Unbelievable Blockchain Fees: You Won’t Believe How Much Ethereum and Friends Raked In!

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Ah, the year 2024—a veritable carnival for digital assets! A time when the blockchains, those tireless workers of the virtual realm, amassed a staggering $6.9 billion in fees. Quite the achievement, wouldn’t you say? 🎉

Leading this parade of profit was Ethereum, galloping ahead like a proud steed, with Tron and Bitcoin trailing behind, clutching their bronze medals. And let us not forget Solana, which decided to join the fun with a fee surge that left many scratching their heads in disbelief.

Ethereum: The King of Blockchain Fees!

In a report that could make any accountant weep with joy, CoinGecko revealed that Ethereum alone generated a whopping $2.48 billion from gas fees. That’s a 3.0% increase compared to the previous year. Who knew gas could be so profitable? ⛽

“Despite the Dencun upgrade in March 2024, which was supposed to make things cheaper, Ethereum still managed to rake in the dough. It seems the users are still clinging to their L1 chains like a child to a security blanket,” the report noted, with a hint of irony.

However, let’s not ignore the elephant in the room—Ethereum’s price performance was about as thrilling as watching paint dry in 2024. While many cryptocurrencies were popping champagne at all-time highs, ETH was left sulking in the corner. Even the Ethereum ETFs seemed to have taken a vacation, only waking up in November. 🥱

Meanwhile, Tron decided to flex its muscles, raking in $2.15 billion in fees—a staggering 116.7% increase from the previous year. Talk about a glow-up! The rise of stablecoins played a crucial role, with fees shooting up from a mere $38 million in January 2023 to a jaw-dropping $342 million by December 2024. Will Tron keep this momentum in 2025? Only time will tell! 🤔

Bitcoin, the granddaddy of them all, earned a respectable $922 million in fees, benefiting from the growing interest in Ordinal NFTs and BRC-20 tokens. It seems the old dog still knows a few tricks! 🐕

Solana: The Speed Demon!

Now, let’s talk about Solana. This blockchain, known for its speed, posted an astonishing 2,838.0% increase in fee earnings, reaching $750.65 million in 2024. Who needs a sports car when you have Solana? 🏎️

“Solana was the belle of the ball last year, with transaction volumes so high that the network nearly collapsed under the weight of its own popularity in April 2024,” the report stated, barely containing its excitement.

With a market share in decentralized exchange trading soaring above 30%, Solana was not just a participant; it was the life of the party! The network even hit a record peak in fees and revenue on January 20. Much of this growth can be attributed to the rise of the TRUMP and MELANIA coins. Yes, you read that right! 💰

While layer 1 blockchains dominated the fee landscape, contributing $6.6 billion, layer 2 solutions were not to be overlooked, adding $294.92 million to the pot. Base led the charge among L2s with $84.78 million in gas fees, thanks to a cozy relationship with Coinbase.

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2025-01-21 14:39