Ethereum Network Accounted for Over 90% of Layer 1 Revenues in Q3 — Study

According to a Messari report, the Ethereum community’s revenues constituted greater than 90% of the $491.5 million generated by layer 1 chains in Q3. The information additionally exhibits that within the interval in query, the Aptos community’s revenues have been 160% increased than within the previous quarter.

Ethereum Still Dominates

While the third quarter (Q3) income of the Ethereum community fell by 47.3% quarter-on-quarter (QoQ), it nonetheless accounted for almost 91% of the overall revenues generated by layer 1 (L1) protocols, information from the most recent Messari examine has proven. The information additionally exhibits the Avalanche (58.1%) and Polygon (55.6%) networks as the one different L1s which had steeper income drops than the Ethereum community.

According to the Messari report, the overall revenues generated by the 17 L1s that have been examined have been 46.7% decrease or $491.5 million much less. During the identical interval, the market capitalization of all of the L1s additionally dropped by 9.8% to shut the quarter at $272.6 billion. The Ethereum community’s dominance within the interval was largely unchanged, the report added.

However, as proven by the information, the Aptos and NEAR networks had higher fortunes within the quarter than the opposite L1s. For occasion, the information exhibits that within the interval in query, the Aptos community’s revenues have been 160% increased than within the previous quarter. This spike in revenues is attributed to the protocol’s integration of the social media platform Chingari in early July.

On the opposite hand, the launch of the bogus intelligence (AI)-based lock display platform Kaikainow is claimed to have fueled NEAR community’s “second highest income progress charge at
56%.”

Solana Has Most Average Daily Transactions

In phrases of the variety of common each day transactions (ADT), Solana had essentially the most with 24.7 million adopted by WAX with 17 million. The BNB Chain took the third spot with 3.5 million ADT whereas Polygon’s 2.3 million was sufficient for it to occupy the fourth spot. Despite accounting for a big chunk of the revenues, the Ethereum community’s transaction throughput of 1 million per day was solely sufficient for the fifth place.

As proven by the information, SKALE noticed the most important (241%) progress within the variety of transactions within the interval whereas NEAR had the largest each day energetic tackle improve of 346%.

With respect to the overall worth locked (TVL) in decentralized finance, the information exhibits that this fell by 16.4% to $31.9 billion. From this whole, the Ethereum community accounted for 82.4%.

What are your ideas on this story? Let us know what you suppose within the feedback part beneath.