Ethereum (ETH), the leading smart contract platform, generates significantly more revenue from annual fees than any other blockchain.
According to new data from cryptocurrency tracking site Lookonchain, the top altcoin earns $2.728 billion in annual fees, which is more than five times that of its closest competitor, Tron (TRX), which earns $459.39 million in annual fees.
Ethereum also gained more than twice as much as Bitcoin (BTC), the largest cryptocurrency by market cap, which gained $1.3 billion over the same period.
Other top fee-generating chains analyzed by Lookonchain include smart contract platform Solana (SOL) with $241.29 million in annual revenue, Binance Smart Chain (BSC) with $176.56 million, and layer 1 blockchain Avalanche (AVAX) with $68.83 million.
Additionally, ETH layer 2 scaling solutions zkSync Era, Optimism (OP), and Polygon (MATIC) earned $59.77 million, $40.4 million, and $23.91 million, respectively.
Ethereum users pay gas fees, which are paid in ETH and denominated in gwei, to successfully perform transactions and execute smart contracts on the Ethereum blockchain. Gas fees vary depending on supply, demand, and network capacity.
According to Ethereum data tracker Etherscan, the cryptocurrency currently consuming the most gas is decentralized exchange (DEX) protocol Uniswap (UNI), which consumed 129.17 ETH (equivalent to $401,815.53) in the last 24 hours.
According to Etherscan, the current average gas fee on the Ethereum blockchain is 6 gwei or $0.39.
At the time of writing, Ethereum is trading at $3,119, down 5.4% over the last 24 hours.
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