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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Daily Revenue Soars To A 4-Month High Of $10 Million

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
Ethereum revenue

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When Ethereum (ETH) exploded past $2,000 on November 9, Erik Smith, the Chief Investment Officer of 401 Capital, observed that the platform’s average daily revenue surged to the highest level in four months.

According to data, Ethereum generated $10 million in daily revenue, extending gains registered on the previous day and pushing the metric to the highest point since July.

Ethereum revenue rising | Source: Token Terminal via Erik Smith on X
Ethereum revenue rising | Source: Token Terminal via Erik Smith on X

Ethereum Prices Above $2,000, Revenue Rising In November

For now, ETH prices remain muted but are trading around November 9 highs and remain within a bullish formation backed by decent trading volumes. Prices are still trending above the $2,000 psychological support, a critical reaction level.

Ethereum price trending upwards on the daily chart | Source: ETHUSDT on Binance, TradingView
Ethereum price trending upwards on the daily chart | Source: ETHUSDT on Binance, TradingView

A look at the Ethereum candlestick arrangement in the daily chart shows that while there is a notable spike in daily revenue, prices are still below July 2023 highs. Then, the coin soared to as high as $2,100 before pulling back as the momentum triggered by the broader crypto’s expectation of a Bitcoin Exchange-Traded Fund (ETF) approval faded. However, prices have since sharply recovered, adding roughly 40% from October lows and shaking off the weakness registered on August 17 when the coin plunged by 14%.

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Token Terminal data shows that Ethereum’s daily revenue has steadily risen in the first ten days of November. Looking at trends, the average daily income has doubled from $5 million in the first five days of the month. Usually, an uptick in daily average revenue in a network points to increasing on-chain activity either through smart contract deployment or simple transfers, which necessitates the payment of gas fees. 

Improving Scalability In The Long Term

How the widespread adoption of Ethereum layer-2 and sidechain scaling solutions will impact the network revenue is not immediately apparent. }

What’s clear is that the more protocols leverage the protocol, deploying multiple solutions, the more revenue the network will generate for validators and stakers. Staking rewards are drawn partly from transaction fees paid as gas, new issuance, and burned miner extractable value (MEV). 

Still, the dollar value of ETH minted as revenue depends on spot rates. If the uptrend is sustained, this figure will continue expanding. Even so, there might be more demand for the network, which is still struggling to scale on-chain. 

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Ethereum 2.0 aims to resolve these challenges in the coming years by increasing the general throughput via solutions like Sharding. Sharding will split Ethereum into small but interconnected networks called shards. Each shard will independently process each set of transactions and maintain its state, allowing the mainnet to scale.

Feature image from Canva, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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