2024 saw a significant surge in blockchain fees, with a total of $6.89 billion earned across various networks. Among these, Ethereum maintained its dominance, generating a massive $2.48 billion in gas fees.

Ethereum’s Unchallenged Dominance

Ethereum’s fee earnings were more than double that of its closest competitor, TRON, which earned $2.15 billion. This substantial difference can be attributed to Ethereum’s strong presence in the blockchain market. On average, Ethereum generated $6.79 million in daily fees, while TRON followed with $5.89 million.

TRON’s Strong Grip on the Stablecoin Market

TRON’s impressive fee earnings can be attributed to its strong grip on the stablecoin market. CoinGecko analysts point out that TRON’s monthly earnings steadily climbed throughout the year, driven by its dominance in this space.

Other Notable Performers

Solana, popular for meme coins, saw a massive surge in fee earnings, with a 2,838% increase to reach $750.65 million. Bitcoin, on the other hand, experienced a 15.9% growth in fees, earning $922.89 million in total. The surge in Bitcoin’s fees was driven by increased activity from Ordinal NFTs, BRC-20 and Rune tokens, as well as growing interest in building on the Bitcoin network.

Layer-2 Networks Make Their Mark

In the layer-2 space, Base, Coinbase’s network, led the charge, earning $84.78 million in fees in 2024, marking a 548.2% increase from the previous year. Other notable layer-2 networks, such as Arbitrum, Linea, and Optimism, also made significant contributions, with $44.10 million, $39.20 million, and $37.97 million in fees, respectively.

Fluctuations in Layer-2 Fee Earnings

According to CoinGecko, fluctuations in layer-2 fee earnings “for now seem to mainly reflect on-chain activity driven by token airdrop and incentive marketing programs.” However, it remains to be seen how much fees layer-2 chains can earn in the long term.

Tips for Investors:

  • Keep an eye on Ethereum’s continued dominance in the blockchain market.
  • Consider the growth potential of Solana and Bitcoin in the coming year.
  • Monitor the development of layer-2 networks and their potential impact on the market.

For more news and updates on the world of cryptocurrencies, visit Global Crypto News.

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