Ethereum (CRYPTO: ETH) managed to get to revenue levels that tech majors failed to reach after years of operations. The platform’s diverse revenue sources and strong network activities were the driving factors.
What Happened: Launched in 2015, Ethereum now touched a revenue milestone of $10 billion, taking it ahead of tech majors such as Microsoft Corp (NASDAQ: MSFT) and Adobe Inc (NASDAQ: ADBE) which took 19, and 20 years, respectively, to achieve this goal, reported Bitcoinist. Alphabet Inc. (NASDAQ: GOOGL) reached these levels within about six years.
Transaction fees (measured in gas) and activities such as decentralized finance transactions, NFT trading and cryptocurrency transfers form a part of the revenue. The platform charged fees on the basis of transaction complexity, the more complex the processed transaction is, the higher the fee added to each block.
However, the revenue levels were seen as 77% below the prior year's levels amid the uncertainties in the broader crypto market based on Crypto analytics firm Token Terminal data.
Read Next: Ethereum Staking Doubles In A Year, Investors Flock To Proof-Of-Stake: Report
Why It Matters: Ethereum gained widespread acceptance in fields such as finance, gaming and art as it enabled the deployment of more complex protocols across all industries. This feature is unlike its rival, Bitcoin, which was the first one to launch a trustless and functional transactional network.
Ethereum's network revenue could jump to $51 billion annually by 2030 from the current $2.6 billion annually, certain industry sources suggest as reported by Coincu.
Based on Etherscan data, Ethereum processed more than 883,000 transactions on Sept. 24, 2023, lower than 1.93 million on Dec. 9. The average transaction fee stands at $0.74.
Also Read: Is Ethereum a Good Investment?
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