L1 Blockchains and DeFi protocols dominate Crypto payment generation.
According to data from Token Terminal, Ethereum generated the highest payout among the twenty protocols in the last 30 days at around $180 million.
On June 17, the crypto analytics platform Ethereum reported that other blockchains, which were dominated by layer-1 chains and DeFi protocols, were earlier in the way, with only one layer-2 blockchain in the top 20. Coinbase blockchain Base created the smallest amount. Current fee at $6 million.
“Given that the activity on the base is above Ethereum L1, this is a sign that L2 scaling is working,” he said.
🤑Top 20 Payment Generating Protocols in Crypto in the last 30 days
🗳️Key Commands:-
▪️5/20 are L1 blockchains and only 1/20 are L2 blockchain ▪️except L1 & L2 blockchain all other protocols are in Defi category sNG9br9chC
— Token Terminal (@tokenterminal) June 17, 2024
Layer-2 fees have dropped significantly following the upgrade of the Ethereum blockchain in March.
Ethereum, Tron and Bitcoin in the future
Only Ethereum, Tron, Bitcoin and Lido have generated more than $100 million in payouts in the past 30 days, he reported. Other findings include Uniswap DAO leading payments among decentralized exchanges and Uniswap Labs generating the least in the same category.
MakerDAO and Athena dominated the decentralized stablecoin issuers category, and Aave was the clear market leader in the lending category, with a big gap between them and secondary Morpho. The data does not include Tether or Circle as they receive their payments and earnings off-chain.
The earnings are calculated based on the percentage the protocol applies to payments. Bitcoin and Uniswap DAO currently have a 0% take rate, while Ethereum has indicated a take rate of around 80%.
Ethereum remains more profitable because the network burns from transaction fees and pays relatively low token incentives to validators. Bitcoin generates zero revenue for BTC holders but pays substantial incentives to miners.
Additionally, the Ether ecosystem could see a big boost in adoption and growth if Ether ETFs launch next month. This means that the asset is classified as a commodity, which can be for other altcoins.
Daily Crypto payments
According to CryptoFees, Ethereum generated $2.7 million in the previous day. However, Bitcoin topped it at just $2.9 million. Bitcoin payouts often increase when there is high demand from meme coin seekers and casual articles on the network.
Uniswap and Aave were third and fourth in daily payouts with $1.4 million and $1 million respectively.
Token Terminal recommends that investors pay attention to early stage protocols that have yet to start monetization.
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