Ethereum Sees $365 Million in Revenue in Q1, Up by 155% YoY
The Ethereum network reported a robust income of $365 million in the first quarter of 2024, an impressive year-on-year revenue growth of 155%.
According to a report by Michael Nadeau , an analyst at The DeFi Report, Ethereum’s Q1 income represents a staggering 200% increase compared to the $123 million profit recorded in Q4 2023.
A major contributing factor to this substantial growth was the surge in decentralized finance (DeFi) activity during the quarter, driving heightened network participation.
Ethereum’s fee revenue, generated through user transactions, reached a notable milestone of $1.17 billion in Q1, marking a remarkable 155% increase from the same period in 2023 and an 80% upswing from the previous quarter.
The amplified network activity, fueled by the surge in DeFi applications, has propelled Ethereum’s average daily transactions in 2024 to surpass last year’s figures.
The current average of 1.15 million daily transactions is in close proximity to the peak levels witnessed during Ethereum’s momentous run in 2021.
It is worth noting that Ethereum, which was launched in 2015, achieved its first profitable year in 2023, amassing $623 million in revenue.
Despite the revenues being significantly lower (75%) than the peak of $9.9 billion attained in 2021, this achievement can be attributed to the transition to a proof-of-stake consensus in September 2022, resulting in a substantial drop in token incentives paid to miners, now known as validators.
Nadeau said that “crypto will outperform everything else” in the coming years.
He anticipates favorable liquidity conditions for the next few years, driven by the need for refinancing a substantial amount of debt in the United States and the market’s
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