Blockchain network Ethereum It is on the path to $1 billion in annual profits. This comes after net revenue of $365 million in Q1 coupled with year-over-year quarterly revenue growth of 155%.
The network’s first quarter 2024 revenue rose nearly 200% from a profit of $123 million in Q4 2023, according toreportApril 17, from Michael Nadeau, analyst at The DeFi Report.
Ethereum’s fee revenue, which is received from users paying for transactions, reached $1.17 billion, up 155% from Q1 2023 and up 80% from the previous quarter.
Increased network activity This was “primarily driven by increased DeFi activity during the quarter” as the reason for the increase in revenue, according to Nadeau.
The surge in activity means that average daily transactions on blockchain in 2024 will surpass last year’s figures. And it is approaching results from Ethereum’s 2021 highs.
The network’s average daily transactions of more than 1.15 million will occur in 2024, up slightly from 1.05 million last year. And just a fraction of the 1.25 million in 2021.
“Crypto Will Outperform Everything” in the Years to Come
Nadeau forecasts the market for the next several years and concludes: “Cryptocurrencies will outperform anything else.”
He expects liquidity to increase in the next few years. Because the United States There is a lot of debt that needs to be refinanced this year. And the market has had three interest rate cuts this year from the Federal Reserve.
“This should provide support for riskier assets such as quality tech and crypto stocks.”
Bitcoin is also expected to outperform during the early stages of the bull market. As the most well-known cryptocurrency, ETH and altcoins tend to outperform in the later stages of the cycle.
refer : cointelegraph.com
picture ccn.com
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