Ethereum Earnings Tripled In Q1 2024, Reaching $370 mn
In Q1 2024, Ethereum, the largest blockchain network by transaction volume, saw a 210% increase in earnings to $369 million, with fees and revenues increasing by 79% and 85% respectively.
The total Ethereum revenue reached $1 billion, 186% from last year’s $385 million. Despite the cryptocurrency’s near-all-time prices in March, Ethereum showed significant growth in network usage, with total transactions rising by 8.4% quarter-over-quarter to over 107 million.
The total value locked in the Ethereum decentralized finance ecosystem increased by 86% to $55.9 billion.
Tether remained the largest Ethereum-based stablecoin by market capitalization, adding 14% in market value since the previous quarter. Its biggest rival, USDC, increased ERC-20 market value by 23% quarter-over-quarter.
Matrixport’s analysis showed strong returns for most assets, including traditional finance, with Nasdaq and Nvidia showing returns of up to 10% and 81% respectively. Commodities traded strongly, with oil and gold returning 19% and 11%, respectively.
(With inputs from Shikha Singh)
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