The Ethereum network's net profit for the first quarter of 2024 was $369.11 million, an increase of 209.5% year-on-year.
According to Coin98 analysis, Ethereum's fee income was $1.17 billion, an increase of 155% from the first quarter of 2023. Total revenue exceeded $1 billion, and expenses rose to nearly $666 million.
The number of daily active users on the network increased to more than 404,000, and the number of daily transactions increased to 1.18 million. In the first quarter of 2024, more than 107 million transactions were performed on the network, and an additional 263.8 million unique addresses were added. The daily fee was 508.77 Ethereum (ETH).
Coin98 Analytics also noted that over 4.8 million NFTs were created on Ethereum in the first three months of 2024, with the USDT stablecoin remaining the largest Ethereum-based stablecoin by market capitalization. noticed.
According to DefiLlama, the total value locked (TVL) on the Ethereum network increased to $55.89 billion, but has decreased to $50 billion as of this writing.
The company's profits increased due to higher fees on the Ethereum network. The cost of doing transactions on Ethereum has increased significantly compared to the significant rise in ERC-20 tokens, especially meme coins.
Rising transaction costs highlight the critical need for scalable solutions to meet growing demand without alienating users. The March Dencun update resolved several issues related to fees, including the fee size for Ethereum Level 2 solutions, which was reduced several times.
