According to the analytics platform Coin98 Analytics, the Ethereum network generated 209.50% more revenue in the first quarter of 2024 than in the same period last year, with net profit amounting to $369.11 million.
Network fee income from January to March of this year increased by 155% compared to the same period last year, reaching $1.17 billion. Ethereum’s revenue exceeded $1 billion, while expenses amounted to $666 million.
According to Coin98 Analytics, up to 1.18 million transactions are processed daily on the network, and the number of users has already exceeded 404,000. Over 107 million transactions were processed on Ethereum in the first quarter, with a daily fee of 508.77 ether.
Over 4.8 million new NFTs were minted on Ethereum in the first quarter of 2024. The stablecoin USDT has become the largest asset by market capitalization on the network.
According to DeFiLlama, the total value locked on the Ethereum blockchain has exceeded $50 billion.
In the first quarter of 2024, Ether rose by almost 60%, and the second-largest cryptocurrency is currently trading at $3,350. ETH’s market dominance is declining amid a renewed surge in hype for meme coins, including those based on the Solana blockchain.