- According to Caleb & Brown, it took Ethereum 7 and a half years to reach $10 billion in annual revenue.
- With this, it surpasses companies like Meta and Microsoft in terms of growth rate.
- It does not seem possible that Ethereum will be able to register such revenues in 2023 after the bear market.
- Estimates indicate that it could exceed USD $51 billion annually by 2030.
New data indicates that the operating network of the second largest cryptocurrency in market capitalization, Ethereum, has managed to reach USD $10 billion in annual revenue since its launch in 2015, surpassing the growth rate recorded by many of the largest software companies of history.
Ethereum Growth Rate Outpaces Other Tech Companies
The report in question was made by the brokerage firm Caleb & Brown, cited by CryptoBriefing, which points out that it took the Ethereum network about 7 and a half years to reach the surprising figure of USD $10 billion in annual revenue. With this rate it even exceeds that recorded by Meta (Facebook), which took about 8 years to achieve this margin, leaving Microsoft far behind, which took more than 19 years to reach such volumes.
The amount capitalized by the Ethereum network was calculated based on the fees charged for transactions and other activities carried out on its Blockchain, among which the use of decentralized applications, the creation and trading of NFTs, sending payments with ETH / various tokens, and many others.
The bearish market has affected
Although the Ethereum network has managed to reach such high values, when comparing these data with those presented in other reports, it can be seen how the bear market has also affected this indicator.
According to a report published by Token Terminal, the revenue of the Ethereum network during 2023 barely reached USD $1.7 billion, a figure that represents a 77% drop compared to what was seen last year.
According to market data, although Ethereum opened 2023 at around USD $1,200 per unit, by mid-April it managed to reach the USD $2,000 barrier. It remained above USD $1,800 until mid-August, but from that point on its price began to drop to around USD $1,600 these days.
This drop in prices also affected the market capitalization of the network’s native cryptocurrency, ETH, which is estimated at around USD $190.79 billion at the time of publication, ranking 60th among the assets with the highest global accumulated value.
However, a report recently published by the firm VanEck suggests that this could change in the coming years. They expect that the revenue from the Ethereum network will reach over USD $51 billion annually by 2030, if the adoption of said Blockchain continues to increase as it has been happening in recent years.
