These 2 Blockchains Dominated Transaction Fees Over Past 12 Months: Bloomberg Analyst

2023-10-9 02:49

Bloomberg crypto analyst Jamie Coutts declares that two blockchains have taken the lion’s share of transaction fees among all smart contract and Proof-of-Stake (PoS) blockchains over the last twelve months.

The Ethereum and TRON networks accounted for a substantial 88% of the total transaction fees, with Ethereum leading at 57% and TRON following closely behind at 31%.

Two Blockchains Monopolize Transaction Fees

In a statement posted on X (formerly Twitter) on October 7, Coutts outlined the activity of around 200 smart contract and proof of stake (PoS) blockchains.

However, among those 200, the majority of transaction fees are attributed to Ethereum and TRON:

“Astonishingly, 88% of all transaction fees over the past year came from just 2 chains. This leaves the remainder to compete for a mere 12% with $ETH L2s increasing their share at a rapid rate.”

Coutts outlines the primary challenges faced by the majority of PoS blockchains. These obstacles include an oversupply of blockspace, inflationary supply schedules, undisclosed supply indicators, and subpar tokenomics.

Transaction Fee By Chain, Ethereum, TRON, Other Blockchains. Source: Jamie Coutts

However, despite the bear market, Coutts asserts that blockspace demand is in a “long-term structural uptrend.”

Read more: What Is TRON (TRX) and How Does It Work?

ETH and TRON’s 2023 Transaction Fee Rivalry

BeInCrypto recently reported that Ethereum’s average transaction fee hit its lowest point of 2023.

According to blockchain analytics firm Santiment, the Ethereum network dropped to $1.15 per transaction on September 24. This is the lowest level since December 2022.

Meanwhile, July reports revealed that TRON almost doubled Ethereum’s trading activity in June.

At the time of publication, Ethereum’s price stands at $1,632.

Ethereum Price Chart 1 Month. Source: BeInCrypto

In contrast, Token Terminal, a blockchain data firm, reported in April that Ethereum’s daily transaction fees were significantly higher than TRON’s, even though TRON held the second position.

In the first half of 2023, transaction fees of $743 million were generated by Ethereum, whereas TRON generated $282 million.

On the other hand, for the first half of 2023, the Bitcoin (BTC) network generated a mere $80 million.

Read more: Solana vs. Ethereum: An Ultimate Comparison

The post These 2 Blockchains Dominated Transaction Fees Over Past 12 Months: Bloomberg Analyst appeared first on BeInCrypto.

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