April 3, 2024
Latest Cryptocurrency News

Ethereum’s Q1 2024 Earning Surges to $1 Billion Revenue Milestone

Ethereum, the world’s largest blockchain network in terms of transaction volume, had strong growth in the first quarter of 2024, indicating encouraging trends across a variety of income statement parameters.

According to Coin98 Analytics, Ethereum’s earnings in Q1 2024 increased thrice from the previous quarter, totaling $369 million. This spike represents a spectacular 210% increase over the same period in 2023, when earnings stood at $119 million.

Skyrocketing Fees and Revenues

In parallel with Ethereum’s rising earnings, fees and revenues increased dramatically in Q1 2024. Ethereum experienced a 79% spike in fees and an 85% increase in income quarter after quarter. Transaction fees alone totaled $1.2 billion, up 155% from the previous year.

Ethereum’s overall income in Q1 2024 was an astounding $1 billion, up 186% from the previous year’s $385 million.

Ethereum income statement metrics summary. Source: Coin98 Analytics

Network Strain Amidst Price Surge

Ethereum’s exceptional performance in Q1 2024 coincided with the cryptocurrency’s near-all-time-high prices in March, triggering a surge in transaction costs on the network. With Ethereum breaching the $3,000 mark in late February, users reported exorbitant transaction fees, with some exceeding $100 during peak times.

Ethereum network fees one-year chart. Source: YCharts

Network Usage on the Rise

Despite encountering substantial fees, Ethereum showcased substantial growth in network usage during Q1 2024. According to Coin98, total Ethereum transactions surged by 8.4% quarter-over-quarter, surpassing 107 million transactions. Additionally, the total value locked in Ethereum’s decentralized finance ecosystem experienced a remarkable 86% increase to reach $55.9 billion.

Stablecoin Dominance and Market Analysis

In the Ethereum ecosystem, Tether retained its position as the largest ERC-20 stablecoin by market capitalization in Q1 2024, witnessing a 14% increase in market value from the previous quarter. Meanwhile, its main competitor, USDC, saw a 23% increase in ERC-20 market value.

Overall Market Performance

Amidst a strong quarter for various assets, traditional and digital alike, Ethereum’s performance stood out. While the Nasdaq returned up to 10% and Nvidia showcased returns of 81%, Ethereum exhibited a significant increase of 45% in the first quarter, highlighting its robust growth amidst market fluctuations.

Image from Flickr

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