A study by blockchain data provider Bitquery covering a 30-day sample shows Ethereum generated approximately $5.24 in builder receipts for every $1 burned in transaction fees. The measured arbitrage surplus allocation breaks down to 49.3% toward block assembly, 9.4% toward burned fees and 41.3% with trading operators. This five-to-one comparison describes sampled arbitrage surplus and not Ethereum-wide revenue, as builders pass part of their receipts to validator proposers, meaning incoming payments alone do not reflect their final profit. For ETH holders, transaction counts alone cannot establish a supply decline since the balance between issuance and burn determines whether supply expands or contracts.
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