Bitcoin is being beaten by Binance Smart Chain, Ethereum, Aave, and Uniswap in terms of the market in terms of fee revenue. It seems that Ethereum is extending its fee dominance over Bitcoin by around 10 times with BTC sitting in the sixth position by weekly fee generation at present.
Bitcoin Ranking Sixth in Terms of Weekly Fee Generation, Ethereum Surpasses BTC
In accordance with the data released by CryptoFees on July 18, the Bitcoin network managed to generate $725.7 million in daily fees on average over the last week, and less than $400,000 worth of fees for the day.
As mentioned in the data, the daily fees of Ethereum beat the daily fees of Bitcoin by 8.4 times for the last week and top the rankings by generating over $6.1 million in daily fees on average for the week, and over $5 million for the day.
Next in the list is Uniswap V3, ranked second in the list with an average of $1.5 million in daily fees followed by Binance Smart Chain with $1.2 million, Uniswap V2 with $732,000 Aave with $728,000, and then Bitcoin.
Speculations Surrounding the ETH2 Rollout
The upcoming London hard fork upgrade of Ethereum has rolled out speculations in the minds of people whether the top cryptocurrency will be flipped by Ethereum.
Crypto Analyst Lark Davis shared a tweet that pointed towards the daily on-chain settlement of Ethereum and revealed that it is trending at a triple of that of Bitcoin.
In addition to this, Davis noted the surging popularity of layer-two scaling solutions for ETH is most likely to raise the discrepancy. He said:
“I highly suspect this gap will increase now that we have layer twos like Optimism coming online.”
Moreover, Etheruem is also beating Bitcoin by total transaction count by approximately 500%.