Bitcoin drops to sixth place in daily revenue, with just 12% of Ethereum fees

Ethereum appears to be extending its fee dominance over Bitcoin by around 10 times, with Bitcoin currently only ranking sixth by generation of weekly fees.

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 in fees for the day.

Ethereum tops the chart by far, generating over $ 6.1 million in daily fees on average for the week and over $ 5 million for the day. As such, Ethereum’s daily fees have exceeded Bitcoin’s by 8.4 times over the past week and 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 results, comparing the strength of Ethereum’s network over Bitcoin to Facebook’s rise to Myspace in the late 2000s.

BTC fundamentals in absolute free fall.

The 7th crypto is rocking $ btc. Fees matter, it shows people are willing to pay to use $ eth, and that gives security.

It becomes clearer that BTC has nothing to do with the thriving web3 ecosystem.

It’s the Facebook / Myspace flip pic.twitter.com/XBDV2qu0er

– without odin (@odin_free) July 19, 2021

Bitcoin’s drop in the fee rankings comes as upcoming Ethereum upgrades in London spark further speculation as to whether the leading crypto asset by market cap will be reversed in the middle of Eth2’s rollout.

Related: Ether Already Tipping Bitcoin, Says Celsius CEO

On Wednesday, crypto analyst Lark Davis tweeted data indicating that Ethereum’s on-chain daily settlement value tended to triple that of Bitcoin. Davis Noted the growing popularity of Layer Two scaling solutions for Ethereum is likely to increase the disparity.

“I strongly suspect that this gap will increase now that we have two layers like Optimism Online,” he said.

Ethereum also beats Bitcoin in total transaction count of around 500% and has seen brief stints topping BItcoin in terms of transaction volume, transaction volume, and node count over the past few months.