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’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.
Ethereum is undervalued, coin supply is shrinking fast, and Ethereum further breakout higher in price is just around the corner.