Ethereum hits $10 billion in revenue in seven years in victory over tech majors

Ethereum (CRYPTO: ETH) has managed to reach revenue levels that technology majors have failed to achieve after years of activity. The various sources of income of the platform and strong network activities were the determining factors.

What happened: Launched in 2015, Ethereum has now crossed the $10 billion turnover milestone, ahead of technology majors such as Microsoft Corp. (NASDAQ:MSFT) And Adobe Inc. (NASDAQ:ADBE) which took 19 and 20 years respectively to achieve this objective, reported Bitcoinist. Alphabet Inc. (NASDAQ:GOOGLE) reached these levels in about six years.

Transaction fees (measured in gas) and activities such as decentralized finance transactions, NFT trading and cryptocurrency transfers are part of the revenue. The platform charged fees based on the complexity of the transaction: the more complex the transaction processed, the higher the fees added to each block.

However, revenue levels were considered 77% lower than the previous year’s levels, due to uncertainties in the broader crypto market, based on Cryptographic analysis firm data from the Token Terminal.

Read next: Ethereum Stake Doubles in a Year, Investors Flock to Proof of Stake: Report

Why is this important: Ethereum has gained widespread acceptance in areas such as finance, gaming, and art, as it has enabled the deployment of more complex protocols across industries. This feature is different from its rival Bitcoin, which was the first to launch a functional, trustless transactional network.

Ethereum network revenue could increase to $51 billion per year by 2030, from $2.6 billion per year currently, some industry sources suggest, as reported by Coincu.

Based on Etherscan dataEthereum processed more than 883,000 transactions on September 24, 2023, down from less than 1.93 million on December 9. The average transaction fee is $0.74.

Read also: Is Ethereum a good investment?

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