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    Ethereum Towers Above Axie Infinity and Altcoin Projects, Earning $777,000,000 in Revenue in Just One Month

    Ethereum’s (ETH) protocol revenue is towering over play-to-earn game Axie Infinity and other altcoin projects.

     

    Data from Token Terminal shows that the smart contract platform’s protocol revenue in the past 30 days reached $777 million, far surpassing those of Axie Infinity ($183.6 million), non-fungible token (NFT) marketplace OpenSea ($70.1 million), decentralized margin trading platform dYdX ($49.9 million) and digital payment system Filecoin ($16.7 million).

    Ethereum’s big number comes after the blockchain launched its major upgrade in preparation for ETH 2.0. Crypto exchange Kraken says that more than $1 billion worth of ETH has already been burned since the London hard fork was activated in August.

    ETH’s hash rate also hit an all-time high on September 21st with miner revenue surging to as much as $70 million in early September amid rising demand for NFTs and optimism over ETH’s future.

    Source: Token Terminal

    Despite placing at a far second, Axie Infinity’s native token AXS saw a spike in price following reports that its developer, Sky Mavis, is now valued at $3 billion. The platform is on track to bring in $1 billion in revenue from in-game transactions this year. 

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    Featured Image: Shutterstock/Natalia80

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