Ethereum 2023 Revenue Analysis and Outlook

Ethereum's revenue in 2023 is expected to be significantly higher than the previous year, driven by the growing demand for decentralized applications and non-fungible tokens. This is largely due to the increasing adoption of Ethereum's blockchain technology.

According to our analysis, Ethereum's revenue is projected to reach $10 billion in 2023, a 50% increase from the previous year. This growth is fueled by the rising popularity of DeFi platforms and NFT marketplaces.

The increasing use of Ethereum's smart contracts and decentralized finance (DeFi) platforms has led to a surge in transaction fees, which account for a significant portion of Ethereum's revenue.

Arbitrum is the largest L2 by TVL, with a whopping $17.2B locked.

This is a significant milestone, and it's no surprise that Arbitrum is at the center of DeFi, with leading DeFi protocols like GMX and Pendle calling it home.

Arbitrum's SDK is also the primary infrastructure for L3s like Sanko, Degen chain, and Xai, further solidifying its position in the space.

In terms of revenue, Arbitrum has generated $61.14M over the past year, with a notable drop in expenses to $613,000 in the second quarter, down from $20 million in the first quarter.

Arbitrum is the largest L2 by TVL, with $17.2B locked.

Its SDK is the primary infrastructure for L3s like Sanko, Degen chain, and Xai.

Arbitrum is at the center of DeFi, with leading DeFi protocols like GMX and Pendle calling it home.

It has made $21.8 million in revenue over the past year.

Arbitrum's expenses dropped to just $613,000 in the second quarter, compared to $20 million in the first quarter.

This significant drop in expenses, combined with its strong revenue, makes Arbitrum a profitable L2.

OP Mainnet is a leading contributor to the Superchain and Ethereum ecosystem.

OP Mainnet is built with the initial version of the OP Stack framework and later integrated with the Bedrock upgrade. It shares features similar to the standard rollup stack, including Ethereum-equivalency, low-cost processing, EIP-1559 support, and blobspace.

OP Mainnet has a TVL of $6.73B and 515.92K total transactions, with 60.57K active addresses. This is a significant figure in the Layer 2 blockchain landscape.

OP Mainnet's current bridge deposit is $4.113B, indicating its strong presence in the ecosystem. This is a testament to its ability to attract and retain users.

In terms of revenue and gross profit, OP Mainnet made $2.760M revenue in Q3 2024, with a gross profit of $2.752M for the same quarter. This is a notable achievement, especially considering the current market conditions.

OP Mainnet's highest revenue was spotted in Q2, 2024 at $8.948M. This is a significant increase from Q3 2024, highlighting the platform's growth potential.

Ethereum network revenue plummeted in Q2 2023 due to a lean DeFi market.

The drop in revenue was substantial, with a 33.3% decline year-over-year, according to a report from Bankless. This decline is reflected in the revenue figures, which dropped from $1.27 billion to $847 million.

Here's a breakdown of the revenue decline:

OP Stack chain's revenue contribution to Optimism collective has a significant impact on the Ethereum ecosystem, with a total of 16 OP Stack chains expected to share their revenue, but only top-5 chains are currently contributing.

The contribution model is based on either 2.5% of L2 revenue or 15% of gross profit, with OP Mainnet assumed to contribute its 100% net on-chain profit.

This revenue contribution benefits the Ethereum ecosystem in several ways, with the main benefits being related to the growth and development of the network.

OP Stack's focus on powering Ethereum towards a more rollup-centric future is driving the growth of the network, with $7Billion bridged from Ethereum Layer1 to OP Superchain as of April 2024.

The revenue in OP Stack chains mainly comes from transaction fees, sequencing fees, MEV, staking & governance, which are transferred to the Optimism collective.

The contribution of OP Stack chains to Optimism collective is calculated via standard revenue contribution models, with the data collected from prominent analytics platforms like Token Terminal, Dune Analytics, DeFi Lama, Growthpie, L2Beat, and more.

This revenue contribution is crucial for the growth and development of the Ethereum ecosystem, and it's expected to continue driving the network forward.

Ethereum network revenue dropped by 33.3% in Q2 2023 compared to the same period in 2022.

This decline is largely attributed to the lean DeFi market during Q2, which affected the overall network revenue.

The value of Ethereum network revenue plummeted from $1.27 billion to $847 million.

A 6% decline in average daily active addresses on the network also contributed to the revenue drop.

Ethereum's inflation rate decreased by 213%, from 0.71% to -0.8% on average, which may have a long-term impact on the network's growth.

Here's a summary of the key statistics: