Digging deeper into Ethereum and Bitcoin’s fee markets

Earlier today daily transaction fee revenue on Ethereum surpassed that of Bitcoin for the first time since February, a significant event in light of the fee market’s structural importance for protocols’ security and store of value properties. The following charts provide more granular insight into Bitcoin and Ethereum’s relative fee markets and analytical methods that can be used to infer network health. 

Bitcoin’s cumulative transaction fee revenue since inception stands just short of $1bn, while Ethereum transaction fee revenue sits at just over $230m. Ethereum’s transaction fee revenue rate of growth has far exceeded that of Bitcoin, which took 8 years to reach $230m in revenue. This is perhaps to be expected considering Bitcoin’s relative obscurity in the first years of its life cycle.