The post Ethereum’s strong ‘lead’ on the fees front – Here’s the why and how of it all! appeared on BitcoinEthereumNews.com.

Ethereum garnered the top spot as the highest earning blockchain There remains a close relationship between fees and transactions The latest stats on blockchain revenue are out and the Ethereum network has emerged on top, despite growing competition. Not only that, but a clear lead confirmed that it is still the most dominant blockchain there is right now. According to the report, Ethereum collected an impressive $2.7 billion in fee revenue over the last 12 months. The network was ahead of the Bitcoin network, the runner-up with a figure of $1.43 billion. This pointed to an impressive lead, one which highlighted just how far ahead it is against the competition. Ethereum’s dominant position in terms of fees is a sign that it remains the most preferred smart contract network in 2024. Its first mover advantage on that front has allowed it to remain the network of choice for most dapps and users. It may also signal that layer 2 networks have been doing a good job of solving Ethereum mainnet’s shortcomings. What’s driving up Ethereum fees? After exploring the Ethereum daily fees chart over a period of 12 months, it is clear that Ethereum fees are directly correlated with the price of ETH. For example, the highest amount of fees that the network earned on a single day in the last 12 months was $38.42 million on 5 March. Source: CryptoQuant Ethereum was on a strong bullish trend in the weeks prior, and this spike occurred near ETH’s current 2024 top. This aligns with observations that demand for ETH within its ecosystem tends to go up during a bull market, indicating robust utility. It also occurred on one of the most volatile days in the market. Similarly, we also observed the second highest Ethereum fees spike recently at the height…

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Filed under: News - @ August 11, 2024 1:26 am