In the first quarter of 2024, Ethereum, the leading blockchain network by transaction volume, experienced significant growth across key income statement metrics.
Ethereum’s earnings in Q1 2024 tripled compared to the previous quarter, reaching $369 million, marking a 210% increase year-over-year from $119 million in Q1 2023.
Ethereum’s fees and revenues increased by 79% and 85% quarter-over-quarter, respectively.
The network generated $1.2 billion in revenue from transaction fees in Q1 2024, a 155% increase from the same period last year.
Total Ethereum revenue surged to $1 billion in Q1 2024, reflecting a remarkable 186% growth compared to Q1 2023.
Despite high transaction costs, Ethereum experienced significant growth in network usage, with total transactions increasing by 8.4% quarter-over-quarter to over 107 million transactions.
The total value locked in Ethereum’s decentralized finance (DeFi) ecosystem rose by 86% quarter-over-quarter to $55.9 billion.
Tether (USDT) remained the largest Ethereum-based stablecoin by market capitalization, while its rival, USDC, also saw substantial growth, increasing ERC-20 market value by 23% quarter-over-quarter.
Q1 2024 showed strength across various asset classes, including traditional finance and commodities.
Ethereum and Bitcoin saw significant returns of 45% and 57%, respectively, outperforming other assets like Nasdaq and Nvidia.
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