- Ethereum experienced significant growth in Q1 2024, with tripled earnings reaching $369 million, a 210% increase year-over-year.
- Despite encountering high transaction fees, Ethereum saw increased network usage, with total transactions rising 8.4% quarter-over-quarter and the total value locked in decentralized finance growing by 86% to $55.9 billion.
Ethereum racked up $1.2 billion in revenue from transaction fees in Q1 2024, or 155% more than in the first quarter last year.
Ethereum’s revenue surged in Q1 of 2024
In a groundbreaking first quarter of 2024, Ethereum, the leading blockchain network, showcased remarkable growth, marking a significant milestone in its financial performance. According to insights from Coin98 Analytics, Ethereum’s earnings soared, tripling to a staggering $369 million compared to the previous quarter, exhibiting a remarkable 210% surge from the same period last year when it stood at $119 million.
The surge in Ethereum’s revenue was predominantly fueled by a substantial increase in transaction fees and revenues, which surged by 79% and 85% respectively, compared to the previous quarter. Notably, Ethereum amassed a remarkable $1.2 billion in revenue from transaction fees alone during Q1 2024, reflecting a robust 155% increase from the corresponding period in 2023.
Also read: FTX offers payments for lost bitcoin, ethereum 80% below current prices
Ethereum will keep its robust performance, predict experts
Moreover, Ethereum’s decentralized finance ecosystem witnessed a staggering 86% quarter-over-quarter increase in total value locked, soaring to $55.9 billion. Amidst this flourishing ecosystem, Tether remained the dominant ERC-20 stablecoin, with its market capitalization witnessing a solid 14% uptick in Q1 2024.
As Ethereum continues to redefine the landscape of blockchain technology and decentralized finance, analysts and industry experts foresee sustained momentum for the cryptocurrency in the foreseeable future. With its robust performance amidst a dynamic market, Ethereum solidifies its position as a frontrunner in the digital asset space, driving innovation and redefining financial paradigms.
