The Ethereum (ETH) network generated the most fees in the past six months, according to data from Token Terminal. These fees generated by the network are a benchmark for on chain activity. The superiority of the on-chain activity can be attributed to the active communities in decentralized finance (DeFi), metaverse, gaming, non-fungible tokens (NFTs), and more.
Top fee generators in the past 6 months 🤑⤵️
Ethereum
Tron
Uniswap
Lido
OpenSea
BNB Chain
GMX
Bitcoin
Convex
Pancake Swap
Flash bots
dYdX
Aave
blur
Sushi Swap
Curve
Polygon
Venus
Lyra
SynFutures
Filecoin
arbitration
LooksRare
Aurora Finance
Trader Joe pic.twitter.com/bqVGKXhJEc— Token Terminal (@tokenterminal) April 9, 2023
Ethereum Dominates
On-chain data shows that the Ethereum network generated a total of $742.9 million in fees. In second place is Tron’s blockchain, which managed to collect $282.4 million in fees in the past 180 days.
BNB Chain, another smart contract blockchain, placed a distant sixth with $115.9 million. The Bitcoin (BTC) network ranks eighth with $79.6 million in fees created.
The fees are critical in public blockchains because they node operators stimulate. At both Proof of Work if Proof of Stake platforms use miners and validators that consume resources. Because these nodes are online, the public networks are decentralized. In addition, transactions can be processed, making platforms operational and secure.
UniSwap is a popular dApp on the Ethereum network that was responsible for a total of $269.3 million in fees. Lido Finance, a liquid staking platform, earned $209.5 million and GMX, a decentralized spot and perpetual trading platform where users can trade crypto from their wallets, brought in $86 million in fees.
Decline ETH strike
Recently you could read in the Ethereum news that the number of deposits in ETH staking contracts is currently relatively low. The reason for this could be related to both regulation and the upcoming update on the network.
US regulators, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), have been working on the issue of whether ethereum is a security, or an effect. The current uncertainty on this issue could therefore impact the significant reduction in the amount of ether tied up in staking contracts.
Also, the anticipation for the upcoming Shapella update on the mainnet, which is on the agenda for tomorrow, will ensure that people currently prefer to remain on the sidelines when it comes to strikes. After this update, users will be able to withdraw their staked ETH in stages of the Beacon Chain.