Ethereum appears to be extending its dominance over Bitcoin about 10 times when it comes to generating weekly network fees. Bitcoin is currently only in sixth place.
According to Sunday’s data from CryptoFees, the Bitcoin network generated $725.7 million in daily fees, averaged over the past seven days, and less than $400,000 in daily fees.
Ethereum easily leads the rankings, generating over $6.1 million in daily fees on average per week and over $5 million per day. Thus, Ethereum’s daily rates surpassed Bitcoin’s by 8.4 times last week and more than 15 times on Sunday.
Uniswap v3 came in 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 $US$ 728,000 and finally Bitcoin.
Twitter user Odin Free highlighted the numbers, comparing the strength of the Ethereum network in relation to Bitcoin to Facebook’s rise to MySpace dominance during the late 2000s.
BTC fundamentals in absolute free fall.
Becoming clearer that BTC has nothing to do with the thriving web3 ecosystem.
It’s the Facebook/Myspace flip pic.twitter.com/XBDV2qu0er
— odin free (@odin_free) July 19, 2021
Fundamentals of BTC in absolute free fall.
The seventh cryptocurrency is outpacing $btc. Fees are important as they show that people are willing to pay to use $eth, and this provides security.
It’s becoming clear that BTC has nothing to do with the thriving web3 ecosystem.
It’s the turn of Facebook / Myspace
Bitcoin’s drop in the rate ranking comes as upcoming updates from the Ethereum network spark new speculation that, with the release of its 2.0 version, there will be a reversal of its leading cryptocurrency position by market capitalization.
Related: Ether is already ‘outperforming’ Bitcoin, says Celsius CEO
On Wednesday, cryptocurrency analyst Lark Davis presented data indicating that the daily on-chain settlement value of Ethereum is likely to triple that of Bitcoin. Davis observed that the growing popularity of second-tier solutions for Ethereum will likely increase the disparity.
“I strongly suspect that this gap will widen now that we are optimistic about second tiers coming online,” he said.
Ethereum is also beating Bitcoin in the total number of transactions by about 500%, and has enjoyed brief moments ahead of BITcoin in transaction volume, trade volume and us count over the past few months.
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