Ethereum still has a continuous demand.

At this time, the Ethereum network appears to be ahead of its competitors in the blockchain space in terms of fees. This demonstrates the continued use of the Ethereum network.

On April 10, 2023, blockchain data company Token Terminal reported on leading network fees over the past six months. It is not surprising that Ethereum is ahead of others, creating fees more than twice that of its closest competitor. Over the past 6 months, Ethereum has accumulated daily fees totaling $743 million.

According to Token Terminal's data, the closest competitor to Ethereum is TRON, which generated less than half of Ethereum's revenue at $282 million. In addition, Ethereum generated fees almost ten times higher than the Bitcoin network, which had a value of less than $80 million during that period.

The current Ethereum fees have decreased but are still high, according to Token Terminal. They emphasize the importance of considering fees as a metric that indicates which protocols are truly functional. The use of protocols and Ethereum is a clear signal of continuous growth for the ecosystem, making Ethereum a clear leader in the industry.

Uniswap, a major cryptocurrency network, ranks third in terms of transaction fees generated, with a value of $269 million in the past six months, based on data about cryptocurrency transaction fees on Ethereum. Ethereum generates an average of approximately $6 million in revenue per day in the past week.

Solana, a rival platform dubbed as the "Ethereum killer", generates only $36,700 in daily fees on average.

In addition, BitInfoCharts also reports the average transaction fee, which is quite low for Ethereum at around $4.70 USD. However, for regular users who are not ETH whales, this still shows that the fees are relatively expensive compared to alternative networks.

Despite the high fees, Ethereum still stands out in this metric. Arbitrum One is the network with the highest transaction fees, ranking sixth in terms of fees, according to data from Crypto Fees. Arbitrum One generated an average of $236,000 USD in fees per day in the past week. Additionally, L2fees reports that the cost is only $0.06 USD for an Ethereum transaction on the Arbitrum network and $0.17 USD for token swaps.

Furthermore, there was a significant upgrade to ETH that occurred yesterday. This upgrade allows holders to withdraw locked coins to receive rewards. It was a major upgrade for Ethereum, known as the Shanghai hard fork, and is another significant change for Ethereum.

Technical analysis data (5H)