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Currently, Ethereum’s (ETH) protocol revenue is riding above play-to-earn game Axie Infinity. Of course, also above other altcoin projects.
Meanwhile, Smart contract platform’s protocol revenue in the past 30 days reached $777 million according to data from Token Terminal. This surpasses those of Axie Infinity ($183.6 million), non-fungible token (NFT) marketplace OpenSea ($70.1 million).
Also, the decentralized margin trading platform dYdX ($49.9 million). Then, the digital payment system Filecoin ($16.7 million).
Furthermore, This comes on the heels of major upgrade launch in preparation for ETH 2.0. Thereby, it causes Ethereum to have these big numbers. More so, Crypto exchange Kraken explains that over $1 billion worth of ETH has already been burned.
Right from the London hard fork was activated in August.
Notably, ETH’s hash rate is also setting new highs, with miner revenue spiking to $70 million in early September. Influenced by rising demand for NFTs and optimism over ETH future.
Lastly, Axie Infinity’s native token AXS also see a price spike togethe with ETH. Especially, after reports shows that its developer, Sky Mavis, is now worth $3 billion. So, The platform is ready to bring in $1 billion in revenue from in-game transactions this year.
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