On-Chain Service Charges of Top Cryptocurrencies
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 …
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
Interpretation of the news:
The message reports on the on-chain service charges of six leading cryptocurrencies in the past 24 hours. On-chain service charges refer to the fees paid by users to utilize the blockchain network for executing transactions or other decentralized applications. The data comes from Cryptofees.info, a website that aggregates blockchain transaction fees across various networks.
Among the analyzed cryptocurrencies, Ethereum generated the highest on-chain service charges, reaching $4.6 million. Ethereum is a leading blockchain platform for decentralized applications, known for its smart contract functionality and diverse ecosystem of tokens and protocols. The high fees indicate strong demand for Ethereum’s on-chain services and underline its dominant position in the decentralized finance (DeFi) space.
The second highest on-chain service charges were recorded on Uniswap, a decentralized exchange protocol built on the Ethereum network. With $1.8 million in service fees, Uniswap has become one of the most active and popular decentralized exchanges, enabling users to swap tokens and provide liquidity without intermediaries.
Binance Smart Chain (BSC), a blockchain platform launched by the centralized exchange Binance, ranked third with $626,395 in on-chain service charges. BSC seeks to offer a faster and cheaper alternative to Ethereum, albeit with some trade-offs in decentralization and security. Despite criticisms, BSC has gained a significant user base and supports a range of DeFi projects.
GMX, a newcomer to the cryptocurrency scene, ranked fourth with $532,460 in on-chain service charges. GMX is a decentralized platform that provides a bridge between traditional finance and crypto, allowing users to earn yield on their assets by participating in various DeFi products.
Bitcoin, the first and most well-known cryptocurrency, generated $530,883 in on-chain service charges, ranking fifth in the list. Despite its popularity, Bitcoin’s blockchain has limited functionalities for smart contracts and decentralized applications, resulting in lower transaction fees than Ethereum.
Finally, SushiSwap, a community-owned decentralized exchange, generated $447,340 in on-chain service charges. SushiSwap gained prominence as a fork of Uniswap and has since expanded its offerings to include yield farming, staking, and other DeFi services.
In summary, the on-chain service charges of different cryptocurrencies reflect their popularity, user adoption, and network capabilities. While Ethereum and Uniswap continue to dominate the DeFi landscape, emerging platforms like BSC and GMX are gaining traction and challenging the established players. Bitcoin and SushiSwap, on the other hand, cater to different use cases and offer different trade-offs.
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