In the first quarter of 2024, Ethereum became 210% more profitable than the same period last year, with users spending $1.17 billion on network gas fees, up from $655 million the quarter before. This period also saw a 155% increase in revenue from transaction fees, totaling $1.2 billion. Amidst this growth, investment firm VanEck has made bold predictions for Ethereum's future, forecasting that Ethereum could hit $40,000 by 2030 and that its Layer 2 networks could reach a market capitalization of $1 trillion by the same year. Despite this optimistic outlook, VanEck remains cautious, expressing a generally bearish view on the long-term prospects of several Layer 2 tokens due to expected intense competition.