Ethereum Leads Blockchain Fee Revenue in 2024 with $2.48 Billion in Gas Fees

Ethereum topped all blockchains in payment income for 2024, producing $2.48 billion over the 12 months. This robust efficiency in charges, nevertheless, contrasted with ETH’s value, which underperformed expectations throughout the identical interval.

All in all, Layer 1 and a pair of blockchains collectively earned nearly $6.9 billion from transaction charges final 12 months.

Ethereum Maintains Price Dominance Regardless of Dencun Improve

In line with CoinGecko’s newest report, Ethereum’s payment income determine witnessed a 3% improve in comparison with the $2.41 billion earned in 2023.

Regardless of the Dencun improve in March 2024, which lowered Layer 2 transaction prices and a continued shift of customers from the principle Layer 1 chain to Layer 2 scaling options, Ethereum maintained its dominance in payment earnings.

CoinGecko discovered that the charges Ethereum earned fluctuated month by month. In 2023, it generated between $91.22 million and $448.70 million per 30 days, with increased earnings throughout Might’s meme coin frenzy and the market surge on the finish of the 12 months. In 2024, this vary expanded considerably, with month-to-month earnings falling between $62.82 million and $606.77 million.

Ethereum’s payment income reached $1.17 billion within the first quarter of 2024 and constituted practically half of its annual complete. This was the blockchain’s best-performing quarter in two years, owing to a surge in on-chain exercise triggered by airdrop initiatives.

Bitcoin and BNB Chain Lag Behind

Tron turned the second highest-earning blockchain and earned $2.15 billion in charges in 2024, a 116.7% rise from $922.08 million the earlier 12 months. The expansion in Tron’s charges was largely pushed by increasing stablecoin utilization, with month-to-month earnings rising from $38.36 million in January 2023 to $342.54 million in December 2024.

Subsequent up was Solana, whose annual payment earnings skyrocketed by 2,838%, leaping from $25.55 million in 2023 to $750.65 million in 2024. It was the preferred blockchain ecosystem of the 12 months, with transaction volumes spiking to the purpose of community congestion in April 2024. Solana’s month-to-month payment earnings have been regular in 2023 however rose unpredictably in 2024, beginning at $15.54 million in January, reaching an all-time excessive of $197.5 million in November, and settling at $120.95 million in December.

Then again, Bitcoin’s payment earnings grew by nearly 16%, whereas BNB Chain noticed an 8.7% rise, each exhibiting extra average will increase. Bitcoin’s progress has been supported by better exercise from Ordinal NFTs, BRC-20, and Rune tokens, along with surging curiosity in growing on the Bitcoin blockchain.