Ethereum’s Q1 2024 shows a massive profit surge, hitting $365 million, with projected annual profits set to reach $1 billion.
The DeFi sector boom and Ethereum’s robust network performance are driving the revenue spike.
Ethereum, the second-largest cryptocurrency by market capitalization, has reported impressive financial performance for the first quarter of 2024, with its annual profit projected to reach $1 billion. The surge in revenue is attributed to the booming decentralized finance (DeFi) sector and Ethereum’s robust network performance.
According to a report by Michael Nadeau, an analyst at The DeFi Report, Ethereum’s Q1 income soared to $365 million, marking a remarkable 155% year-on-year quarterly revenue growth. This substantial increase represents a 200% surge compared to the $123 million profit in Q4 2023.
Ethereum’s fee revenue, primarily generated through user transactions, reached a notable milestone of $1.17 billion in Q1. This figure signifies a substantial 1

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