Ethereum on track for $1B annual profit as DeFi drives Q1 revenue
- Ethereum on track for $1 billion in annual profits, with $365 million in Q1.
- 155% year-on-year revenue growth, with Q1 2024 income up nearly 200% from Q4 2023.
- Fee revenue at $1.17 billion, up 155% from Q1 2023.
- Increased network activity driven by DeFi surge, surpassing 2021 transaction levels.
Summary : Ethereum, the blockchain network, is on track to reach $1 billion in annualized profits after earning $365 million in Q1. This marks a 155% increase in quarterly revenue compared to the previous year. The network's income for Q1 2024 is nearly 200% higher than the profit in Q4 2023. The surge in revenue is primarily driven by increased activity in decentralized finance (DeFi) during the quarter. Ethereum's fee revenue, earned through user transactions, reached $1.17 billion, a 155% increase from Q1 2023. The network has already surpassed last year's average daily transactions and is approaching its peak in 2021. Analysts predict that the crypto market will outperform other assets in the coming years, citing factors such as rising liquidity conditions and the introduction of Bitcoin exchange-traded funds (ETFs). The upcoming Bitcoin halving and the innovation cycle in the crypto industry are also expected to contribute to a bullish market. Altcoins, particularly those with clear product market fit, are expected to outperform Bitcoin in the later stages of the market cycle.
Original article by CoinTelegraph (published on Apr 19, 2024, 3:55 AM).
