Tripled Ethereum Earnings: $370M in Q1 2024

The first quarter of 2024 has brought major growth for Ethereum, the largest blockchain network in terms of transaction volume. Data from Coin98 Analytics shows that Ethereum’s earnings in Q1 2024 tripled compared to the previous quarter, reaching a total of $369 million. This represents a 210% increase compared to the same period last year when Ethereum earned $119 million.

In addition to the increase in earnings, Ethereum also saw a significant rise in fees and revenues in the first quarter. Transaction fees alone generated $1.2 billion in revenue for Ethereum, a 155% increase compared to the first quarter of the previous year. Ethereum’s total revenue in Q1 2024 amounted to $1 billion, a significant surge of 186% compared to last year’s $385 million.

This success for Ethereum in Q1 2024 is attributed to the cryptocurrency nearing its all-time high price in March. As Ethereum reached over $3,000 in late February, users experienced a massive spike in transaction costs, with some paying over $100 in ETH transaction fees during peak times. Despite these high fees, Ethereum’s network usage showed remarkable growth.

Coin98 reported that total Ethereum transactions increased by 8.4% in the first quarter of 2024, surpassing 107 million transactions. The total value locked in the Ethereum decentralized finance ecosystem also rose significantly, increasing by 86% to reach $55.9 billion.

In terms of stablecoins on Ethereum, Tether (USDT) remained the largest ERC-20 stablecoin by market capitalization in Q1 2024, experiencing a 14% increase in value from the previous quarter. Its main competitor, USDC (USDC), also saw a 23% increase in ERC-20 market value.

Not only did Ethereum show impressive growth, but other assets in both the cryptocurrency and traditional finance markets performed well in the first quarter of 2024. The Nasdaq saw a return of up to 10%, while Nvidia showed remarkable returns of 81%. Commodities such as oil and gold also traded strongly, with returns of 19% and 11% respectively. Bitcoin and Ethereum performed exceptionally well, delivering returns of 57% and 45% respectively in the first quarter.