Regardless of the Dencun replace, designed to scale back transaction prices, Ethereum’s earnings from charges grew in 2024, confirming its place on the prime amongst blockchains.
In response to the report by CoinGecko revealed on January 21, Ethereum recorded a 3% year-on-year enhance, with whole earnings reaching 2.48 billion {dollars}, consolidating its place as a frontrunner.
The Dencun Impact on Ethereum Charges
The Dencun replace, applied in March 2024, had as its major goal the discount of transaction charges, particularly for Layer 2 (L2) networks, in an try and make Ethereum extra scalable and accessible.
Nonetheless, opposite to expectations of a lower in income, Ethereum has maintained and even elevated its beneficial properties. In response to Lim Yu Qian, analyst at CoinGecko,
“The consequence demonstrates the resilience of the community, regardless of the shift of many customers from the mainnet (L1) to L2 options.”
The gasoline charge earned by Ethereum not solely withstood the affect of Dencun, however had been fueled by growing on-chain exercise and occasions like airdrop packages, which incentivized the usage of the community. Within the first quarter of 2024 alone, Ethereum collected 1.17 billion {dollars}, representing practically half of its annual income.
Ethereum excelled in 2024, however different blockchains confirmed stunning efficiency. Tron, for instance, gained 2.15 billion {dollars}, with a rise of 116.7% in comparison with the earlier 12 months. Bitcoin, whereas sustaining the third place, recorded a extra contained enhance of 16%, with beneficial properties of 922 million {dollars}.
Essentially the most placing case was Solana, which noticed a skyrocketing enhance of 2,838% in charges, rising from 25 million {dollars} in 2023 to 750 million {dollars} in 2024. This growth was attributed to the recognition of memecoin, which additionally led Solana to surpass 100 million energetic wallets in October.
Ethereum: management sotto pressione?
Regardless of the beneficial properties, Ethereum confronted a fancy 12 months. The worth of the ETH token remained beneath expectations, additionally influenced by considerations concerning the potential decline in revenues ensuing from the growth of L2 options.
On the similar time, inner tensions inside the Ethereum Basis have drawn consideration, with co-founder Vitalik Buterin saying adjustments in management, aiming to strengthen coordination between the inspiration and the developer neighborhood.
Moreover, the announcement of the departure of Eric Conner, one of many most important builders of Ethereum, highlighted the inner disagreements. Conner criticized Buterin for the shortage of larger decentralization within the administration of the inspiration.
In 2024, the blockchain charges market reached a complete of 6.60 billion {dollars}, of which solely 294 million {dollars} got here from Layer 2 networks. This reveals that, regardless of the rising use of scalable options, Layer 1 networks proceed to dominate by way of income.
Ethereum, regardless of dealing with technical and strategic challenges, has consolidated its place as a frontrunner due to its skill to draw customers and innovation, even in a context of charge discount.
The long run will rely on the community’s skill to stability scalability and decentralization, sustaining the aggressive edge in an more and more dynamic market.