Ethereum Surges 100% Compared to Bitcoin in Yearly Profits
Ethereum has outpaced Bitcoin in fee earnings by an impressive 100% in the last year, as per the latest report from Lookonchain. The Ethereum network has raked in $2.73 billion in fee income, making it the highest earner in the industry. Bitcoin follows in second place with $1.3 billion, while the Tron Network secures the third spot with nearly $460 million in fee income.
Various other networks have also contributed to the overall fee income landscape. Solana generated $241.3 million, Binance’s chain amassed $176.6 million, and Avalanche recorded $68.83 million. Additionally, the zkSync Era earned almost $60 million, Optimism $40.4 million, and Polygon $23.9 million.
The data showcases Ethereum’s significant lead over Bitcoin, with its revenue doubling that of Bitcoin. This lead is attributed to the wider array of applications and services available on Ethereum’s network, resulting in higher usage and transaction fees.
Ethereum’s ecosystem supports decentralized finance platforms, NFTs, and a variety of applications, all contributing to increased transaction volume and fee income. This versatility and widespread usage have positioned ETH as a more diverse network compared to Bitcoin.
Bitcoin’s revenue, although still exceeding a billion dollars, is primarily driven by its role as a digital store of value and medium of exchange. Its transaction fees are impacted by network congestion and the fluctuating price of BTC, which can vary significantly. However, Bitcoin lacks the extensive range of applications found in the Ethereum ecosystem, leading to lower overall fee income.
