U.Today has outperformed in fee revenue over the past year by an epic 100%, according to Lookonchain’s latest report. Thus, its network has recorded $2.73 billion in fee revenue, the most in the industry. Bitcoin, in second place, generated $1.3 billion. Rounding out the top three is Tron Network, with nearly $460 million.
Other networks also contributed to the overall fee revenue picture. generated $241.3 million, Binance Chain accumulated $176.6 million and recorded $68.83 million. Additionally, zkSync Era earned nearly $60 million, Optimism $40.4 million, and Polygon $23.9 million.
As the data highlights, Ethereum has a significant lead, doubling Bitcoin's revenue. This result is attributed to a wider range of applications and services on the main cryptocurrency's network, with higher usage and transaction fees as a result.
Sure to win?
The Ethereum ecosystem supports decentralized financial platforms, NFTs, and various applications, all of which contribute to increased transaction volume and fee revenue. This is what has positioned ETH as a more versatile and widely used network compared to Bitcoin.
In return, Bitcoin's revenue, while still above $1 billion, is primarily due to 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, resulting in lower overall fee revenue.
This article was originally published on U.Today
