The Ethereum network made a huge $1.17 billion in fees in the first quarter of 2024, which is 155% more than last year. This is an amazing show of how smart people are with funds. Coin98 Analytics, the biggest name in crypto market research, released these amazing numbers. They show how quickly ETH is growing in the ever-growing digital world.
Ethereum’s Surging Profits – A 209.5% Surge Amid Operational Costs
At the same time, in 2023, Ethereum’s net gains were $209.5% less than they were now, when they reached $369.11 million. A sharp rise in commission income and a rise in total revenue, which has now passed the $1 billion mark, are to blame for the rise in profits.
However, costs have also increased significantly, almost hitting $666 million. This shows how much it costs to run the network as it grows exponentially.
Over 404,000 new users are using Ethereum every day, which is a huge increase, and 1.18 million transactions happen every day, which is also a huge increase. In the first quarter of 2024, the network saw more than 107 million transactions, and 263.8 million new unique addresses were added to its environment.
The impressive average daily commission of 508.77 Ethereum (ETH) clearly shows how important ETH is as a top blockchain platform.
Over 4.8 million Non-Fungible Tokens (NFTs) were created on ETH in the first quarter of 2024, making it the leader in this field. According to Coin98 Analytics, the USDT stablecoin remains the biggest Ethereum-based stablecoin by market capitalization.
The total value locked (TVL) on the network has changed over time, though, despite Ethereum’s huge success. According to DefiLlama data, it peaked at $55.89 billion then dropped to $50 billion at the time of reporting.
Ethereum’s profits are going up even though transaction fees are going up. This is mostly because ERC-20 tokens, especially meme coins, are quickly becoming very popular. This shows how important it is to have solutions that can be expanded to meet growing demand while still making sure users can access them.
Because of these problems, Ethereum’s March Dencun update fixed important problems with transaction fees by lowering fees for ETH layer 2 solutions. This gave users a lot of relief as they navigated the network’s growing environment.
Ethereum continues to show that it is the leader in the digital world. Its unstoppable growth shows how important it is to find scalable solutions to keep up with its growing user base and changing market conditions.
