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Ethereum

Ethereum Took Up 80% Of All Blockspace Fees In 2022, Blockchain Has The Highest Fee

January 3, 2023 - Around 2 mins mins to read

Key Points:

  • In 2022 Ethereum occupied 80% of all blockspace fees. BNB Chain accounts for 80% of the remaining fees, and the largest simple transmission models account for costs in comparison.
  • In one day, when Otherdeed NFT was minted, the fees generated on Ethereum exceeded the annual fees of Bitcoin in 2022.
  • The gas share used by L2 has tripled, but the adoption rate is still not high, it may improve with the introduction of EIP-4844.
Gas fees on Ethereum have always been higher than other blockchains, but the following statistics still surprise users.
Ethereum Took Up 80% Of All Blockspace Fees In 2022

Encryption researcher Data Always published an article stating that in 2022, Ethereum occupied 80% of all blockspace fees, BNB Chain accounted for 80% of the remaining fees, and the largest simple transmission models (Bitcoin, Dogecoin, and Litecoin ) accounted for negligible costs in comparison.

The article also mentions that in one day, when Otherdeed NFT was minted, the fees generated on Ethereum exceeded the annual fees of Bitcoin in 2022. This could be an example of the difference in fees between Ether versus Bitcoin.

Ethereum Took Up 80% Of All Blockspace Fees In 2022
Source: Data Always

The gas share used by L2 has tripled, but the adoption rate is still not high, it may improve with the introduction of EIP-4844.

For Ethereum, it is imperative to continue to scale and prioritize the usability of the protocol, and while fees will always be the KPI, scaling faster than adoption is the new goal, which will be the key to driving up prices and solidifying Ethereum’s role in the crypto ecosystem The essential.

Ethereum Took Up 80% Of All Blockspace Fees In 2022
Source: Data Always

In addition, despite adopting a subsidized transaction model, Tron still exceeds Bitcoin in blockspace requirements, and the fee remains relatively stable throughout the year, the most important reason being Tron’s capture of low-value USDT transfers.

The Bitcoin Lightning Network has yet to see meaningful growth, Lightning Network adoption expectations are too optimistic, and most of the spike in transaction fees can be attributed to the collapse of crypto institutions.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News

Blockspace Fees

BNB Chain

EIP-4844

Otherdeed NFT

Avatar of Harold

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
Ethereum

Ethereum Took Up 80% Of All Blockspace Fees In 2022, Blockchain Has The Highest Fee

Key Points:

  • In 2022 Ethereum occupied 80% of all blockspace fees. BNB Chain accounts for 80% of the remaining fees, and the largest simple transmission models account for costs in comparison.
  • In one day, when Otherdeed NFT was minted, the fees generated on Ethereum exceeded the annual fees of Bitcoin in 2022.
  • The gas share used by L2 has tripled, but the adoption rate is still not high, it may improve with the introduction of EIP-4844.
Gas fees on Ethereum have always been higher than other blockchains, but the following statistics still surprise users.
Ethereum Took Up 80% Of All Blockspace Fees In 2022

Encryption researcher Data Always published an article stating that in 2022, Ethereum occupied 80% of all blockspace fees, BNB Chain accounted for 80% of the remaining fees, and the largest simple transmission models (Bitcoin, Dogecoin, and Litecoin ) accounted for negligible costs in comparison.

The article also mentions that in one day, when Otherdeed NFT was minted, the fees generated on Ethereum exceeded the annual fees of Bitcoin in 2022. This could be an example of the difference in fees between Ether versus Bitcoin.

Ethereum Took Up 80% Of All Blockspace Fees In 2022
Source: Data Always

The gas share used by L2 has tripled, but the adoption rate is still not high, it may improve with the introduction of EIP-4844.

For Ethereum, it is imperative to continue to scale and prioritize the usability of the protocol, and while fees will always be the KPI, scaling faster than adoption is the new goal, which will be the key to driving up prices and solidifying Ethereum’s role in the crypto ecosystem The essential.

Ethereum Took Up 80% Of All Blockspace Fees In 2022
Source: Data Always

In addition, despite adopting a subsidized transaction model, Tron still exceeds Bitcoin in blockspace requirements, and the fee remains relatively stable throughout the year, the most important reason being Tron’s capture of low-value USDT transfers.

The Bitcoin Lightning Network has yet to see meaningful growth, Lightning Network adoption expectations are too optimistic, and most of the spike in transaction fees can be attributed to the collapse of crypto institutions.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News

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