Ethereum Generates Most Revenue
Crypto Market Crash Erases $90 Billion, Hedge Fund Ponzi Scheme Owner Ordered To Repay $84M
The Ethereum network earns 2x more transaction revenue per year than any other chain, leading with $2.7 billion per annum, according to Lookonchain data.
This is despite the recently implemented Dencun upgrade that caused a dramatic drop in fees.
For reference, Bitcoin is generating $1.3 billion in transaction volume per year. It has increased following the launch of the Runes protocol for ERC-like fungible token creation.
Bitcoin's ATH in Rune transactions was over 927k in April.
Solana brought in only $241 million despite of the seemingly ever-growing meme coin activity.
Tron: $459M, BSC: $176M, Avalanche: $69M, zkSync Era: ~$60M, Polygon: $24M.
Ethereum saw a 155% YoY increase in fee revenue despite Dencun dropping fees by over 60% (~8 Gwei).
Etheruem also leads in TVL with $58 billion - nearly 60% of the whole crypto sector, according to DeFiLlama.
Market Update
News
Crypto Market Crash Erases $90 Billion Erased From Its Market Cap Within Hours
The cryptocurrency market experienced a significant downturn recently, with $90 billion erased from its global market cap within a matter of hours. This event marked the third consecutive day of negative price action. The total market cap of cryptocurrencies dropped from $2.26 trillion to $2.17 trillion, which represents a decline of 3.67%. | Read More
Crypto 'Ponzi Scheme' Hedge Fund Owner Ordered to Repay $84M
Sam Ikkurty operated through his firms, Jafia LLC and Ikkurty Capital. But Ikkurty redistributed funds from new investors to pay earlier investors, a classic hallmark of a Ponzi scheme. The CFTC charged Ikkurty in 2022 for regulatory violations. Following a lawsuit, Judge Mary Rowland ruled that Ikkurty must pay restitution of $83,757,249 and disgorgement of $36,967,285, offset by any restitution paid. | Read More
Polkadot Invests $37M in Outreach & Marketing to Boost Ecosystem
Polkadot spent a substantial $37 million to attract new users, developers, and businesses to its ecosystem. Half of the $37 million expenditure was directed towards advertising, and a significant portion of the budget was allocated to community building. This involved organizing events, conferences, and other activities. | Read More
US and Germany Move $738M in Bitcoin to Exchanges
In just two weeks, the US and German governments have moved a staggering $738 million in bitcoin to several major exchanges, including Coinbase, Bitstamp, and Kraken. The German government is believed to be liquidating bitcoin seized in criminal cases. The US government has also been selling seized bitcoin. | Read More