The post Tron Poised To Threaten Ethereum’s Revenue Dominance appeared on BitcoinEthereumNews.com.

While Ethereum generated $2.73 billion in fee revenue over the past year, the network appears on track to accrue just $1.65 billion in the next 12 months. While Ethereum currently leads the web3 sector by annual fee revenue, a recent crash in gas prices has Tron poised to undermine its dominance. According to data from Lookonchain, the Ethereum network generated $2.73 billion in revenue over the past 12 months, beating out Bitcoin with $1.30 billion, and Tron with $459.4 million. Ethereum accounted for 53.5% of the fees amassed by the top nine blockchains by revenue, while Bitcoin made up 25.5%, followed by Tron with 9%. However, with Ethereum’s gas fees recently plummeting to multi-year lows, Ethereum appears poised to slip down the rankings. According to annualized data based on the past 30 days from TokenTerminal, Ethereum is on track to generate annual revenue of $1.65 billion. That would position Ethereum in second place behind Tron, which is set to accrue $1.72 billion in fees over the next 12 months. While Bitcoin’s revenue appears on course to tag $1.17 billion in 12 months, annualized fortnightly fee volume would place the figure at just $450 million. Plummeting gas fees on Ethereum Ethereum’s gas fees have plummeted since March, with average daily gas prices crashing 88% from a year-to-date high of 98.7 gwei on March 5 to 11.6 gwei today, according to Etherscan. Data from Dune Analytics also shows average gas prices slipping below 3 gwei on June 29 and June 30 — its lowest level since 2016. The fall in gas prices coincided with the activation of Ethereum’s Dencun upgrade, which significantly lowered Layer 2 transaction costs by replacing gas-intensive calldata with lightweight Binary Large Objects (blobs). Data from GrowThePie revealed that the costs associated with Layer 2 networks submitting transactions to…

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Filed under: News - @ July 4, 2024 2:26 pm