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Bitcoin transaction fees play second fiddle to — How?

2min Read

The difference in fees between, the social network and Bitcoin, the largest crypto by market value highlights the rising adoption of the platform.

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  • Fees generated by surpassed Bitcoin with almost a $3 million difference.
  • Activity on the Bitcoin network decreased.

According to Token Terminal, Bitcoin [BTC] transaction fees were no match for the decentralized social network From Token’s Terminal data, fees in the last 30 days were worth $26.8 million. Bitcoin, on the other hand, made fees worth $24.2 million.

Is access better than mining?

The difference in fees between the social network and the largest crypto by market value highlights the rising adoption of the platform where users can buy shares or keys of other users. On the platform, users who register get their own channel, and participants have to own at least one share or key to access a certain user’s channels.

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So, when someone buys a channel key, 5% of the fees goes to Then, another 5% goes to the channel owner. Also, a surge in shares buying makes fees more expensive, So, users pay more to access a “trending” channel while paying more.

This is a totally different method from the way Bitcoin generates fees. Typically, Bitcoin transaction fees are determined by the data volume of transactions and demand for block space. 

In this instance, miners receive transaction fees when a new block has been validated, supporting the profitability of mining.  For the Lightning Network, transaction fees are set by node operators and can vary from node to node.’s surge in fees has also left a positive impact on its revenue. With a total of 323,262 unique traders, the network’s revenue has increased to $19.39 million. revenue

Source: Dune Analytics

Lately, rising activity also affected the Total Value Locked (TVL) as it crossed the $50 million mark. The TVL is a measure of the trust users have in a protocol. This is done by evaluating the smart contract depositing coming into the said protocol.

Bitcoin’s unconfirmed transaction reduces

Therefore, the hike in the network’s protocol means that trust for interacting on had increased. Meanwhile, Bitcoin’s inability to override’s fees could be linked to activity on its mempool.

A mempool is also known as a  contraction of memory and pool. As a waiting room for transactions that have not yet been included in a block, the mempool is used for storing information on unconfirmed transactions.

Read Bitcoin’s [BTC] Price Prediction 2023-2024

According to Glassnode, Bitcoin’s mempool total fees were down to 0.68. This means that there isn’t a long list of unconfirmed transactions on the blockchain. This could also be a sign of low network activity on Bitcoin.

Bitcoin transaction fees on the mempool

Source: Glassnode


Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
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