Ethereum appears to be expanding its fee dominance over Bitcoin by about ten times, with Bitcoin currently only ranking sixth in weekly fee generation.
According to CryptoFees data on July 18, the Bitcoin network has generated an average of $ 725.7 million in daily fees and less than $ 400,000 in daily fees over the past seven days.
Ethereum tops the charts so far, generating over $ 6.1 million in average daily fees per week and over $ 5 million per day. As a result, Ethereum’s daily fees exceeded Bitcoin by 8.4 times over the past week and more than 15 times on July 18.
Uniswap V3 ranks second with an average of $ 1.5 million in daily rates, followed by Binance Smart Chain with $ 1.2 million, Uniswap V2 with $ 732,000, Aave with $ 728,000, and then Bitcoin.
Twitter user “odin free” tweeted the discovery, comparing Ethereum’s network power over Bitcoin to Facebook’s rise to dominance in Myspace in the late 2000s.
BTC fundamentals in absolute free fall.
It has become clearer that BTC has nothing to do with the thriving Web3 ecosystem.
It’s the head of Facebook / Myspace pic.twitter.com/XBDV2qu0er
– odin free (@odin_free) July 19, 2021
Bitcoin’s slide in the fee tables comes as the upcoming Ethereum upgrades in London spark new speculation about whether the leading crypto asset by market cap will be upside down during the rollout.
Connected: Celsius CEO Says Ether Has “Disappeared” Bitcoin
On July 14, crypto analyst Lark Davis tweeted data suggesting that the daily billing value of Ethereum in the chain tripled that of Bitcoin. Davis Note The growing popularity of Layer 2 scaling solutions for Ethereum is likely to add to the disparity.
“I highly doubt that this gap will widen since we have two classes of optimism online,” he said.
Ethereum also beats Bitcoin by around 500% in terms of total transactions and has briefly been at the top of Bitcoin in terms of transaction volume, transaction volume and number of nodes in recent months.
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