- Ethereum led blockchain fee earnings in 2024 with $2.48 billion despite price challenges.
- Tron saw the highest growth in fees, rising 116.7% to $2.15 billion in 2024.
- Layer 2 blockchains like Arbitrum and Optimism are growing, surpassing some Layer 1 networks.
Blockchain networks generated huge revenue through transaction fees in 2024, with Ethereum taking the lead, followed by Tron and Bitcoin.
The total transaction fee earnings across Layer 1 and Layer 2 blockchains reached more than $6.89 billion, with Ethereum leading the pack with a margin. Ethereum remained the top blockchain by fees earned in 2024, bringing in $2.48 billion from gas fees.
The network saw fluctuations in fee earnings month-to-month, ranging from $62.82 million to $606.77 million. These peaks and declines in earnings were driven by periods of high network activity, including the memecoin craze in May 2023 and a year-end market rally.
On average, Ethereum earned transaction fees of $6.79 million per day last year. Despite a challenging price performance for ETH, Ethereum’s fee earnings continued to rise.
Tron saw the most growth among the top blockchains, with a 116.7% increase in fee earnings. Tron’s fees soared from $922.08 million in 2023 to $2.15 billion in 2024.
Tron benefited from the increased usage of digital assets, resulting in ongoing fee growth. The monthly earnings for Tron varied from $38.36 million to $342.54 million. This growth pattern allowed Tron to outpace Ethereum regarding fee earnings during the last six months of 2024.
Related: Solana Daily Transaction Fees Hit Multi-Month Low as Meme coin Hype Fades
Bitcoin and Solana: Growing but Uneven
Bitcoin earned $922.89 million in transaction fees in 2024, an increase of 15.9% from the previous year. The rise in Bitcoin’s fee earnings can be linked to the growing activity of Ordinal NFTs, BRC-20 tokens, and increased network use.
Solana recorded an increase in fee earnings, up by 2,838.0% from 2023 to 2024. Solana’s fees surged from $25.55 million to $750.65 million, driven by a rise in network volume that caused congestion in April 2024.
Despite these large fluctuations, Solana’s monthly fee earnings remained volatile, with its highest point reaching $197.50 million in November 2024 before slowing down to $120.95 million by December.
Related: ETH Gas Fee Soars to 222 Gwei as Binance Consolidates ETH Wallets
Layer 2 Blockchains: A Growing Force
Layer 2 blockchains, such as Base, Arbitrum, Linea, and Optimism, collectively earned $294.92 million in fees across 12 networks in 2024. Regarding fee earnings, these L2 solutions outpaced other Layer 1s, including TON.
TON, the tenth-highest-earning blockchain, earned $35.28 million in fees, reflecting its growing role in blockchain-based applications, especially after integrating TON with the popular messaging platform Telegram.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
