Ethereum Outranks Bitcoin, Tron in 1-Year Total Fee Revenue

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As a researcher with a background in blockchain technology and cryptocurrencies, I find the data presented by Lookonchain on the total fee revenue earned by different cryptocurrency networks over the past year to be quite intriguing. Ethereum’s leading position on this list with a fee revenue of $2.728 billion is a clear testament to its growing dominance in the blockchain ecosystem.

Among the top 10 cryptocurrencies by market capitalization, Ethereum has generated the most annual fee income during the past year. Based on data from blockchain analysis platform Lookonchain, Ethereum tops the list in terms of 1-year fee earnings.

Ethereum Total Fee Revenue at $2.728B

As an analyst, I’ve examined the data from Lookonchain and found that Ethereum generated approximately $2.728 billion in fees over the past year. In contrast, Bitcoin earned around $1.302 billion during the same time frame, which is less than half of Ethereum’s earnings. The Tron Network follows closely behind with about $459.39 million in fees earned within the previous 12 months.

As an analyst, I’ve compiled the data on the top earning cryptocurrency networks in terms of fees generated within the past year. Here’s how much each network rakes in:

— Lookonchain (@lookonchain) July 3, 2024

As a crypto investor, I’ve noticed that various networks recorded total fee revenues ranging from approximately $23 million to an impressive $240 million. Polygon came in at the lower end of the spectrum with earnings of around $23.91 million, just below Optimism which garnered $40.4 million. The top performers included Solana, BSC, Avalanche, and zkSync Era, reporting fee revenues of $241.29 million, $176.56 million, $68.83 million, and $59.78 million respectively.

As an analyst, I’ve recently come across some intriguing data from Exponential Age Asset Management (EXPAAM). They’ve shared insights into the role of cryptocurrencies, specifically Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), within the broader financial ecosystem. Surprisingly, these digital assets have been outperforming some traditional assets such as SPDR S&P 500 ETF Trust (SPY), Gold (GLD), Invesco QQQ Trust Series (QQQ), and iShares 20+ Year Treasury Bond ETF (TLT).

On EXPAAM’s chart, the yearly earnings for Bitcoin, Ethereum, and Solana were limited to 140%, 149%, and 214% respectively. In comparison, conventional assets reported a modest annualized growth of 1-18%. This difference underscores the significant impact crypto assets have in the marketplace.

Spot Ethereum ETF Trading Could Bring Ethereum Another Win

The graphs depict the achievement of each chain in terms of performance during the previous fiscal year. Additionally, Ethereum’s high rank on the list of total fee revenues signifies heightened user activity and involvement on the network. This significant accomplishment comes as Ethereum faces growing interest due to the pursuit of Ethereum-backed ETFs.

As a crypto investor, I’ve been closely monitoring the developments in the Ethereum ETF space over the past year. Several investment asset management firms, including myself, expressed our intent to list an Ethereum ETF by submitting applications to the United States Securities and Exchange Commission (SEC). After a lengthy review process, the SEC announced its decision to approve eight Ethereum ETF filings, but with a condition attached.

As a researcher studying the Ethereum ETF market, I’ve discovered that the process for trading spot Ethereum ETFs is about to begin after several necessary steps. These include submitting S-1 amendments, Form 8-A, and other documents. Many applicants have already completed most of these procedures and are now anxiously waiting for the securities regulator to advance to the next phase. The earlier prediction suggested that this rule change would become effective by July 4, but it seems unlikely at this point.

Despite the fact that Ethereum ETFs have not yet been listed, some analysts predict that Ethereum’s price could reach a new all-time high if and when they do.

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2024-07-03 15:06