Fees in the Cryptocurrency Market: A Proxy for Activity and Impact

加密貨幣市場的費用：活動和影響的代理

Fees generated by cryptocurrency protocols serve as indicators of protocol activity and the overall health of the market, particularly during bull runs. DeFi protocols and platforms measure user engagement and activity spikes through fees.

加密貨幣協議產生的費用可以作為協議活動和市場整體健康狀況的指標，特別是在多頭市場期間。 DeFi 協議和平台透過費用來衡量用戶參與度和活動高峰。

Leading Protocols by Fees

按費用領先的協議

Undoubtedly, Bitcoin and Ethereum dominate in daily fee generation due to their network size. They also incur expenses for mining or block production rewards. Ethereum reigns supreme with average daily fees exceeding $5.6 million, while Bitcoin generates more value through block rewards.

毫無疑問，比特幣和以太坊由於其網路規模而在每日費用產生中佔據主導地位。他們還產生採礦或區塊生產獎勵費用。以太坊以平均每日費用超過 560 萬美元佔據主導地位，而比特幣則透過區塊獎勵產生更多價值。

Fees in Smaller Projects

小型項目的費用

Fees in smaller projects provide a more nuanced picture, reflecting behaviors such as trading, staking, NFT minting, identity features, and other Web3 applications. They indicate the project's functionality beyond basic payments and transactions.

較小項目的費用提供了更細緻的情況，反映了交易、質押、NFT 鑄造、身份功能和其他 Web3 應用程式等行為。它們表明該項目的功能超出了基本支付和交易的範圍。

High-Fee Blockchains

高費用區塊鏈

During the 2024 market surge, the most widely used blockchains, including Binance Smart Chain, Arbitrum One, Optimism, and Polygon, exhibited elevated fee levels.

在 2024 年市場激增期間，使用最廣泛的區塊鏈，包括幣安智能鏈、Arbitrum One、Optimism 和 Polygon，都表現出了較高的費用水平。

Active DEX and Liquidity Staking Protocols

Active DEX 和流動性質押協議

The most fees are generated by active DEX and liquidity staking protocols such as Uniswap, Sushi Swap, Aave, Maker, Kyberswap, Curve, and Trader Joe.

大部分的費用是由活躍的 DEX 和流動性質押協議產生的，例如 Uniswap、Sushi Swap、Aave、Maker、Kyberswap、Curve 和 Trader Joe。

Dogecoin: A Surprising Entry

狗狗幣：一個令人驚訝的條目

Dogecoin remains active on its main net and is used for transfers and inter-protocol transactions. Despite limited scaling, its low fees make it still appealing as a main net asset, even without the support of native DeFi or DEX applications.

狗狗幣在其主網上仍然活躍，用於轉帳和協議間交易。儘管規模有限，但其低廉的費用使其作為主要淨資產仍然具有吸引力，即使沒有原生 DeFi 或 DEX 應用程式的支援。

Most Expensive Protocols for Users

對用戶來說最昂貴的協議

While most protocols aim to minimize fees and profit from volume, some incur higher costs for users. Ethereum charges $14 in fees per average user among commonly used networks. On-chain derivative trading is also costly, with average fees exceeding $300 per user.

雖然大多數協議的目標是最大限度地減少費用並從數量中獲利，但有些協議會給用戶帶來更高的成本。在常用網路中，以太坊向每個平均用戶收取 14 美元的費用。鏈上衍生性商品交易的成本也很高，每個用戶的平均費用超過 300 美元。

Fees Per User: A Diverse Perspective

每個用戶的費用：不同的視角

Cross-matching daily active users with daily fees reveals a diverse picture of fees per user. Telegram, Base, and Solana emerge as the most cost-effective protocols per user, fulfilling their promises of scalability and mass adoption.

將每日活躍用戶與每日費用進行交叉匹配，揭示了每個用戶費用的多樣化情況。 Telegram、Base 和 Solana 成為每個用戶最具成本效益的協議，兌現了其可擴展性和大規模採用的承諾。

Fees as a Reflection of Trends

費用反映趨勢

Fees can also indicate the prominence of specific trends. Lido Finance captures approximately 50% of all liquid staking fees, reaching $3.6 million daily. Some projects, such as Maker DAO and Ethena, have unpredictable fee patterns, with exceptional gains on days with special events or NFT minting activity.

費用還可以顯示特定趨勢的突出程度。 Lido Finance 佔據了所有流動質押費用的約 50%，每天達到 360 萬美元。一些項目，例如 Maker DAO 和 Ethena，具有不可預測的費用模式，在有特殊活動或 NFT 鑄造活動的日子裡會獲得異常收益。

Leading Fee Producers

領先的費用產生者

Aave is the leading fee producer among lending protocols, generating $1.36 million daily fees. Uniswap dominates DEX protocols with $2.75 million in daily fees. Convex Finance is the major fee earner in asset management, generating up to $177,000 per day.

Aave 是藉貸協議中領先的費用產生者，每天產生 136 萬美元的費用。 Uniswap 以 275 萬美元的每日費用主導 DEX 協議。 Convex Finance 是資產管理領域的主要收費來源，每天收入高達 177,000 美元。

Fees and Market Growth or Decline

費用和市場成長或下降

Fees can also signal the trajectory of crypto narratives. Friend.tech, once a thriving social media platform with Web3 elements, has experienced a decline in daily fees to $4.6k. Ethereum, despite its unpredictable fees, is driving growth in L1 miner income.

費用也可以標誌著加密敘事的軌跡。 Friend.tech 曾經是一個蓬勃發展的具有 Web3 元素的社交媒體平台，但其每日費用已下降至 4600 美元。儘管以太坊的費用難以預測，但它正在推動 L1 礦工收入的成長。

Fees vs. TradFi: A Comparison

費用與 TradFi：比較

In comparison, the average Visa card fee is $3.96 per purchase, typically charged to merchants. Crypto fees are generally lower but can create barriers to entry for small-scale users in DeFi, favoring larger investors.

相比之下，Visa 卡每次購買的平均費用為 3.96 美元，通常向商家收取。加密貨幣費用通常較低，但可能會給小規模用戶進入 DeFi 帶來障礙，有利於規模較大的投資者。