In October, Ethereum saw revenue of around $100 million, down 33%. Profits come from transaction fees and staking rewards, among others. Ethereum (ETH) network profits skyrocketed during November 2024 to levels only seen in April of this year. That is, November is the most profitable month for the network co-founded by Vitalik Buterin in the last 6 months. This rise in profitability within the network has intensified since November 5 and Ethereum recorded its peak in profits on the 12th of this month, when revenue was around $12 million. So far in November, Ethereum has generated around $124 million in profits, which represents an increase of 24% compared to the entirety of October, when it accumulated approximately 100 million dollars. This on-chain data can be seen in the following graph from the DeFiLlama analysis platform.
November is Ethereum's profitable month since April. Source: DeFiLlama. This statistic, as expressed in the previous image, had been decreasing from March to August, although it began to rebound in September. Particularly in the week of November 11 to 19, this network achieved $60 million in revenue. This figure observed in that period multiplied profits by 30 obtained in the Ethereum network compared to the lowest data observed in August, according to data from Token Terminal.
In the week of November 11-19, 2024, Ethereum recorded on-chain profits of almost $60 million. Source: and decentralized platforms (dApps) and (DeFi). Those profits are distributed among network participants such as validators and liquidity providers of DeFi platforms that allow swapping between cryptocurrencies or liquid staking. In Ethereum's consensus mechanism, Proof of Stake (PoS), gas fees go to validators who verify transactions on the network. In exchange for their validation work, they receive a portion of these fees as a reward. In turn, users who participate in liquid staking through platforms like Lido earn returns in the form of liquid tokens (such as stETH) that represent their participation in the staking. These platforms also take a small commission for offering this service. Ultimately, dApp developers receive rewards generated by user interaction with their applications and platforms.
The rise in the price of Ethereum, a catalyst for the profits of this network
The increase in profits in Ethereum is mainly linked to the increase in the price of ether, its native token, which at the time of this article is in the $3,450 area. This rise in its price represents an upward climb of almost 42% since November 5, when the bullish momentum of Bitcoin (BTC) began, following Donald Trump's victory that dragged down most altcoins. In parallel to this, BitcoinDynamic reported on November 25 that during the last week Ethereum registered net inflows of 10,000 ETH in the staking of this network. This could explain, for the moment, greater adoption and confidence in Ethereum by the market. Thus, the boom in the market value of ether and the growing economic gains on the network during November seem to be awakening Ethereum, whose participants recorded low returns for several consecutive months in 2024.