{"id":560182,"date":"2023-11-11T03:00:45","date_gmt":"2023-11-11T03:00:45","guid":{"rendered":"https:\/\/uniquehot.com\/?p=560182"},"modified":"2023-11-10T19:45:17","modified_gmt":"2023-11-10T19:45:17","slug":"ethereum-daily-revenue-soars-to-4-month-high","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-daily-revenue-soars-to-4-month-high\/","title":{"rendered":"Ethereum Daily Revenue Soars To A 4-Month High Of $10 Million"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">When Ethereum (ETH) exploded past $2,000 on November 9, Erik Smith, the Chief Investment Officer of 401 Capital,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/eriksmithcfp\/status\/76118757\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">observed<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that the platform&#8217;s average daily revenue surged to the highest level in four months. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<figure id=\"attachment_560185\" aria-describedby=\"caption-attachment-560185\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-560185\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/F-lAOoyXUAAeNej.jpeg?resize=1024%2C1016\" alt=\"Ethereum revenue rising | Source: Token Terminal via Erik Smith on X\" width=\"1024\" height=\"1016\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/F-lAOoyXUAAeNej.jpeg?w=1486 1486w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/F-lAOoyXUAAeNej.jpeg?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/F-lAOoyXUAAeNej.jpeg?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/F-lAOoyXUAAeNej.jpeg?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/F-lAOoyXUAAeNej.jpeg?w=46 46w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/F-lAOoyXUAAeNej.jpeg?w=82 82w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/F-lAOoyXUAAeNej.jpeg?w=75 75w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/F-lAOoyXUAAeNej.jpeg?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/F-lAOoyXUAAeNej.jpeg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-560185\" class=\"wp-caption-text\">Ethereum revenue rising | Source: Token Terminal via Erik Smith on X<\/figcaption><\/figure>\n<h2><span data-preserver-spaces=\"true\">Ethereum Prices Above $2,000, Revenue Rising In November<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/rHGVnBw9\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/rHGVnBw9\/\" alt=\"Ethereum price trending upwards on the daily chart | Source: ETHUSDT on Binance, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">Ethereum price trending upwards on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/rHGVnBw9\/\" target=\"_blank\" rel=\"noopener nofollow\">ETHUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">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&#8217;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%.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/5-million-reward-justin-suns-bold-move-against-poloniex-attackers\/\" target=\"_blank\" rel=\"noopener \">$5 Million Reward: Justin Sun\u2019s Bold Move Against Poloniex Attackers<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Token Terminal data shows that Ethereum&#8217;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.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Improving Scalability In The Long Term<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">How the widespread adoption of Ethereum layer-2 and sidechain scaling solutions will impact the network revenue is not immediately apparent. }<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">What&#8217;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).\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/matic\/polygon-matic-poised-for-a-bullish-surge-analyst-who-predicted-2021-fall-says\/\" target=\"_blank\" rel=\"noopener \">Polygon (MATIC) Poised For A Bullish Surge, Analyst Who Predicted 2021 Fall Says<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>When Ethereum (ETH) exploded past $2,000 on November 9, Erik Smith, the Chief Investment Officer of 401 Capital,\u00a0observed\u00a0that the platform&#8217;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 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. 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&#8217;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%. Related Reading: $5 Million Reward: Justin Sun\u2019s Bold Move Against Poloniex Attackers Token Terminal data shows that Ethereum&#8217;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.\u00a0 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&#8217;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).\u00a0 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.\u00a0 Related Reading: Polygon (MATIC) Poised For A Bullish Surge, Analyst Who Predicted 2021 Fall Says 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<\/p>\n","protected":false},"author":384,"featured_media":560186,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,1946,6931,88676,78803,9846,5939],"class_list":["post-560182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-ethereum","tag-ethereum-price","tag-ethereum-revenue","tag-ethusdt","tag-gas","tag-staking"],"acf":[],"yoast_head":"\n<title>Ethereum Daily Revenue Soars To A 4-Month High Of $10 Million<\/title>\n<meta name=\"description\" content=\"Ethereum revenue rose to a 4-month high of $10 million when ETH prices rallied above the psychological $2,000 level on November 9\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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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. 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. 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