• Ethereum [ETH] has the highest count of fee-paying users in the last six months.
• The memecoin frenzy between April and early June drove up fees on the Ethereum network.
• Tron [TRX] followed closely behind with cumulative fees of $451.2 million, while Uniswap [UNI], Lido Finance [LDO], and Bitcoin [BTC] rounded out the top five.
Ethereum Outshines Other Projects In Fee-Paying User Count
Ethereum takes the top spot as the chain with the highest count of fee-paying users in the last six months, data from Token Terminal revealed. According to information from the data provider, the cumulative fees paid to use the Layer 1 (L1) blockchain during that period totaled $1.3 billion.
Tron Takes Second Place in Daily Active User Count
Tron [TRX] followed closely behind with cumulative fees of $451.2 million, however it was four places behind Tron in terms of daily active user count. Uniswap [UNI], a prominent decentralized exchange, secured third spot with cumulative fees reaching $297.1 million while Lido Finance [LDO], a liquid staking platform, claimed fourth position having amassed $290 million in cumulative fees and Bitcoin [BTC], rounding off the top five with cumulative fees totaling $239 million.
Memecoin Frenzy Fueled Rising Fees
The reason behind this astronomical growth of Ethereum’s fees was attributed to a memecoin frenzy between April and early June which was driven mainly by launch of meme token Pepe[PEPE] on Ethereum network on 15 April. Following its launch it experienced a significant rally in trading volume driving up its value within short period of time; according to 30 April tweet by on-chain data provider Nansen number of PEPE holders exceeded 54000 just two weeks after its launch .Fueled by addition to Binance’s Innovation Zone market capitalization of meme coin crossed 1 billion mark .
Rising Transaction Fees
As PEPE trading intensified ,the on-chain activity on Ethereum chain grew as well; median transaction fee rose to its highest level since May 2022 per data from Dune Analytics . On 5 May high volume trading sent median fee soaring above 400 gwei for first time since January 2021; this pushed median transaction fee close to 500 gwei according to BitInfoCharts .