On July 4th at 7:01 am, Ethereum was reported to be earning the highest fee revenue of $2.7 billion per year, according to blockchain analytics firm Lookonchain. This places Ethereum ahead of other top blockchains such as Bitcoin and Tron, which earn $1.3 billion and $459.3 million in fee revenues respectively. Other layer one blockchains like Solana, BSC, and Avalanche also generate significant fee revenues.
Despite Ethereum’s history of high gas prices, the average gas fee on the network is currently at its lowest level in years. This decrease could be attributed to the adoption of layer 2 scaling solutions and the Dencun upgrade. This shift indicates a positive development for Ethereum users, as lower gas fees make transactions more cost-effective.