On-chain fee data over the last 12 months reveals a structural shift in blockchain economics:

Tron: $3.4B → dominant stablecoin settlement rail

Solana: $406M → high-frequency DeFi + retail speculation

Ethereum: $369M → base layer losing fee share to L2s

Zcash, BNB Chain, Bitcoin lag far behind

Key Insight:

Fees represent captured economic value. Tron’s dominance shows real-world payment demand is outperforming DeFi speculation in revenue terms.

If revenue drives valuation narratives (like in equities), Tron is one of the most under-discussed cash-generating chains in crypto.

Narrative shift: TPS wars → Revenue wars.