Ethereum
Ethereum Soars 100% Over Bitcoin in Annual Revenue
Gamza Khanzadaev
Ethereum Surpasses Bitcoin in Annual Revenue, Earning 100% More Than Last Year
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Ethereum has surpassed Bitcoin in fee revenue over the past year by 100%, according to the latest report from Watch on the channel. Thus, its network recorded $2.73 billion in commission revenue, the largest number in the industry. Bitcoin, in second place, generated $1.3 billion. Tron Network closes the top three with almost $460 million.
Other networks also contributed to the overall fee revenue landscape. Solana generated $241.3 million, Binance Chain accumulated $176.6 million, and Avalanche recorded $68.83 million. Additionally, zkSync Era earned nearly $60 million, Optimism $40.4 million, and Polygon $23.9 million.
As the data shows, Ethereum has a significant lead, doubling Bitcoin’s revenue. This result is attributed to a wider range of applications and services on the main altcoin network, with higher usage and transaction fees as a result.
Ensure victory?
Ethereum’s ecosystem supports decentralized finance platforms, NFTs, and various applications, all of which contribute to increasing transaction volume and fee revenue. This has positioned ETH as a more versatile and widely used network compared to Bitcoin.
On the other hand, Bitcoin’s revenue, although over $1 billion, is primarily derived from its role as a digital store of value and medium of exchange. Its transaction fees are affected by network congestion and the price of BTC itself, which can fluctuate significantly.
However, it still lacks the wide range of applications found in the Ethereum ecosystem, leading to an overall drop in tax revenues.
About the Author
Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza holds a degree in Finance and Credit with a specialization in Securities and Financial Derivatives. He also completed a Master’s program in Banking and Asset Management.
He wants to participate in covering economic and fintech topics, as well as raising awareness among more people about cryptocurrencies and blockchain.