Crypto analytics platform Token Terminal has reported that Ethereum has generated the highest fees among the top 20 protocols in the past 30 days, amounting to approximately $180 million. This puts Ethereum significantly ahead of other blockchains, which are primarily composed of layer-1 chains and DeFi protocols.

The report also highlighted that only one layer-2 blockchain made it to the top 20. Despite this, the activity on the Coinbase blockchain Base, which generated the least fees at $6 million, has surpassed Ethereum L1, indicating that layer-2 scaling is effective.

Moreover, Ethereum, Tron, Bitcoin, and Lido were the only protocols to generate over $100 million in fees in the past month. In the DeFi category, Uniswap DAO led in fees among decentralized exchanges, while MakerDAO and Ethena dominated the decentralized stablecoin issuers category.

Ethereum's profitability is attributed to its revenue from transaction fee burns and relatively low token incentives to validators. The upcoming launch of spot Ether ETFs could further boost Ethereum's adoption and growth.

Token Terminal advises investors to monitor fees for early-stage protocols that have yet to begin monetization.