Analysts have observed that the Ethereum network’s commission income, derived from customer payments for transactions, surpassed $1.17 billion. This represents a growth of 155% when compared to the fourth quarter of 2023.
Industry experts from The DeFi Report attribute this rapid revenue surge to the heightened activity within the decentralized finance (DeFi) sector. Consequently, the average daily number of transactions in the first quarter exceeded 1.15 million.
It is worth mentioning that the Ethereum blockchain has been operational for over eight years, and its first profitable year occurred in 2023. Remarkably, the network managed to earn $623 million after transitioning to a Proof-of-Stake consensus.
Messari specialists have reported that the total value of assets locked (TVL) in decentralized finance protocols experienced a substantial increase of 65.6% in the first quarter of 2024, reaching an impressive $101 billion.
“This surge can be primarily attributed to the surge in prices and the re-staking of liquidity, resulting in a 71% increase in Ethereum TVL.”
Previously, Ernst&Young, a prominent auditing company, launched the EY OpsChain Contract Manager (OCM) solution, which utilizes the Ethereum blockchain for conducting business transactions and reducing associated costs.