Summary
- Over the past five years, Ethereum and L2 saw their share of app fees fall to 39% from 72%, while Solana accounted for 31%.
- Over the past 30 days, the number of blockchains with a meaningful application economy rose to 16, and Solana generated 77% of its app fees from its own ecosystem.
- Taken together, EVM-compatible blockchains account for 65% of total app fees, meaning Ethereum's direct share has declined while its technological influence has spread across multiple blockchains.
Forecast Trend Report by Period
Ethereum and Layer-2 networks have seen their share of application fees drop sharply over the past five years, while Solana has rapidly expanded its share, according to an analysis.
On November 9, Jamie Coutts, chief crypto analyst at Real Vision, wrote on X that in November 2021 only six blockchains had what he described as a meaningful application economy. At that time, Ethereum and L2s accounted for 72% of total app fees.
Over the past 30 days, the number of such blockchains has risen to 16, while the share for Ethereum and L2s has fallen to 39%. Solana accounted for 31% over the same period.
The ecosystems have grown in different ways. In Ethereum's case, 61% of app fees came from applications operating across multiple blockchains. Uniswap, for example, has been deployed on nine blockchains.
By contrast, 77% of Solana's app fees came from applications that operate only on Solana, giving it a relatively larger share of native ecosystem activity.
Coutts also assessed Tron and Hyperliquid as meaningful alternative ecosystems. He wrote that Hyperliquid should still be considered within Ethereum's broader reach because it is compatible with the Ethereum Virtual Machine, or EVM.
Taken together, EVM-compatible blockchains account for 65% of total app fees. That indicates Ethereum's direct share has declined, but its technological influence is spreading across multiple blockchains.
Minseung Kang
