On-Chain Service Charges of Top Cryptocurrencies Surge in the Last 24 Hours

02/14/2023 05:38 • Blockchain Briefs • 119 views

According to reports, according to Cryptofees.info data, in the last 24 hours, the revenue of Ethereum’s on-chain service charges was $4620695.52, the revenue of Uniswap’s on-chain service charges was $1818213.28, the revenue of BSC’s on-chain service charges was $626395.2, the revenue of GMX’s on-chain service charges was $532460.43, the revenue of Bitcoin’s on-chain service charges was $530883.53, and the revenue of SushiSwap’s on-chain service charges was $447340.77.

In the past 24 hours, the GMX on-chain service fee revenue exceeded $530000

Analysis based on this information:

The world of cryptocurrency witnessed a surge in the on-chain service charges of the top cryptocurrencies in the last 24 hours. According to data by Cryptofees.info, Ethereum’s on-chain service charges led with $4,620,695.52 revenue, followed by Uniswap with $1,818,213.28, BSC with $626,395.2, GMX with $532,460.43, Bitcoin with $530,883.53, and SushiSwap with $447,340.77 in revenue.

On-chain service charges are the fees paid by cryptocurrency traders to complete transactions on a blockchain network. It is a revenue model for blockchain companies as they provide services like validation of transactions, block confirmation, and network security. The recent surge in on-chain service charges can be attributed to the increased adoption of cryptocurrencies and the high trading volumes in recent times.

Ethereum, the second-largest cryptocurrency by market capitalization, has been experiencing a surge in transactions due to the growth of the decentralized finance (DeFi) ecosystem. The DeFi ecosystem is built on the Ethereum network and provides users with financial services like lending, borrowing, and trading. As a result, the network has experienced congestion and high gas fees, making it expensive to transact on the network.

Uniswap, a decentralized exchange built on the Ethereum network, has also experienced a surge in activity as it is a major platform for trading DeFi tokens. The platform has also experienced congestion and high gas fees due to the increase in trading volumes.

Binance Smart Chain (BSC), a blockchain created by Binance Exchange, has gained popularity in recent times due to its low transaction fees and fast transaction speed. It has become the go-to blockchain for traders who seek lower transaction fees.

Bitcoin, the largest cryptocurrency by market capitalization, has also experienced a surge in its on-chain service charges due to the increase in trading volumes. The cryptocurrency has gained mainstream acceptance as a store of value and an investment asset.

In conclusion, the surge in on-chain service charges of top cryptocurrencies is a reflection of the increased adoption of cryptocurrencies and the high trading volumes in recent times. It is an indication that the demand for cryptocurrencies is increasing, and the revenue model for blockchain companies remains viable.

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On-Chain Service Charges of Top Cryptocurrencies Surge in the Last 24 Hours

In the past 24 hours, the GMX on-chain service fee revenue exceeded $530000

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