On-chain Service Charges of Leading Cryptocurrencies
According to reports, according to Cryptofees.info data, in the last 24 hours, the revenue of Ethereum\’s on-chain service charges was $5441941.16, the revenue …
According to reports, according to Cryptofees.info data, in the last 24 hours, the revenue of Ethereum’s on-chain service charges was $5441941.16, the revenue of Uniswap’s on-chain service charges was $1685816.61, the revenue of BSC’s on-chain service charges was $587339.16, the revenue of Bitcoin’s on-chain service charges was $480518.81, the revenue of SushiSwap’s on-chain service charges was $425726.94, and the revenue of GMX’s on-chain service charges was $258434.93.
In the past 24 hours, the GMX on-chain service fee revenue decreased to $250000
Analysis based on this information:
The message reports the on-chain service charge revenues of six leading cryptocurrencies, namely Ethereum, Uniswap, Binance Smart Chain (BSC), Bitcoin, SushiSwap, and GMX. According to Cryptofees.info data, in the last 24 hours, Ethereum earned the highest revenue of $5,441,941.16, followed by Uniswap with $1,685,816.61, BSC with $587,339.16, Bitcoin with $480,518.81, SushiSwap with $425,726.94, and GMX with $258,434.93.
On-chain service charges are transaction fees paid by users to miners and validators for verifying and processing transactions on the blockchain. These fees are an essential source of revenue for miners and validators, who compete to process transactions and receive these fees. The higher the demand for transactions, the higher the fees, and the more miners and validators compete to process them. This leads to congestion on the blockchain, higher fees, and longer processing times for users.
Looking at the revenue figures, Ethereum seems to be the most popular cryptocurrency for on-chain services, earning more than three times that of Uniswap, its closest rival. Ethereum has a large ecosystem of decentralized applications (dApps) built on its blockchain, such as decentralized finance (DeFi) protocols, NFT marketplaces, and gaming platforms, that generate a lot of activity and demand for on-chain services. This activity translates into higher fees for miners and validators, who are incentivized to continue supporting the Ethereum network.
Uniswap is the second highest earner, with a revenue of approximately 31% of Ethereum’s. Uniswap is a DeFi protocol built on Ethereum that allows for decentralized exchange of ERC-20 tokens. It has gained popularity due to its unique automated market maker (AMM) mechanism, which enables users to swap tokens without requiring a centralized order book or custody of funds.
BSC, a smart contract platform launched by Binance, the world’s largest cryptocurrency exchange, ranks third, earning approximately 10.8% of Ethereum’s revenue. BSC aims to provide users with cheaper and faster on-chain services than Ethereum by using a delegated proof-of-stake (DPoS) consensus mechanism and a modified Ethereum virtual machine (EVM) that enables cross-chain compatibility.
In conclusion, on-chain service charges are a crucial aspect of blockchain economics, as they incentivize miners and validators to secure and process transactions. Ethereum, Uniswap, and BSC are the top earners in this regard, reflecting their popularity and demand for on-chain services. However, high fees and congestion on the blockchain can be a challenge for users and may lead to the rise of alternative blockchains that offer cheaper and faster services.
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