Stephanie Douse 
The Ethereum blockchain generated approximately $10.7 billion in transaction fees over the last 365 days
Ethereum Blockchain Hits A Whopping $13.3 Billion
New data continues to support the Ethereum blockchain’s growing adoption and popularity. According to Token Terminal (TT), a cryptocurrency data aggregator, the Ethereum blockchain generated approximately $10.7 billion in transaction fees over the last 365 days.
The figure indicates a massive increase in demand for block space on the world’s largest smart contract blockchain.
The $10.7 billion generated in the previous year accounts for more than 80.4 percent of all fees generated.
Adoption Of Ethereum Blockchain Grows
According to the data aggregator’s Twitter handle, as Ethereum’s adoption grows, there will be more dramatic changes in fee revenue.
And the “settlement layer” narrative is still a meme. What will the fee revenue be like when hundreds of chains settle transactions on & pay fees to ethereum? TT mused.
The question refers to predictions from analysts such as ARK Invest and Bloomberg that Ethereum could become the global financial settlement layer, while Bitcoin could become the de facto store of value asset.
By transitioning to being a proof-of-stake blockchain – probably later this year – Ethereum will become more environmentally friendly as well as position itself to introduce more changes that will increase scalability.
Ethereum is already on its way to this future. Ethereum currently hosts the most diverse set of decentralized applications in the blockchain industry.
Ethereum Network Identifies Several Challenges To Its Growth
The Ethereum blockchain is working hard to become even more appealing to investors, developers, and users. The blockchain has identified several challenges to its value proposition, including high transaction fees, slow settlement times, and concerns about environmental impact.
Meanwhile, the implementation of EIP-1559 has reduced the number of new ETH tokens issued. According to Glassnode data, fee revenue to Ethereum miners has been decreasing over the last three months. Even so, the majority of their revenue has come from earning the block reward rather than transaction fees.
The price of ETH has been rising in response to the blockchain’s bullish development and adoption trajectory. ETH is up 31.3 percent in the last month and is currently trading at $3,460. According to Arthur Hayes, co-founder of the BitMex crypto exchange, the price of ETH should reach $10,000 by the end of the year.