Ethereum appears to be extending its fee dominance over Bitcoin by roughly 10 times, with Bitcoin currently ranking just sixth by weekly fee generation.
According to CryptoFees’ data for Sunday, the Bitcoin network had generated $725.7 million in daily fees on average over the past seven days and less than $400,000 worth of fees for the day.
Ethereum tops the rankings by far, generating more than $6.1 million in daily fees on average for the week and more than $5 million for the day. As such, Ethereum’s daily fees beat out Bitcoin’s by 8.4 times for the past week and by more than 15 times for Sunda.
Uniswap v3 ranked second with an average of $1.5 million in daily fees, 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 findings, likening Ethereum’s network strength relative to Bitcoin to Facebook’s rise to dominance over Myspace during the late 2000s.
BTC fundamentals in absolute free fall.— odin free (@odin_free) July 19, 2021
The 7th crypto is flipping $btc. Fees matter, it shows that people are willing to pay to use $eth, and that gives security.
Becoming clearer that BTC has nothing to do with the thriving web3 ecosystem.
It's the Facebook/Myspace flip pic.twitter.com/XBDV2qu0er
Bitcoin’s slide down the fee rankings comes as Ethereum’s forthcoming London upgrades spark renewed speculation whether the leading crypto asset by market capitalization will be flipped amid the Eth2 rollout.
On Wednesday, crypto analyst Lark Davis tweeted data indicating that Ethereum’s daily on-chain settlement value is trending at triple that of Bitcoin. Davis noted the increasing popularity of layer-two scaling solutions for Ethereum is likely to increase the disparity.
“I highly suspect this gap will increase now that we have layer twos like Optimism coming online,” he said.