Other networks also contributed to the overall fee income landscape. Solana generated $241.3 million, Binance’s chain accumulated $176.6 million and Avalanche recorded $68.83 million. Additionally, the zkSync Era earned nearly $60 million, Optimism $40.4 million and Polygon $23.9 million.
As the data highlights, Ethereum has a significant lead, doubling Bitcoin’s revenue. This result is attributed to a broader range of applications and services on the network of the main altocin, with higher usage and transaction fees as a result.
In return, Bitcoin’s revenue, while still over a billion dollars, is primarily driven by its role as a digital store of value and medium of exchange. Its transaction fees are affected by network congestion and the price of BTC itself, which can fluctuate significantly.
However, it still lacks the extensive range of applications found in the Ethereum ecosystem, resulting in lower overall fee income.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
