On-chain Service Charges Revenue 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 $9766194.91, 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 $9766194.91, the revenue of Uniswap’s on-chain service charges was $3017273.23, the revenue of GMX’s on-chain service charges was $797887.21, the revenue of Bitcoin’s on-chain service charges was $585236.48, the revenue of BSC’s on-chain service charges was $543256.21, and the revenue of SushiSwap’s on-chain service charges was $338979.68.
In the past 24 hours, the service fee revenue on the Ethereum chain exceeded US $9.7 million
Interpretation of the news:
Keyword: Cryptocurrency, On-chain Service Charges, Revenue
The statement reports the revenue of the on-chain service charges in the last 24 hours for some of the top cryptocurrencies. It shows that Ethereum has the highest on-chain service charges, with revenue of $9766194.91, followed by Uniswap with $3017273.23. GMX, Bitcoin, BSC, and SushiSwap had revenues of $797887.21, $585236.48, $543256.21, and $338979.68, respectively.
On-chain service charges refer to the fees paid by users to access the network’s services, such as deploying smart contracts, transferring tokens, or executing transactions. These fees are an essential part of any blockchain network as they create an incentive for validators or miners to secure the network. The higher the fee, the more priority the network gives to the transaction, and the faster it gets validated or mined.
Ethereum’s dominance in on-chain service charges is not surprising, given that it has the most extensive network of smart contracts and decentralized applications (dApps) compared to other cryptocurrencies. It hosts many popular dApps such as decentralized exchanges, lending platforms, and games that require constant interactions between users and the network. As a result, the demand for on-chain services is always high, leading to higher fees.
Uniswap, on the other hand, is the most popular decentralized exchange (DEX) on Ethereum, which explains its high revenue from on-chain service charges. DEXs enable users to trade tokens without relying on a centralized intermediary, making them a popular choice for users who value privacy and security.
The revenue of GMX and SushiSwap comes mainly from their DEX functionalities, while Bitcoin and BSC’s revenue from on-chain service charges comes from transaction fees. It is worth noting that Bitcoin’s revenue is relatively low compared to Ethereum and other cryptocurrencies since its network is less complex and only supports basic transactions.
In conclusion, on-chain service charges are an essential metric when evaluating a cryptocurrency’s adoption and demand. The revenue generated from these charges reflects the network’s utility and usage, which can impact its price and market capitalization. Ethereum’s dominance in on-chain service charges confirms its position as the leading smart contract platform, while Uniswap’s revenue highlights its popularity as a decentralized exchange.
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