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.
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Featured Image: Shutterstock/Paul Fleet
