The net profit of the ethereum network amounted to $369.11 million in the first quarter of 2024, 209.5% more than in the same period last year.
According coin98 According to analytics, ethereum's fee income amounted to $1.17 billion, up 155% from the first quarter of 2023. Total revenue surpassed the $1 billion mark, while expenses increased to nearly $666. millions of dollars.
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The number of daily active users of the network increased to more than 404,000 and the daily number of transactions to 1.18 million. In the first quarter of 2024, more than 107 million transactions were made on the network and another 263.8 million unique addresses were added. The daily commission was 508.77 ethereum (eth).
Coin98 Analytics also noted that in the first three months of 2024, more than 4.8 million nfts were created on ethereum, and the USDT stablecoin remained the largest ethereum-based stablecoin by market cap.
According to DefiLlama, the total value locked (TVL) on the ethereum network has risen to $55.89 billion, but has fallen to $50 billion at the time of writing.
<img decoding="async" width="1024" height="407" src="https://crypto.news/app/uploads/2024/04/Screenshot-2024-04-03-at-17.05.08-1024×407.png” alt=”ethereum Earns $1.17 Billion in Fees During Q1 2024 – 1″/>
The company's profits increased following the increase in fees on the ethereum network. The costs of transacting on ethereum have increased significantly compared to a significant increase in ERC-20 tokens, especially meme coins.
Rising transaction costs highlight the critical need for scalable solutions to meet growing demand without alienating users. Dencun's March update resolved some commission-related issues, such as the size of commissions for ethereum level 2 solutions, which has decreased several times.
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