In 2024, the Ethereum blockchain experienced a 3% increase in fee earnings year-on-year, totaling $2.48 billion, despite implementing the Dencun upgrade which aimed to lower transaction costs. This placed Ethereum ahead of other blockchains, with Tron earning $2.15 billion and Bitcoin bringing in $922 million. The Dencun upgrade, which occurred in March and was designed to promote Layer 2 (L2) solutions, coincided with a notable migration of users from the main Ethereum Layer 1 to these scaling options. Interestingly, while Ethereum’s fee earnings rose, the price of its native token, Ether, did not meet market expectations. In the first quarter of 2024 alone, Ethereum amassed $1.17 billion in fees, attributed to a surge in on-chain activity linked to various airdrop programs. The report noted significant fee increases across other blockchains as well, with Solana's earnings skyrocketing by 2,838% in 2024 driven by the memecoin trend. Overall, the report highlighted the resilience of Ethereum's fee structures in the evolving landscape of cryptocurrency activity.

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