Ethereum Q1 2024 Revenue Soars to $1.2 Billion, Marking a 155% YoY Increase

According to Coin98's Q1 2024 ethereum Financial Report, the blockchain network recorded a massive increase in income statement metrics.

Rates and revenue saw a 1.8x increase quarter-over-quarter (QoQ), while profits tripled over the same period. This financial boost is essentially aligned with significant advances in network and ecosystem metrics.

• The ethereum network recorded more than 107 million transactions in the first quarter, accompanied by the creation of almost 9.7 million new addresses, indicating growing user activity and adoption.
• Furthermore, ecosystem metrics showed a flourishing picture, with total value locked (TVL) increasing over 1.8x QoQ, along with the creation of over 4.8 million nfts.
• Furthermore, the twitter.com/Coin98Analytics/status/1775391086317568439″ target=”_blank” rel=”noopener” data-wpel-link=”external”>report highlighted USDT's dominance as the stablecoin with the largest market capitalization, reflecting ethereum's enduring appeal and stability within the broader cryptocurrency market despite the emergence of several competing blockchain networks.
• ethereum's Dencun also played an important role in positioning the ecosystem as a major competitor in the space.
• In March, Matthew Sigel, head of digital assets at VanEck, said that while ethereum might not undergo a “flip,” it could potentially surpass bitcoin in terms of performance.
• The January debut of spot bitcoin ETFs has attracted a new wave of investors, leading to a significant rebound in trading activity. This development has generated optimism that spread beyond bitcoin.
• However, the introduction of an ethereum spot ETF does not appear imminent, as the US Securities and Exchange Commission (SEC) is currently reviewing the viability of such an investment vehicle.

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