Ethereum’s Q1 2024 Revenue Soars to $1.2 Billion, Marking 155% YoY Increase

As per Coin98’s Ethereum Q1 2024 Financial Report, the blockchain network clocked in a massive surge in income statement metrics.

Fees and revenue witnessed a 1.8 times increase quarter-over-quarter (QoQ), while earnings tripled over the same period. This financial momentum is essentially aligned with significant advancements in network and ecosystem metrics.

• Ethereum’s network recorded over 107 million transactions in Q1, accompanied by the creation of almost 9.7 million new addresses, indicating increasing user activity and adoption.
• Moreover, ecosystem metrics portrayed a flourishing landscape, with total value locked (TVL) surging over 1.8 times QoQ, coupled with the creation of over 4.8 million NFTs.
• Additionally, the report highlighted USDT’s dominance as the stablecoin with the highest market capitalization, reflecting Ethereum’s enduring appeal and stability within the broader cryptocurrency market despite the emergence of several competing blockchain networks.
• Ethereum’s Dencun also played a major role in positioning the ecosystem as a major contender in the space.
• In March, Matthew Sigel, VanEck’s Head of Digital Assets, said that while Ethereum might not undergo ‘flippening,’ but could potentially surpass Bitcoin in terms of performance.
• January’s debut of spot Bitcoin ETFs has attracted a new wave of investors, resulting in a significant uptick in trading activity. This development has sparked optimism that extended beyond Bitcoin.
• However, the introduction of a spot Ethereum ETF does not appear imminent, as the US Securities and Exchange Commission (SEC) is currently reviewing the feasibility of such an investment vehicle.