.
Ethereum Market Share and Revenue
Ethereum also leads in revenue generation, accounting for 70% of all revenue among layer 1 blockchains. Since the beginning of this year, Ethereum has doubled TVL (total value locked) in DeFi projects, further cementing its dominant position in the industry.
Despite the emergence of numerous competitors, Ethereum continues to hold a leading position in transaction fee revenue and dominates the smart contract space. Its ability to generate significant revenue and attract users demonstrates the network's resilience and relevance. At the same time, blockchains such as Tron, Solana and Binance Smart Chain continue to grow and develop, offering users alternative solutions with low fees and high transaction speeds.
