Ethereum, the biggest blockchain network by transaction volume, posted major growth in the first quarter of 2024, seeing positive signs in most income statement metrics.
According to data from Coin98 Analytics, Ethereum tripled its earnings in Q1 2024 on a quarter-over-quarter basis, reaching $369 million. The amount accounted for a 210% increase year-over-year from $119 million in Q1 2023.
Ethereum Q1 2024 fees and revenues increased 79% and 85% quarter-over-quarter, respectively. According to the data, Ethereum racked up $1.2 billion in revenue from transaction fees in Q1 2024, which is 155% more than in the first quarter of last year.
Total Ethereum revenue amounted to $1 billion in Q1 2024, surging 186% from last year’s $385 million.
Ethereum’s success in Q1 2024 came amid the cryptocurrency nearing all-time prices in March, which triggered a massive spike in transaction costs on the network.
As Ethereum surged above $3,000 in late February, some users reported paying over $100 in ETH transaction fees at peak times.
As of March 1, the average gas fee for a swap transaction reportedly amounted to around $79, while some users reported that estimated ETH swap fees rose as high as $400 in late February.
Despite Ethereum network users encountering massive fees, Ethereum showed significant growth in network usage in Q1 2024.
According to Coin98, total Ethereum transactions rose in the first quarter of 2024, with total transactions surging 8.4% quarter-over-quarter to hit more than 107 million transactions.
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Additionally, the total value locked in the Ethereum decentralized finance ecosystem increased by 86% quarter-over-quarter to $55.9 billion.
Tether (USDT) remained the biggest Ethereum-based, or ERC-20, stablecoin by market capitalization in Q1 2024, adding 14% in market value since the previous quarter. Its biggest rival, USDC (USDC), increased ERC-20 market value by 23% quarter-over-quarter.
According to a recent analysis by Matrixport, the first quarter of 2024 was strong for most assets, including those in traditional finance. The Nasdaq returned up to 10%, and Nvidia showed returns of 81%.
Commodities traded strongly, with oil and gold returning 19% and 11% respectively. While United States bonds continued to sell off, Bitcoin and Ethereum returned increases of 57% and 45%, respectively, in the first quarter.
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