Ethereum’s (ETH) October protocol revenue is dwarfing Axie Infitinty (AXS) and other crypto protocols.
Data collected by crypto metrics site Token Terminal shows that the second-largest cryptocurrency by market cap’s protocol revenue over the last 30 days reached $932.8 million.
Ethereum’s October revenue intake is more than five times that of the play-to-earn blockchain platform Axie Infinity, which saw nearly $185 million in revenue during the same timespan.
Ethereum-based decentralized exchange dYdX (DYDX) saw the third-highest protocol revenue over the past month at $70.4 million, followed by OpenSea at $62.7 million and PancakeSwap (CAKE) at $20.5 million.
Ethereum competitor Avalanche (AVAX) enjoyed the 16th-highest protocol revenue at $2.9 million.
Ethereum’s second-consecutive monster month of revenue comes alongside the rollout of the Altair upgrade, which is laying the groundwork for Ethereum’s merge into a proof-of-stake system.
It also follows the recent implementation of EIP-1559, which introduced a new mechanism that burns a portion of Ethereum’s transaction fees as a way of countering inflation.
ETH is trading at $4,428 at time of writing, down just slightly from the freshly printed all-time high (ATH) of $4,467, according to CoinGecko.
AXS is also seeing new ATHs today, trading at $158.49 at time of writing, down slightly from a very fresh high of $162.24.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Paul Fleet
The post Ethereum Far Outpacing Axie Infinity and Every Crypto Project on Record With $900,000,000 30-Day Revenue Milestone appeared first on The Daily Hodl.