Ethereum, the leading smart contract platform, has surpassed a significant milestone of $10 billion in cumulative revenue since its inception in 2015. This pace of growth has outstripped many major tech companies, including Microsoft Corp (NASDAQ:NASDAQ:MSFT) and Adobe Inc (NASDAQ:NASDAQ:ADBE), which took 19 and 20 years respectively to reach the same revenue landmark. Alphabet Inc. (NASDAQ:NASDAQ:GOOGL) achieved this level within approximately six years.
The platform's diverse sources of income and robust network activities have been instrumental in driving this growth. Revenue is generated from fees collected on transactions and other activities on the Ethereum network. These include payments for using decentralized finance apps, minting and trading Non-Fungible Tokens (NFTs), and sending cryptocurrency payments.
However, Ethereum's revenue has seen a downturn, falling more than 77% from the previous year amid uncertainties in the broader crypto market. The decentralized network has generated revenue of $1.7 billion so far this year, according to data from crypto analytics firm Token Terminal.
Despite the recent slump, projections suggest a promising future for Ethereum. A recent valuation by VanEck indicates that Ethereum's network revenue could escalate from $2.6 billion annually to $51 billion by 2030 if its adoption continues to grow.
On Wednesday, Ethereum demonstrated its ability to reach revenue levels that tech majors struggled to achieve after years of operations. Its success can be attributed to its wide acceptance across various industries such as finance, gaming and art, where it enables the deployment of more complex protocols unlike its rival Bitcoin.
According to Etherscan data, Ethereum processed more than 883,000 transactions on Monday, lower than the 1.93 million transactions processed on December 9, 2023. The average transaction fee currently stands at $0.74.
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