Ethereum Surpasses Bitcoin by 2x with $2.728 Billion in Annual Earnings
On-chain data shows that Ethereum has dominated fee revenue, surpassing all other cryptocurrencies, including Bitcoin and Tron. With a 1-year fee earnings of $2.728B, Ethereum has exceeded Bitcoin and Tron. Bitcoin earns a fee of $1.302B per year, while the latter earns a fee of $459.39M per year.
Among the available cryptocurrencies, Lookonchain data revealed the top 10 chains by 1-year fee revenue. Coming right behind Tron is Solana with $241.3 million yearly earnings, followed by Binance’s chain with its $176.6 million yearly earnings.
The sixth on the list was Avalanche with a $68.83 million yearly record. Additionally, the zkSync Era recorded 59.77 million. Meanwhile, Optimism and Polygon gathered $40.4 million and $23.9 million yearly respectively.
Ethereum is demonstrating unparalleled performance in both annual revenue generation and Total Value Locked (TVL) metrics, outpacing its peers in the cryptocurrency market and solidifying its position as the industry’s go-to smart contract platform.
Data from Defi Llama shows that Ethereum has about $58.4 billion locked in its network, which encompasses 60% of the TVL of the entire blockchain in the crypto space. The data aggregator also revealed that the Ethereum blockchain recorded a 30-day fee income of $131 million.
Ethereum’s network milestones reached new heights, unfazed by Solana’s temporary lead in daily earnings. Solana’s pump.fun saw an unexpected revenue surge, and outranked Ethereum’s 24-hour earnings.
Key Drivers Behind Ethereum Historic Highs
Barely 2 months ago, the US SEC approved the applications from Nasdaq, CBOE, and NYSE for Ethereum spot ETFs.The SEC’s decision to approve an Ethereum spot ETF has been a watershed moment for the network, increasing the mainstream acceptance of the asset.
Donald Trump must have also likely held a bullish outlook on Ethereum’s prospects as a look into the crypto portfolio of the former U.S. president, showed that he does not hold any Bitcoin but holds about 464 ETHs.
An additional factor that possibly propelled Ethereum to the top of the cryptocurrency rankings by annual earnings and TVL would be the SEC ending investigations on the asset.
In June, the US SEC dropped its investigation into Ether as a security after the claim that Ethereum was an unregistered security for a minimum of a year.
