The PWN DAO Foundation, linked to the peer-to-peer lending protocol PWN, has released a comprehensive report analyzing user-incurred onchain fees within major blockchain networks and decentralized applications (dapps) for the past year. The 2023 analysis examines Ethereum, BNB Chain, Bitcoin, and layer two (L2) solutions, along with widely-used dapps such as Aave and Uniswap. The report sheds light on the primary trends in fee generation and discusses the changing patterns of blockchain utilization and revenue.
2023’s L1 and L2 Fee Generation Stats Revealed
The report published by PWN, illustrates a diverse landscape of onchain fee generation, underscoring a 33% overall reduction in fees across the selected projects compared to the previous year. This trend was particularly pronounced in non-fungible token (NFT) marketplaces, which experienced an 87% drop in fee generation. In contrast, L2 solutions exhibited significant growth of around 411%, indicating a shift in user preferences and platform utilization.
Screenshot from PWN’s study called the “Crypto Native Economy Report.”
The study shows layer one (L1) blockchains, despite a slight decrease, continued to dominate the fee market, accounting for 59% of all fees, up from 48% in 2022. Ethereum, maintaining its position as a market leader, showed a notable 44% decline in fees, partly due to the migration of activities to L2 networks.
“The rising fees generated by [L2s] signal widespread adoption and a significant impact on user experience,” the study’s researchers detail.
The report also highlights significant changes in individual blockchain platforms. Bitcoin, Tron, and Polkadot saw the most substantial growth in fee generation, with Bitcoin’s fees surging by 461%. The increase in Bitcoin network fees was attributed to the popularity of Ordinal inscriptions, a novel embedding application within the Bitcoin network, marking a notable shift in its usage dynamics. As of Jan. 29, 2024, the count of Ordinal inscriptions on the Bitcoin blockchain has impressively surpassed the 58 million mark.
Decentralized exchanges (dexs) witnessed a 51% decrease in fee generation, with Uniswap emerging as a dominant player, securing 64% of dex-generated fees. The report suggests that despite the decline in fees, the trading volume on dex platforms remained relatively stable, pointing to an evolving relationship between trading activity and fee structures in the decentralized finance (defi) sector.
The report concludes by discussing liquid staking derivatives (LSDs) which showed a significant 93% increase in fee generation, highlighting the growing interest in staking solutions within the crypto-native economy. The report notes that Lido Finance, the LSD leader, collected a significant portion of these fees, reflecting the platform’s strong position in the market.
As the landscape evolves, with user preferences gravitating towards more efficient and innovative platforms, it’s clear that the blockchain ecosystem is continuously undergoing a transformative phase. This evolution paves the way for emerging technologies and strategies, potentially redefining the future of blockchain utility and economic models in the crypto space.
What do you think about PWN’s report surrounding L1s and L2s, dapps and fee generation? Let us know what you think about this subject in the comments section below.
can i order clomiphene online clomiphene sleep apnea acquista clomiphene online clomiphene other name how to get clomiphene price can i order cheap clomiphene without rx clomiphene bula profissional
Very interesting subject, regards for posting.
This website really has all of the low-down and facts I needed about this case and didn’t positive who to ask.
The reconditeness in this piece is exceptional.
buy zithromax sale – tinidazole order online buy metronidazole sale
order semaglutide 14mg pills – buy generic cyproheptadine buy cyproheptadine 4mg online
order motilium pill – buy generic tetracycline flexeril 15mg cost
augmentin 375mg uk – https://atbioinfo.com/ buy acillin pill
where to buy esomeprazole without a prescription – anexamate.com order esomeprazole pill
I will right away grab your rss feed as I can not to find your email subscription link or newsletter service. Do you’ve any? Kindly let me understand in order that I could subscribe. Thanks.
order meloxicam 7.5mg generic – https://moboxsin.com/ meloxicam 7.5mg pills
prednisone tablet – aprep lson prednisone 10mg uk
medications for ed – fastedtotake.com ed pills online
Wonderful web site. Lots of helpful information here. I am sending it to several pals ans also sharing in delicious. And of course, thank you on your effort!
buy fluconazole 100mg – site fluconazole price
brand cenforce – cenforce 100mg without prescription cenforce 50mg ca
how many mg of cialis should i take – https://ciltadgn.com/ cialis patent expiration 2016
order zantac sale – this buy zantac online
what is cialis taken for – https://strongtadafl.com/# side effects of cialis daily
sildenafil 100mg price – strong vpls viagra sale walgreens
This is the kind of serenity I have reading. https://buyfastonl.com/isotretinoin.html
Palatable blog you procure here.. It’s severely to assign great calibre writing like yours these days. I truly respect individuals like you! Withstand guardianship!! https://ursxdol.com/clomid-for-sale-50-mg/
Thanks an eye to sharing. It’s acme quality. https://prohnrg.com/product/metoprolol-25-mg-tablets/
I have recently started a blog, the information you provide on this website has helped me greatly. Thanks for all of your time & work.
This website absolutely has all of the information and facts I needed to this subject and didn’t identify who to ask. https://aranitidine.com/fr/acheter-fildena/
This is the description of serenity I have reading. https://ondactone.com/product/domperidone/
Thanks on putting this up. It’s understandably done.
https://doxycyclinege.com/pro/ranitidine/
You should take part in a contest for one of the best blogs on the web. I will recommend this site!
I am in fact delighted to glitter at this blog posts which consists of tons of profitable facts, thanks towards providing such data. http://sols9.com/batheo/Forum/User-Fjpkyz
I am no longer certain where you’re getting your info, but great topic. I must spend some time finding out much more or figuring out more. Thanks for great info I was looking for this information for my mission.