In the first quarter of 2024, the Ethereum network witnessed a significant surge in its fee earnings, reaching a remarkable $1.17 billion, marking a staggering 155% increase compared to the same period in 2023. Coin98 analytics revealed that Ethereum’s net profit for the quarter amounted to $369.11 million, representing a remarkable 209.5% rise from the previous year.
During this period, Ethereum experienced a surge in daily active users, surpassing 404,000, with daily transactions reaching 1.18 million. Notably, over 107 million transactions were executed on the network, accompanied by an addition of 263.8 million unique addresses. The daily commission stood at 508.77 Ethereum (ETH).
Moreover, Coin98 Analytics highlighted that over 4.8 million NFTs were created on the Ethereum blockchain during the first quarter of 2024. Additionally, the USDT stablecoin remained the largest Ethereum-based stablecoin by market capitalization.
Despite the impressive revenue figures, the total value locked (TVL) on the Ethereum network experienced fluctuations, rising to $55.89 billion before declining to $50 billion at the time of reporting.
The surge in Ethereum’s profits can be attributed to the rising fees on the network, particularly fueled by the increased usage of ERC-20 tokens, including meme coins. However, the rising transaction costs underscore the urgent need for scalable solutions to accommodate the growing demand without discouraging users.
The recent March Dencun update addressed some of these concerns by resolving issues related to transaction fees, including reducing the size of commissions for Ethereum layer 2 solutions. These initiatives aim to enhance user experience and ensure the sustainability of the Ethereum network amid its increasing usage and demand.
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