Ethereum Fees and Revenue Increase by 80% in Q1, Earnings Triple Quarter over Quarter
The Ethereum network has experienced significant growth in the first quarter of 2024, with positive performance across various income statement metrics, including fees and overall revenue.
According to data from Coin98 Analytics , Ethereum’s earnings in Q1 2024 tripled compared to the previous quarter, reaching an impressive $369 million.
This marked a substantial 210% increase year-over-year from $119 million in Q1 2023.
Furthermore, the first quarter of 2024 saw Ethereum’s fees and revenues rise by 79% and 85% quarter-over-quarter, respectively.
Transaction fees alone generated $1.2 billion in revenue for Ethereum during this period, representing a significant 155% increase compared to the first quarter of the previous year.
Overall, Ethereum’s total revenue in Q1 2024 amounted to $1 billion, surging by an impressive 186% compared to the same period in 2023 when it reached $385 million.
Ethereum’s success in the first quarter of 2024 coincided with the cryptocurrency approaching all-time high prices in March, which resulted in a substantial increase in transaction costs on the network.
As Ethereum surpassed $3,000 in late February, users reported paying over $100 in ETH transaction fees during peak times.
By March 1, the average gas fee for swap transactions reached approximately $79, with some users reporting fees as high as $400 in late February.
Despite the high transaction fees, Ethereum demonstrated significant growth in network usage throughout Q1 2024.
Coin98 reported a notable increase in total Ethereum transactions, with a quarter-over-quarter surge of 8.4% to surpass 107 million transactions.
#Ethereum Q1 2024 Network Metrics
Alongside the growth of income statement metrics, network usage
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