Ethereum’s revenue tripled in Q1 2024, reaching $370M
The largest blockchain network by transaction volume has set a strong growth outlook for the first quarter of 2024, seeing positive signs across most of its revenue statement metrics.
According to data from Coin98 Analytics, Ethereum tripled its revenue quarter-on-quarter to $369 million in Q1 2024. The amount represents a 210 percent year-over-year increase from $119 million in Q1 2023.
Ethereum Q1 2024 payouts and revenues increased 79% and 85%, respectively, quarter-over-quarter. According to the data, Ethereum collected $1.2 billion in transaction fees in Q1 2024, a 155% increase compared to the first quarter of last year.
Total Ethereum revenue reached $1 billion in Q1 2024, up 186 percent from last year's $385 million.
Ethereum's success in Q1 2024 came amid the cryptocurrency's near-all-time high in March, leading to a sharp increase in transaction costs on the network.
When Ethereum rose above $3,000 in late February, some users reported paying over $100 in ETH transaction fees.
In the year As of March 1st, the average gas fee for an exchange transaction has been reported to be around $79, while some users have estimated that ETH exchange fees have risen as high as $400 by the end of February.
Despite high fees for users of the Ethereum network, Ethereum saw a significant growth in network usage in Q1 2024.
According to Coin98, total Ethereum transactions increased in the first quarter of 2024, with total transactions growing 8.4% over the quarter to hit over 107 million transactions.
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Additionally, the total value locked in Ethereum's decentralized financial ecosystem grew 86% over the quarter to $55.9 billion.
Tether (USDT) remained the largest Ethereum-based or ERC-20 stablecoin in Q1 2024, increasing 14% in market value since the previous quarter. Its biggest rival USDC (USDC), an ERC-20, increased its market cap by 23% over the quarter.
According to a recent analysis by Matrixport, the first quarter of 2024 was strong for most assets, including those in traditional finance. Nasdaq returned 10%, and Nvidia showed 81% returns.
Commodities traded at high levels, with oil and gold returning 19 percent and 11 percent, respectively. As US bonds continued to sell off, Bitcoin and Ethereum rose 57 percent and 45 percent in the first quarter, respectively.
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