- Ethereum's Position in the Industry
- Solana: Rising Competition
- Binance Smart Chain: High Numbers, Low Cost
Ethereum continues to lead the blockchain space with the highest number of fee-generating applications. This article explores why Ethereum remains at the top and also looks at competitors such as Solana and Binance Smart Chain.
Ethereum's Position in the Industry
As of September 2024, Ethereum has the largest list of top apps with high financial turnover. According to DappRadar, Ethereum hosts 4,771 apps with a daily transaction volume of over $4.65 billion. Ethereum also has high liquidity through major apps like Uniswap V3, 1Inch, Banana Gun, OpenSea, and other DeFi and insurance protocols. Fees from these apps contribute to Ethereum's income, which Token Terminal estimates to be around $11.93 million weekly. Validators on Ethereum earn more than $5 million daily, including up to $900,000 from fees.
Solana: Rising Competition
Solana is considered a more influential network in terms of daily activity. However, its top apps are limited, with most activity concentrated on the Jupiter DEX aggregator, Pump.fun, and Raydium. In 2024, Solana's main focus has been on meme tokens and DEX activity, attracting users with minimal fees.
Binance Smart Chain: High Numbers, Low Cost
BNB Smart Chain leads in the number of apps, hosting 5,448 apps with a weekly turnover of $6.14 billion. Most of the value on BNB Smart Chain comes from PancakeSwap. The reduction in the supply of Binance USD (BUSD) has led to a decrease in total locked value to $4.26 billion. Among major chains, TRON reports the highest fees, though its activity is often suspected of being non-organic.
Ethereum continues to hold a leading position in the market thanks to its numerous fee-generating applications and significant financial activity. Solana and Binance Smart Chain also occupy significant positions, albeit with different strategies and metrics.
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