In the start of 2024, Ethereum, the biggest blockchain network by transaction volume, saw big improvements in its financial performance. Data from Coin98 Analytics revealed that Ethereum's earnings tripled to $369 million in the first quarter of 2024, a massive 210% increase from the same period in 2023.

During the first quarter of 2024, Ethereum attracted a lot of attention as its fees and revenues surged. Compared to the previous quarter, fees and revenues rose by 79% and 85% respectively. Transaction fees alone reached $1.2 billion, marking a whopping 155% increase from the previous year. Overall revenue hit $1 billion, up by 186% from the previous year.

This success coincided with Ethereum nearing its all-time high prices in March, leading to a spike in network transaction costs. With Ethereum's price surpassing $3,000 by the end of February, some users found themselves paying over $100 in transaction fees during busy periods. In fact, the average gas fee for a swap transaction hit around $79, with some users reporting fees as high as $400 towards the end of February.

Despite the high transaction fees, Ethereum's network usage experienced significant growth in the first quarter of 2024. Total Ethereum transactions increased by 8.4% from the previous quarter, exceeding 107 million transactions. Additionally, the total value locked in the Ethereum decentralized finance ecosystem surged by 86%, reaching $55.9 billion.

Tether remained the top Ethereum-based stablecoin by market value, adding 14% to its market value since the previous quarter. Its main competitor, USDC, also saw an increase of 23% in its ERC-20 market value from the previous quarter.

In conclusion, Ethereum witnessed remarkable growth in the early months of 2024, despite facing high transaction fees. Its financial performance soared, and its network usage expanded significantly, highlighting Ethereum's continued importance and relevance in the cryptocurrency world.