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.
Blockchain network Ethereum is on the path to $1 billion in annualized profits after it netted income of $365 million in Q1, coming alongside a year-on-year quarterly revenue growth of 155%.
The network’s 2024 first-quarter income is a nearly 200% bump from the $123 million profit in Q4 2023, according to an April 17 report from The DeFi Report analyst Michael Nadeau.
Ethereum’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.
