Ethereum’s Q1 2024 revenue soars to $1.2 billion, marking a 155% year-over-year increase

According to Coin98's Ethereum Q1 2024 financial report, the blockchain network recorded a significant spike in income statement metrics.

Fees and revenue grew 1.8x quarter-on-quarter (QoQ), and revenue tripled over the same period. This economic momentum is fundamentally consistent with significant advances in network and ecosystem metrics.

• Ethereum's network recorded more than 107 million transactions in the first quarter, along with the creation of approximately 9.7 million new addresses, indicating an increase in user activity and adoption.
• Moreover, ecosystem indicators painted a prosperous picture with total value locked (TVL) surging more than 1.8x quarter-over-quarter, coupled with the creation of over 4.8 million NFTs.
• moreover, report USDT as the stablecoin with the highest market capitalization, reflecting Ethereum's enduring appeal and stability in the broader cryptocurrency market despite the emergence of several competing blockchain networks. emphasized the superiority of
• Ethereum's Denkun also played a key role in positioning the ecosystem as a major competitor in the space.
• Matthew Siegel, head of digital assets at VanEck, said in March that while Ethereum may not undergo “flipping,” it could outperform Bitcoin in terms of performance.
• The Spot Bitcoin ETF, which debuted in January, has attracted a new wave of investors, resulting in a significant increase in trading activity. This development has sparked optimism beyond Bitcoin.
• However, the introduction of a Spot Ethereum ETF does not appear to be imminent as the US Securities and Exchange Commission (SEC) is currently considering the feasibility of such an investment vehicle.