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Ethereum Network Growth in Q1 2024
The Ethereum network has shown significant growth in the first quarter of 2024, with positive performance across various income statement metrics, including fees and overall revenue.
Ethereum’s Earnings
According to data from Coin98 Analytics, Ethereum’s earnings in Q1 2024 tripled compared to the previous quarter, reaching an impressive $369 million. This marked a substantial 210% increase year-over-year from $119 million in Q1 2023.
Fees and Revenues
Furthermore, the first quarter of 2024 saw Ethereum’s fees and revenues rise by 79% and 85% quarter-over-quarter, respectively. Transaction fees alone generated $1.2 billion in revenue for Ethereum during this period, representing a significant 155% increase compared to the first quarter of the previous year.
Ethereum Revenue in Q1
Overall, Ethereum’s total revenue in Q1 2024 amounted to $1 billion, surging by an impressive 186% compared to the same period in 2023 when it reached $385 million.
Network Usage Metrics
Despite the high transaction fees, Ethereum demonstrated significant growth in network usage throughout Q1 2024. Coin98 reported a notable increase in total Ethereum transactions, with a quarter-over-quarter surge of 8.4% to surpass 107 million transactions.
Ethereum Q1 2024 Network Metrics
- Over 107M transactions were conducted in Q1
- Almost 9.7M new addresses were created in Q1
Decentralized Finance (DeFi) Ecosystem
The total value locked in the Ethereum DeFi ecosystem rose by 86% quarter-over-quarter, reaching $55.9 billion. Tether maintained its position as the largest stablecoin by market capitalization in Q1 2024.
Ethereum Network Validators
The Ethereum network has surpassed one million validators, with approximately 32 million Ether staked within the network. This represents around $114 billion worth of value staked, highlighting the substantial commitment to Ethereum’s proof-of-stake (PoS) consensus mechanism.
Staking Options
About 30% of the ETH is staked through Lido, an Ethereum staking pool that allows users with smaller amounts of ETH to pool their assets and participate in the staking process.
Ethereum Spot ETFs
Crypto investment firm Bitwise has submitted an application to the SEC to launch a spot Ethereum ETF, joining other contenders in the race to introduce the first Ethereum spot ETF. This move aligns with the growing interest from traditional financial firms to offer such products.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
