Ethereum Overtakes Facebook and Microsoft with Impressive Revenue Milestone
Ethereum Surpasses $10 Billion in Revenue
Ethereum (ETH) has achieved an impressive milestone, surpassing tech giants Facebook and Microsoft in total revenue. According to a recent report from Caleb & Brown, an Australia-based crypto broker catering to both retail and institutional investors, Ethereum has reached a cumulative revenue of $10 billion faster than both Facebook and Microsoft.
Now you may be wondering what “revenue” means in the context of the layer-1 network. Simply put, it refers to all the earnings generated on the Ethereum blockchain, including transaction fees. Tommy Rogulj, Crypto Portfolio Manager at Caleb & Brown, explains that Ethereum has accumulated a total of $16.8 billion in paid transaction fees since 2015. Roughly 60% of this amount can be considered as “revenue,” thanks to the implementation of the London hard fork in August 2021, which permanently removes a portion of the transaction fees from circulation.
Current ETH Revenue Decline
Despite this remarkable achievement, Ethereum’s revenue has experienced a significant decline. Data from crypto analytics company Token Terminal shows that Ethereum’s revenue has decreased by 77.3% compared to the previous year. So far this year, the decentralized network has generated $1.7 billion in revenue.
Last week, Ethereum news reported that the network is facing a loss this month. Apart from December last year, the network has ended every month in the green. The profit is calculated by deducting validator commissions and rewards from the total transaction fees.
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Despite the current revenue decline, Ethereum’s milestone of surpassing $10 billion in revenue faster than Facebook and Microsoft highlights the network’s significant growth and potential in the cryptocurrency and blockchain industry.