beincrypto.com
Bloomberg crypto analyst Jamie Coutts declares that, over the last twelve months, two blockchains have taken the lion’s share of transaction fees among all Proof-of-Stake (PoS) blockchains.
Ethereum and Tron Network together account for a substantial 88% of the total transaction fees, with Ethereum leading at 57% and Tron following closely behind at 31%.
Two Blockchains Monopolize Transaction Fees
In a statement posted on X (formerly Twitter) on October 7th, Coutts outlined the existence of around 200 smart contract and Proof of Stake (PoS) blockchains.
However, among those 200, the majority of transaction fees are attributed to just 2 blockchains:
“Astonishingly, 88% of all transaction fees over the past year came from just 2 chains. This leaves the remainder to compete for a mere 12% with $ETH L2s increasing their share at a rapid rate.”
Coutts outlines the primary challenges faced by the majority of PoS blockchains. These obstacles include an oversupply of blockspace, inflationary supply schedules, undisclosed supply indicators, and subpar tokenomics.
However, despite the “bear market,” Coutts asserts that blockspace demand is in a “long-term structural uptrend.”
BeInCrypto recently reported that Ethereum’s average transaction fee hit its lowest point of 2023. According to blockchain analytics firm Santiment, Ethereum network dropped to $1.15 per transaction on September 24. This is the lowest level since December 2022.
Meanwhile, July reports revealed that TRON almost doubled Ethereum’s trading activity in June.