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

加密货币市场的费用：活动和影响的代理

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.

加密货币协议产生的费用可以作为协议活动和市场整体健康状况的指标，特别是在牛市期间。 DeFi 协议和平台通过费用来衡量用户参与度和活动峰值。

Leading Protocols by Fees

按费用领先的协议

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.

毫无疑问，比特币和以太坊由于其网络规模而在每日费用产生中占据主导地位。他们还产生采矿或区块生产奖励费用。以太坊以平均每日费用超过 560 万美元占据主导地位，而比特币则通过区块奖励产生更多价值。

Fees in Smaller Projects

小型项目的费用

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.

较小项目的费用提供了更细致的情况，反映了交易、质押、NFT 铸造、身份功能和其他 Web3 应用程序等行为。它们表明该项目的功能超出了基本支付和交易的范围。

High-Fee Blockchains

高费用区块链

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 年市场激增期间，使用最广泛的区块链，包括币安智能链、Arbitrum One、Optimism 和 Polygon，都表现出了较高的费用水平。

Active DEX and Liquidity Staking Protocols

Active DEX 和流动性质押协议

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

大部分费用是由活跃的 DEX 和流动性质押协议产生的，例如 Uniswap、Sushi Swap、Aave、Maker、Kyberswap、Curve 和 Trader Joe。

Dogecoin: A Surprising Entry

狗狗币：一个令人惊讶的条目

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.

狗狗币在其主网上仍然活跃，用于转账和协议间交易。尽管规模有限，但其低廉的费用使其作为主要净资产仍然具有吸引力，即使没有原生 DeFi 或 DEX 应用程序的支持。

Most Expensive Protocols for Users

对用户来说最昂贵的协议

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.

虽然大多数协议的目标是最大限度地减少费用并从数量中获利，但有些协议会给用户带来更高的成本。在常用网络中，以太坊向每个平均用户收取 14 美元的费用。链上衍生品交易的成本也很高，每个用户的平均费用超过 300 美元。

Fees Per User: A Diverse Perspective

每个用户的费用：不同的视角

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.

将每日活跃用户与每日费用进行交叉匹配，揭示了每个用户费用的多样化情况。 Telegram、Base 和 Solana 成为每个用户最具成本效益的协议，兑现了其可扩展性和大规模采用的承诺。

Fees as a Reflection of Trends

费用反映趋势

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.

费用还可以表明特定趋势的突出程度。 Lido Finance 占据了所有流动质押费用的约 50%，每天达到 360 万美元。一些项目，例如 Maker DAO 和 Ethena，具有不可预测的费用模式，在有特殊活动或 NFT 铸造活动的日子里会获得异常收益。

Leading Fee Producers

领先的费用产生者

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 是借贷协议中领先的费用产生者，每天产生 136 万美元的费用。 Uniswap 以 275 万美元的每日费用主导 DEX 协议。 Convex Finance 是资产管理领域的主要收费来源，每天收入高达 177,000 美元。

Fees and Market Growth or Decline

费用和市场增长或下降

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.

费用也可以标志着加密叙事的轨迹。 Friend.tech 曾经是一个蓬勃发展的具有 Web3 元素的社交媒体平台，但其每日费用已下降至 4600 美元。尽管以太坊的费用难以预测，但它正在推动 L1 矿工收入的增长。

Fees vs. TradFi: A Comparison

费用与 TradFi：比较

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 卡每次购买的平均费用为 3.96 美元，通常向商家收取。加密货币费用通常较低，但可能会给小规模用户进入 DeFi 带来障碍，从而有利于规模较大的投资者。