Home Coin news Ethereum Earnings Near $400 Million in Q1 2024

Ethereum Earnings Near $400 Million in Q1 2024

03 Apr, 2024 Coin news

Ethereum Earnings Near $400 Million in Q1 2024

In the first three months of 2024, Ethereum, the leading blockchain platform in terms of transaction volume, exhibited substantial growth, displaying positive trends across various financial indicators.

Data from Coin98 Analytics revealed that Ethereum's earnings for Q1 2024 soared, achieving a threefold increase from the previous quarter, totaling $369 million.

This marks a 210% rise from the first quarter of 2023, where earnings were at $119 million.

During this period, Ethereum saw a significant upturn in fees and revenues, with a 79% increase in fees and an 85% increase in revenues quarter-over-quarter.

Specifically, the platform generated $1.2 billion in transaction fee revenue in Q1 2024, up by 155% compared to the same period in the previous year.

The total revenue for Ethereum in the first quarter of 2024 reached $1 billion, which is an 186% increase from the $385 million recorded in the first quarter of 2023.

This financial upswing coincided with Ethereum's price nearing record highs in March, leading to a notable increase in transaction fees on the network.

Following a surge in Ethereum's price to over $3,000 by the end of February, peak transaction fees exceeded $100 for some users.

On March 1, the average fee for executing a swap transaction on the Ethereum network was reported to be around $79, with some instances of the estimated fees for ETH swaps hitting $400 towards the end of February.

Despite the high costs associated with using the Ethereum network, there was a marked increase in network activity in the first quarter of 2024.

Coin98 reported that the total number of Ethereum transactions grew by 8.4% quarter-over-quarter, exceeding 107 million transactions in the first quarter of 2024.

The total value secured in Ethereum's decentralized finance (DeFi) ecosystem saw an 86% increase from the previous quarter, reaching $55.9 billion.

Tether, operating on the Ethereum blockchain as an ERC-20 token, continued to be the dominant stablecoin by market capitalization in the first quarter of 2024, growing 14% in market value since the last quarter.

Its closest competitor, USDC, saw its market value increase by 23% in the same period.

Matrixport's recent analysis of the first quarter of 2024 highlighted a robust performance across various assets, including those in the traditional financial sector.

The Nasdaq posted a 10% return, while Nvidia saw an impressive 81% return.

Commodity markets also performed well, with oil and gold delivering returns of 19% and 11%, respectively.

Despite a sell-off in U.S. bonds, Bitcoin and Ethereum recorded gains of 57% and 45%, respectively, in the first quarter.

Sources:

https://cointelegraph.com/news/ethereum-earnings-triple-q1-2024-370-million

https://x.com/Coin98Analytics/status/1775391086317568439

https://twitter.com/Pentosh1/status/1762887099227795466

https://unchainedcrypto.com/ethereums-dencun-upgrade-cant-come-soon-enough-as-gas-fees-surge/

https://twitter.com/PopPunkOnChain/status/1763309826493276249

https://ycharts.com/indicators/ethereum_average_transaction_fee

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