Ethereum generated more revenue than Robinhood and Etsy in the first quarter

Ethereum generated more revenue than Robinhood and Etsy in the first quarter

Ryan Rasmussen, senior researcher at Bitwise Asset Management, has noted that Ethereum, the second largest blockchain network, managed to generate more revenue than major public companies such as Etsy, Yelp, and Reddit in the first quarter of 2021.

Ryan Rasmussen, senior researcher at Bitwise Asset Management, has noted that Ethereum, the second largest blockchain network, managed to generate more revenue than major public companies such as Etsy, Yelp, and Reddit in the first quarter of 2021.

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According to data provided by Coin98 Analytics, Ethereum accomplished record transaction fee revenue of approximately $1.2 billion. This marked a 79% increase compared to the previous quarter.

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Ethereum transaction fees saw a significant increase in March due to the major market rally that took place during that month. Bitcoin hit its current all-time high of $73,737, while the flagship altcoin also approached its all-time high of $4,878 that was recorded over two years ago.

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Ether is also likely to end the second quarter on a high note due to the approval of spot exchange-traded funds in the US.

$22,000 by the end of the decade?

American investment management firm VanEck recently predicted that the price of the leading altcoin could reach a whopping $22,000 by the end of this decade.

For Ether to achieve this goal, the network has to become cheaper and more efficient.

Last year, VanEck foretold that Ethereum’s revenue could potentially grow to $51 billion at an annual rate in 2030, which is its base case. His bullish stance is $136 billion.

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The company counts transaction fees, including the tip fee, as a line of revenue.

VanEck has also predicted that Ethereum could end up becoming a store of value asset, evolving beyond a mere transactional currency. This could potentially add “Security as a Service” (SaaS) as a new revenue stream.

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