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Ethereum Leads Blockchain Fee Revenue in 2024 with $2.48 Billion in Gas Fees

Ethereum topped all blockchains in fee revenue for 2024, generating $2.48 billion over the year. This strong performance in fees, however, contrasted with ETH’s price, which underperformed expectations during the same period. All in all, Layer 1 and 2 blockchains collectively earned almost $6.9 billion from transaction fees last year. Ethereum Maintains Fee Dominance Despite Dencun Upgrade According to CoinGecko’s latest report , Ethereum’s fee revenue figure witnessed a 3% increase compared to the $2.41 billion earned in 2023. Despite the Dencun upgrade in March 2024, which lowered Layer 2 transaction costs and a continued shift of users from the main Layer 1 chain to Layer 2 scaling solutions, Ethereum maintained its dominance in fee earnings. CoinGecko found that the fees Ethereum earned fluctuated month by month. In 2023, it generated between $91.22 million and $448.70 million per month, with higher earnings during May’s meme coin frenzy and the market surge at the end of the year. In 2024, this range expanded significantly, with monthly earnings falling between $62.82 million and $606.77 million. Ethereum’s fee revenue reached $1.17 billion in the first quarter of 2024 and constituted nearly half of its annual total. This was the blockchain’s best-performing quarter in two years, owing to a surge in on-chain activity triggered by airdrop initiatives. Bitcoin and BNB Chain Lag Behind Tron became the second highest-earning blockchain and earned $2.15 billion in fees in 2024, a 116.7% rise from $922.08 million the previous year. The growth in Tron’s fees was largely driven by expanding stablecoin usage, with monthly earnings increasing from $38.36 million in January 2023 to $342.54 million in December 2024. Next up was Solana, whose annual fee earnings skyrocketed by 2,838%, jumping from $25.55 million in 2023 to $750.65 million in 2024. It was the most popular blockchain ecosystem of the year, with transaction volumes spiking to the point of network congestion in April 2024. Solana’s monthly fee earnings were steady in 2023 but rose unpredictably in 2024, starting at $15.54 million in January, reaching an all-time high of $197.5 million in November, and settling at $120.95 million in December. On the other hand, Bitcoin’s fee earnings grew by almost 16%, while BNB Chain saw an 8.7% rise, both showing more moderate increases. Bitcoin’s growth has been supported by greater activity from Ordinal NFTs, BRC-20, and Rune tokens, in addition to surging interest in developing on the Bitcoin blockchain. The post Ethereum Leads Blockchain Fee Revenue in 2024 with $2.48 Billion in Gas Fees appeared first on CryptoPotato . Crypto Potato

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Cardano (ADA) In The Red: Struggles Persist Under $1.00

Cardano price started a fresh decline below the $1.00 zone. ADA is consolidating and might struggle to start a fresh increase above the $1.00 level. ADA price started a fresh decline from the $1.020 zone. The price is trading below $1.00 and the 100-hourly simple moving average. There was a break below a key bullish trend line with support at $0.9750 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could start another increase if it clears the $1.00 resistance zone. Cardano Price Settles Below $1.00 After struggling to stay above the $1.050 level, Cardano started a fresh decline unlike Bitcoin and Ethereum . ADA declined below the $1.00 and $0.9750 support levels. There was a break below a key bullish trend line with support at $0.9750 on the hourly chart of the ADA/USD pair. The pair even traded below the $0.920 support. A low was formed at $0.91645 and the price is now attempting to recover. There was a move above the $0.9220 level. Cardano price is now trading below $1.00 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.9350 zone. It is near the 23.6% Fib retracement level of the downward move from the $0.9998 swing high to the $0.9164 low. The first resistance is near $0.9550 or the 50% Fib retracement level of the downward move from the $0.9998 swing high to the $0.9164 low. The next key resistance might be $0.9680. If there is a close above the $0.9680 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $1.00 region. Any more gains might call for a move toward $1.050 in the near term. Another Decline in ADA? If Cardano’s price fails to climb above the $0.9350 resistance level, it could start another decline. Immediate support on the downside is near the $0.9160 level. The next major support is near the $0.90 level. A downside break below the $0.90 level could open the doors for a test of $0.8650. The next major support is near the $0.8450 level where the bulls might emerge. Technical Indicators Hourly MACD – The MACD for ADA/USD is losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level. Major Support Levels – $0.9160 and $0.9000. Major Resistance Levels – $0.9350 and $0.9680. Crypto Potato