Coinspeaker
Ethereum Outranks Bitcoin, Tron in 1-Year Total Fee Revenue
Ethereum, the second largest cryptocurrency by market capitalization has outshone other cryptocurrencies in terms of total annual fee revenue. According to blockchain analytics platform Lookonchain, Ethereum led the list of top 10 chains by 1-year fee revenue.
Ethereum Total Fee Revenue at $2.728B
Per the Lookonchain chart, Ethereum earned as high as $2.728 billion over the past year. It is followed by Bitcoin which earns a fee of $1.302 billion within the same time span. This figure is less than 50% of Ethereum’s earnings during the same period. Bitcoin is followed at a reasonable distance by the Tron Network which earned a fee of $459.39 million in the trailing 12-month period.
Here are the top 10 chains by 1-year fee revenue.#Ethereum earns a fee of $2.728B per year, #Bitcoin earns a fee of $1.302B per year, and #TronNetwork earns a fee of $459.39M per year. pic.twitter.com/ixAiP9g8JA
— Lookonchain (@lookonchain) July 3, 2024
Other networks recorded total fee revenue in the range of $23 million to around $240 million. Polygon was at the tail end of the list, earning only $23.91 million and it was preceded by Layer-2 blockchain Optimism which earned $40.4 million. Solana, BSC, Avalanche, and zkSync Era registered total fee revenue of $241.29 million, $176.56 million, $68.83 million, and $59.78 million respectively.
Similarly, Exponential Age Asset Management (EXPAAM) released some data a few days ago, offering insights into crypto’s position in the broad financial ecosystem. It turns out that BTC, ETH, and SOL are leading traditional assets like SPDR S&P 500 ETF Trust (SPY), Gold (GLD), Invesco QQQ Trust Series (QQQ), and iShares 20+ Year Treasury Bond ETF (TLT) amongst others.
On EXPAAM’s table, the annualized returns for Bitcoin, Ethereum, and Solana were capped at 140%, 149%, and 214% respectively. The traditional assets only registered about 1-18% growth in annualized returns, further showing the dominance of crypto assets.
Spot Ethereum ETF Trading Could Bring Ethereum Another Win
These figures are a reflection of the performance of each of these chains within the last fiscal year. Furthermore, Ethereum’s position on the total fee revenue list underscores the increased user activities and engagement on the network. The blockchain has bagged this milestone in the wake of the push for spot Ethereum ETFs.
Last year, several investment asset management firms demonstrated their interest in listing an Ethereum ETF by submitting a filing with the United States Securities and Exchange Commission (SEC). After several months of waiting, the Commission finally gave its support to eight spot Ethereum ETF filings but with a clause.
Noteworthy, trading spot Ethereum ETFs will commence after a series of processes including the submission of S-1 amendments, Form 8-A, and some other documentation. Many of the applicants have completed most of the processes and are currently awaiting the securities regulator to move to the next stage. It was earlier speculated that the proposed rule change will go live by July 4 but it currently does not appear so.
Notwithstanding, when spot Ethereum ETFs eventually hit the market, Ethereum price, per various analysts, might hit another huge milestone that might see it surpass its previous ATH.
