Ethereum was the blockchain with the highest revenue last year, earning more fees than in 2023 despite the upgrade in March that helped reduce costs on the network.
Ethereum generated $2.48 billion in fees in 2024, the highest among blockchains, followed by Tron, which generated $2.15 billion. Bitcoin came in third, generating $922 million, according to a report by CoinGecko on January 21.
Ethereum's fee revenue last year increased by 3% from the $2.41 billion it earned in 2023.
CoinGecko analyst Lim Yu Qian wrote: "This shows that Ethereum continues to lead in fee revenue despite the Dencun upgrade in March 2024 that helped reduce L2 transaction costs and the ongoing migration of users from the L1 chain to scalable L2 solutions".
Qian added: "Ethereum's stable fee revenue also contrasts with the price performance of ETH, which has declined below expectations last year".
Cryptocurrency analysts stated that Ethereum's Dencun upgrade in March – which supported lower transaction fees for layer-2 networks to scale the blockchain – could potentially weaken the main network's revenues, negatively impacting the price of the native token ETH.
CoinGecko found that Ethereum also earned $1.17 billion in the first quarter of 2024, accounting for nearly half of its total fee revenue from the previous year.
Qian said: "This was also Ethereum's highest revenue quarter in the past two years, driven by increased on-chain activity amid widespread Airdrop programs".
FOLLOW US ON FACEBOOK | TELEGRAM | TWITTER
Disclaimer: All content on this website is for informational purposes only and is not investment advice. Readers should do their own research before making any investment decisions. We are not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content you read on this website.
