Ethereum saw first-time profits only last year and if it can keep pace with its 2024 first-quarter results, it could see $1 billion in yearly income by the end of the year.
The network’s 2024 first-quarter income is a nearly 200% bump from the $123 million profit in Q4 2023, according to an April 17Ethereum’s fee revenue — earned through users paying for transactions — hit $1.17 billion, up 155% from Q1 2023 and an 80% increase from the prior quarter.Increased network activity “primarily driven by a surge in DeFi activity during the quarter” was the cause of the revenue bump, Nadeau said.
Ethereum was launched in 2015 but only had its first profitable year in 2023 — earning $623 million — despite its revenues that year being 75% lower than its peak $9.9 billion 2021 revenues. Nadeau gave his market predictions for the coming years and concluded that “crypto will outperform everything else.”
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