LATEST: DeFi Drives Ethereum’s Q1 Success, On Course for $1B Profit

Ethereum is set to hit $1 billion in annualized profits after reporting a robust $365 million in the first quarter of 2024, marking a significant 200% increase from the last quarter of 2023. The network’s fee revenue has skyrocketed to $1.17 billion, fueled by a 155% year-on-year growth. This financial surge is largely attributed to heightened DeFi activity, pushing daily transactions to exceed last year’s figures and nearing the highs of 2021.

Further buoying the crypto market, Michael Nadeau of The DeFi Report predicts that cryptocurrencies will outshine all other asset classes in the coming years. He cites favorable liquidity conditions, upcoming rate cuts by the Federal Reserve, and innovations such as the U.S. Bitcoin ETFs and the imminent Bitcoin halving as catalysts for a bullish crypto market. Ethereum’s shift to a proof-of-stake consensus in 2022 has also significantly reduced costs, contributing to its profitability and positioning it as a leader in the crypto innovation cycle.


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