Ethereum’s Revenue Skyrockets to $1.2 Billion in Q1 2024, Showing 155% YoY Growth

In the initial quarter of 2024, Ethereum showcased an exceptional performance.

According to the Ethereum Q1 2024 Financial Report by Coin98, the blockchain network experienced a remarkable surge in its financial metrics.

Fees and revenue saw a substantial 1.8 times increase compared to the previous quarter, while earnings tripled over the same period. This financial upswing is closely tied to notable advancements in network and ecosystem metrics.

During Q1, Ethereum’s network registered over 107 million transactions and witnessed the creation of nearly 9.7 million new addresses, indicating a rising level of user engagement and adoption. Furthermore, ecosystem metrics demonstrated a thriving landscape, with total value locked (TVL) surging by over 1.8 times compared to the previous quarter, along with the generation of more than 4.8 million NFTs.

The report also underscored USDT’s dominance as the stablecoin with the highest market capitalization, underscoring Ethereum’s enduring appeal and stability in the broader cryptocurrency market, despite the emergence of competing blockchain networks.

Ethereum’s Dencun also played a significant role in establishing the ecosystem as a major player in the space. In March, Matthew Sigel, VanEck’s Head of Digital Assets, suggested that Ethereum might not experience a ‘flippening’ but could potentially outperform Bitcoin.

The introduction of spot Bitcoin ETFs in January attracted a new wave of investors, leading to a notable increase in trading activity. This development generated optimism that extended beyond Bitcoin.

However, the prospect of a spot Ethereum ETF does not seem imminent, as the US Securities and Exchange Commission (SEC) is currently assessing the feasibility of such an investment vehicle.