Ethereum Earns $2.7 Billion in Fees Each Year: Lookonchain

Lookonchain found that Ethereum earns over $2.7 billion in fees per year — more than twice the amount of fees generated by Bitcoin.

Ethereum earns the highest one-year fee revenue of the top ten blockchains by a large margin, according to a a new analysis from blockchain analytics firm Lookonchain.

Lookonchain found that Ethereum earns the highest fee revenue of $2.7 billion per year, while Bitcoin comes in second with a yearly fee revenue of $1.3 billion and Tron comes in third with a fee revenue of $459.3 million.

Other layer one blockchains took the next spots on the list, with Solana earning $241.2 million in fees each year, BSC earning $176.5 million and Avalanche earning $68.8 million in fees.

Layer 2 networks zkSync Era and Optimism earned $59.7 million and $40.4 million in fees respectively, while Polygon took the last spot on the list with $23.9 million in yearly fees.

Despite Ethereum dominating in fee revenue, it’s also notorious for having sky high average gas prices. However, the average gas fee on the network is currently at one of its lowest levels in years.

At the time of writing, data from Etherscan shows that the average transaction on Ethereum costs around 5 gwei or just $0.27. The uptick in use of layer 2 scaling solutions and the impact of the Dencun upgrade may be some of the reasons driving gas prices lower, as activity across decentralized applications (Dapps) has been on the rise.

Data from DappRadar shows that volume across Ethereum-based Dapps surged 300% over the last week to $71.8 billion.