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.

Ethereum Revenue in Q1 Reaches $1 Billion

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 metrics also show remarkable trends:

– Over 107M transactions were conducted in Q1
– Almost 9.7M new addresses were created in Q1 pic.twitter.com/i7f97zbvlc

— Coin98 Analytics (@Coin98Analytics) April 3, 2024

Moreover, the total value locked in the Ethereum decentralized finance (DeFi) ecosystem rose by 86% quarter-over-quarter, reaching $55.9 billion.

Among Ethereum-based stablecoins, Tether maintained its position as the largest by market capitalization in Q1 2024, witnessing a 14% increase in market value since the previous quarter. 

Its main competitor, USDC, also experienced a quarter-over-quarter increase of 23% in the ERC-20 market value.

Ethereum Network Achieves One Million Validators

The Ethereum network has surpassed one million validators, with approximately 32 million Ether, worth around $114 billion, staked within the network.

As reported, data from the Dune Analytics dashboard, which tracks Ethereum staking progress, show that the validator count reached the one million mark on March 28. 

The 32 million ETH staked represents approximately 26% of the total supply, highlighting the substantial commitment to Ethereum’s proof-of-stake (PoS) consensus mechanism.

Among the staking options available, about 30% of the ETH is staked through Lido, an Ethereum staking pool that allows users with smaller amounts of ETH to pool their assets and participate in the staking process.

Last week, crypto investment firm Bitwise submitted an application to the SEC to launch a spot Ethereum ETF.

The move positions Bitwise as one of many contenders in the race to introduce the first Ethereum spot ETF, following the successful launch of Bitcoin spot ETFs earlier this year.

Bitwise’s introduction into the Ethereum spot ETF competition aligns with the growing interest from traditional financial firms to offer such products.

In recent months, industry giants such as BlackRock, Grayscale, and VanEck have also filed proposals with the SEC to launch their own Ethereum spot ETFs.