The PWN DAO Foundation Highlights Trends in Blockchain Fees and Usage
The PWN DAO Foundation, associated with PWN peer-to-peer lending protocol, has released a report analyzing onchain fees in major blockchain networks and decentralized applications (dapps) over the past year. The report examines Ethereum, BNB Chain, Bitcoin, L2 solutions, and popular dapps like Aave and Uniswap. It reveals a 33% overall reduction in fees compared to the previous year, particularly in non-fungible token (NFT) marketplaces. On the other hand, L2 solutions experienced significant growth of 411%. L1 blockchains accounted for 59% of all fees, with Ethereum showing a 44% decline due to the migration of activities to L2 networks.
Growth in Fee Generation for Bitcoin, Tron, and Polkadot
Bitcoin, Tron, and Polkadot saw substantial growth in fee generation, with Bitcoin’s fees surging by 461%. This increase was attributed to the popularity of Ordinal inscriptions, marking a shift in Bitcoin’s usage dynamics. Decentralized exchanges (dexs) experienced a 51% decrease in fee generation, with Uniswap dominating with 64% of dex-generated fees. The report suggests an evolving relationship between trading activity and fee structures in the decentralized finance (defi) sector. Liquid staking derivatives (LSDs) showed a significant 93% increase in fee generation, indicating growing interest in staking solutions within the crypto-native economy.
The Evolution of the Blockchain Ecosystem
The report concludes by highlighting the continuous transformation of the blockchain ecosystem. User preferences are shifting towards more efficient and innovative platforms, paving the way for emerging technologies and strategies. This evolution has the potential to redefine the future of blockchain utility and economic models in the crypto space.
Hot Take: Analyzing Blockchain Fees and Usage in 2023
The PWN DAO Foundation has released a comprehensive report analyzing onchain fees on major blockchain networks and decentralized applications (dapps) in 2023. The report reveals a reduction in fees across various projects, with a significant decline in fees for non-fungible token (NFT) marketplaces. L2 solutions experienced substantial growth, indicating a shift in user preferences. L1 blockchains, particularly Ethereum, maintained their dominance but showed a decline in fees due to migration to L2 networks. Bitcoin, Tron, and Polkadot saw significant growth in fee generation, while decentralized exchanges (dexs) witnessed a decrease. The report highlights the evolving landscape of the blockchain ecosystem, setting the stage for future developments and transformations.
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