Ethereum Dominates Blockchain Fees, Earning $2.48 Billion in 2024

Ethereum dominated the blockchain space in 2024, earning $2.48 billion in transaction fees, according to CoinGecko. Despite Ethereum’s fee performance, its price did not meet market expectations.

Ethereum’s fee revenue saw a 3% increase from 2023’s $2.41 billion, maintaining its position as the top blockchain in terms of fee generation.

The Dencun upgrade in March 2024, which lowered Layer 2 transaction costs, did not affect Ethereum’s fee dominance.

In 2024, Ethereum’s monthly fees fluctuated between $62.82 million and $606.77 million, with a peak of $1.17 billion in Q1, driven by a surge in on-chain activity from airdrop initiatives.

Tron ranked second with $2.15 billion in fees, marking a 116.7% increase from the previous year, largely due to rising stablecoin usage.

Solana’s fee earnings surged by 2,838%, jumping to $750.65 million, driven by increased transaction volumes and network congestion.

Bitcoin’s fee earnings grew by 16%, boosted by Ordinal NFTs and BRC-20 tokens, while BNB Chain saw a modest 8.7% increase.