- Ethereum and Tron lead 2024 blockchain fee earnings, but competition intensifies.
- Solana’s explosive growth in fees contrasts with BNB Chain’s modest 8.7% rise.
- Layer 2 blockchains like Base show strong performance, signaling growing dominance.
Ethereum, Tron, and Solana took the lead in blockchain transaction fee earnings in 2024, with Ethereum at the forefront. Coingecko data reveals that BNB Chain, despite its growth, still lags behind these major players.
Transaction fees across Layer 1 (L1) and Layer 2 (L2) blockchains surpassed $6.9 billion in 2024, indicating a rapidly changing landscape. Ethereum remains a leader but faces tough competition from newer blockchains like Tron and Solana.
Ethereum and Tron Lead the Pack
Ethereum held its position as the top earner, generating $2.48 billion in fees. This represents a 3.0% increase from 2023, even with Ethereum’s Dencun upgrade, which lowered Layer 2 (L2) transaction costs.
Tron followed with an impressive 116.7% growth, earning $2.15 billion. This surge stems from the growing use of stablecoins on the network, which boosted Tron’s fee earnings. Both Ethereum and Tron showed consistent growth, but Ethereum’s broader ecosystem keeps it in a dominant position.
Related: Crypto Security Report: August Losses Down, but 2024 Total Surpasses $1.2 Billion
Solana’s Explosive Growth
Solana saw a massive 2,838% jump in annual fee earnings. This translates to $750.65 million in 2024, up from just $25.55 million in 2023. A surge in transaction volume fueled the blockchain’s rise, leading to network congestion in April 2024. Despite this growth, Solana’s monthly fee earnings varied, peaking at $197.50 million in November before settling around $120 million in December.
BNB Chain: Room for Improvement
BNB Chain generated $194.78 million in fees in 2024, an 8.7% increase from the previous year. This growth, while positive, falls short of the gains made by Tron and Solana. This suggests that BNB Chain needs to find new ways to attract higher transaction volumes and user engagement to compete effectively with Ethereum, Tron, and Solana in 2025.
Related: BNB Chain Burns $1 Billion in BNB, Aiming for 100 Million Supply
Layer 2 Blockchains Show Strong Performance
Base led the Layer 2 space, earning $84.78 million in fees. This is a 548% increase from 2023, reflecting strong adoption after its integration with Coinbase.
Other L2s like Arbitrum and Optimism also earned substantial fees, although Arbitrum saw a 30% decline. As L2 solutions mature, they will likely play a bigger role in blockchain fee generation, potentially challenging L1s in the future.
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