The Ethereum network recorded a net profit of $369.11 million in the first quarter of 2024, marking a significant increase of 209.5% compared to the same period last year. According to Coin98 analytics, Ethereum’s commission income reached $1.17 billion, showing a 155% growth from the first quarter of 2023. The total revenue surpassed $1 billion, while expenses climbed to almost $666 million.

During the first quarter of 2024, key income statement metrics demonstrated positive growth:

  • Fees & Revenue increased by almost 1.8 times quarter-over-quarter
  • Earnings tripled quarter-over-quarter

The Ethereum network saw a rise in daily active users to over 404,000 and daily transactions to 1.18 million. Over 107 million transactions were conducted on the network in the first quarter of 2024, with an additional 263.8 million unique addresses added. Daily commissions averaged 508.77 Ethereum (ETH).

In the first three months of 2024, more than 4.8 million NFTs were created on Ethereum, while the USDT stablecoin remained the largest Ethereum-based stablecoin by market capitalization. According to DeFiLlama, the total value locked (TVL) on the Ethereum network surged to $55.89 billion, but has since dropped to $50 billion.

The company’s profits saw an upswing due to increased fees on the Ethereum network. Transaction costs on Ethereum have risen significantly, particularly with the surge in ERC-20 tokens, including meme coins. The escalating transaction costs underscore the urgent need for scalable solutions to accommodate growing demand without alienating users. The March Dencun update addressed some commission-related issues, such as reducing the fees for Ethereum level 2 solutions.

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