Ethereum is Still The Top Blockchain People Pay To Use

Ethereum

Even with thousands of blockchains launched, Ethereum is still the leading network that people are willing to spend money on. This is as per data available at Cryptofees which shows that users paid approximately $2 million in fees on the Ethereum network. The data also shows that average weekly fees paid on the network is $2.7 million.

Other blockchains that people spend to utilize are Uniswap, Aave and Binance Smart Chain. The data shows that 24 hour fees paid on Uniswap is $826k, while the weekly average is $1.5 million. On Aave, the one day fee is $731k while the 7 day average is $605k, while fees paid in one day on the Binance Smart Chain is $691k while its 7 day average is $720k.

Crypto fees

24 Hour Fees On The Bitcoin Network

Bitcoin, the top digital currency generated a 24 hour fee of $259k, being the fifth blockchain that people are paying to use. Other blockchains that folks pay for their utility are GMX, Sushiswap, Ethereum Name Service and Synthetix, in the 6th, 7th, 8th and 9th positions respectively. 24 hour fees paid on GMX is $133k, on Sushiswap is $122k, ENS, $109k, Synthetix, $70k.

Other networks with daily fees higher than $20k are Traderjoe, $60k, Solana, $59.7k, MakerDAO, $49k, Avalanche, 30k, Polygon, $26k, Osmosis $24k and Balancer, $23k.

Fees On Layer 2

With the amount spent on these blockchains, the need for lower fees prompted building on the second layer of blockchains such as the Ethereum L2. So how much are people paying to use blockchains on the Ethereum second layer?

L2 fees

According to l2fees, it costs $0.04 to send ETH on Loopring, the zkRollup solution built to offer the same security guarantees as the Ethereum network. It costs $0.05 on ZKSync and $0.25 on Polymer Hermez. ZKSync is the tokenless scaling network that is Ethereum virtual machine compatible while Hermez scales payments and token transfers on Ethereum via its roll-up solution.

 

Author: Jinka Kamma

Jinka Kamma is passionate about the prospects of blockchain and the freedom cryptocurrencies afford people across borders. He holds small amounts of bitcoin and tether.

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