The first quarter of 2024 has been a remarkable period for Ethereum, according to Coin98’s financial report. In fact, the blockchain network has seen a significant surge in various income statement metrics, reflecting its growing strength and resilience in the digital currency landscape.
Fees and revenue experienced a substantial 1.8 times increase quarter-over-quarter (QoQ), while earnings tripled over the same period. This surge in financial performance is not only a testament to Ethereum’s robustness but also mirrors the improvements in network and ecosystem development.
Ethereum’s network recorded over 107 million transactions in Q1, accompanied by the creation of almost 9.7 million new addresses. These figures highlight the increasing user activity and adoption of Ethereum, signifying its growing relevance in the cryptocurrency realm.
Moreover, ecosystem metrics depicted a flourishing landscape, with total value locked (TVL) surging over 1.8 times QoQ and the creation of over 4.8 million NFTs. This indicates a vibrant and dynamic Ethereum ecosystem, attracting both developers and users alike.
The report also shed light on USDT’s dominance as the stablecoin with the highest market capitalization, further solidifying Ethereum’s position within the broader cryptocurrency market. Despite the emergence of competing blockchain networks, Ethereum remains resilient and stable, drawing investors and users with its proven track record.
Ethereum’s decentralized finance (DeFi) ecosystem also played a pivotal role in cementing its status as a major contender in the blockchain space. The growth of DeFi protocols and applications within the Ethereum ecosystem highlights its potential to revolutionize traditional finance.
In March, Matthew Sigel, VanEck’s Head of Digital Assets, explained that Ethereum could potentially surpass Bitcoin in terms of performance, although it may not undergo ‘flippening.’ This reflects the growing confidence in Ethereum’s capabilities and its ability to outperform established digital assets.
While January witnessed the debut of spot Bitcoin ETFs, attracting a new wave of investors and boosting trading activity, the introduction of a spot Ethereum ETF seems less imminent. Regulatory hurdles and market dynamics may delay the launch of such products in the foreseeable future.
