Ethereum Surges 100% Against Bitcoin in Annual Revenue

According to a recent report from Lookonchain, Ethereum has achieved an impressive fee income growth of 100% over the past year, totaling $2.73 billion. This figure places Ethereum at the forefront of the industry, significantly ahead of Bitcoin, which generated $1.3 billion in fees. Following Bitcoin, the Tron Network secured the third spot with nearly $460 million in fee income.

Other notable contributors to the overall fee landscape include a network that generated $241.3 million, Binance’s chain with $176.6 million, and another that recorded $68.83 million. Furthermore, zkSync Era earned close to $60 million, Optimism brought in $40.4 million, and Polygon accumulated $23.9 million.

The data illustrates Ethereum’s substantial lead, as its fee revenue has doubled that of Bitcoin. This disparity is largely due to Ethereum’s broader array of applications and services, resulting in higher usage and transaction fees.

Ethereum’s ecosystem supports various decentralized finance platforms, NFTs, and a multitude of applications, all of which drive up transaction volume and fee income. This versatility helps position Ethereum as a more widely utilized network compared to Bitcoin.

Conversely, Bitcoin, while still generating over a billion dollars in revenue, primarily functions as a digital store of value and a medium of exchange. Its fee income is influenced by network congestion and the fluctuating price of BTC. However, Bitcoin’s ecosystem lacks the extensive variety of applications available on Ethereum, which contributes to its comparatively lower fee income.