According to a report by Messari, Ethereum generated more than 90% of the $491.5 million in revenue generated by layer 1 chains in Q3. The data also shows that Aptos’ revenue was 160% higher in Q3 than in Q2.
The report, which was released on December 14, 2022, analyzed data from Dune Analytics to track the performance of layer 1 chains in Q3. The report found that Ethereum generated $444.7 million in revenue in Q3, followed by Solana with $23.4 million, Avalanche with $18.9 million, and Terra with $13.5 million.
The report also found that Aptos, a layer 1 chain that launched in Q2, generated $12.7 million in revenue in Q3, up from $5.2 million in Q2. The report attributed Aptos’ growth to its “strong community and growing ecosystem of dApps.”
The report’s findings suggest that Ethereum remains the dominant layer 1 chain, but that other chains are starting to gain ground. The report also suggests that Aptos is a potential challenger to Ethereum, as it has seen significant growth in a short period of time.
Ethereum Maintains Dominance in Layer 1 Revenues
Despite a 47.3% quarter-on-quarter (QoQ) revenue drop in Q3, Ethereum still accounted for nearly 91% of the total revenues generated by layer 1 (L1) protocols, according to the latest Messari study. The data also shows that Avalanche (58.1%) and Polygon (55.6%) were the only other L1s with steeper revenue drops than Ethereum.
The study, which analyzed data from Dune Analytics, found that Ethereum’s total revenue for Q3 was $444.7 million, while the next closest layer 1 network, Solana, generated just $23.4 million.
The study’s findings are likely to be seen as a sign of Ethereum’s continued dominance in the layer 1 space. Ethereum is the largest and most well-known layer 1 network, and it has a large and growing ecosystem of dApps and DeFi projects.
However, the study also found that Ethereum’s dominance is starting to come under pressure from other layer 1 networks. Solana, Avalanche, and Terra all saw their revenues grow significantly in Q3, and they are starting to attract users and developers away from Ethereum.
It remains to be seen whether Ethereum will be able to maintain its dominance in the long term. However, the study’s findings suggest that it is still the most popular layer 1 network, and it is likely to remain a major player in the space for the foreseeable future.
The study also found that the average transaction fee on Ethereum fell by 60% QoQ to $15.80. This is likely due to the fact that Ethereum’s network utilization has been declining in recent months.
The study’s findings suggest that Ethereum is still the dominant layer 1 network, but that its dominance is starting to come under pressure from other layer 1 networks. It remains to be seen whether Ethereum will be able to maintain its dominance in the long term.
A new report by Messari has found that the total revenues generated by the 17 layer-1 (L1) protocols it examined fell by 46.7% in Q3 2022, to $491.5 million. The report also found that the market capitalization of all the L1s dropped by 9.8% to close the quarter at $272.6 billion.
Despite the overall decline, the report found that some L1s performed better than others. For instance, Aptos’ revenues were 160% higher in Q3 than in Q2, while NEAR’s revenues grew by 56%.
The report attributed Aptos’ growth to its integration of the social media platform Chingari in early July. Chingari is a popular Indian short-form video app that has over 100 million users. The integration of Chingari on Aptos allows users to earn rewards for creating and sharing content.
The report attributed NEAR’s growth to the launch of the artificial intelligence (AI)-based lock screen platform Kaikainow. Kaikainow is a popular app that allows users to personalize their lock screens with AI-generated images. The integration of Kaikainow on NEAR allows users to earn rewards for interacting with the app.
The report’s findings suggest that there is still a lot of growth potential for L1 protocols. Despite the overall decline in revenues, some L1s are still growing rapidly. The report also suggests that integrations with popular apps can be a major driver of growth for L1 protocols.
Solana is the Most Popular Layer-1 Blockchain for Transactions
Solana had the most average daily transactions (ADT) with 24.7 million, followed by WAX with 17 million. The BNB Chain took the third spot with 3.5 million ADT, while Polygon’s 2.3 million was enough for it to occupy the fourth spot. Despite accounting for a large chunk of the revenues, the Ethereum network’s transaction throughput of one million per day was only enough for the fifth position.
As shown by the data, SKALE saw the largest (241%) growth in the number of transactions in the period, while NEAR had the biggest daily active address increase of 346%.
With respect to the total value locked (TVL) in decentralized finance, the data shows that this fell by 16.4% to $31.9 billion. From this total, the Ethereum network accounted for 82.4%.
Here is a more concise version of the text:
Solana had the most average daily transactions (ADT) with 24.7 million, followed by WAX with 17 million. The BNB Chain took the third spot with 3.5 million ADT, while Polygon’s 2.3 million was enough for it to occupy the fourth spot. Ethereum had the fifth spot with 1 million ADT. SKALE saw the largest (241%) growth in the number of transactions in the period, while NEAR had the biggest daily active address increase of 346%. The total value locked (TVL) in decentralized finance fell by 16.4% to $31.9 billion, with Ethereum accounting for 82.4% of this.
Here is a more creative version of the text:
Solana was the busiest blockchain in Q3 2022, with an average of 24.7 million daily transactions. WAX came in second with 17 million daily transactions, followed by the BNB Chain with 3.5 million daily transactions, Polygon with 2.3 million daily transactions, and Ethereum with 1 million daily transactions. SKALE saw the largest growth in the number of transactions, with a 241% increase, while NEAR had the biggest daily active address increase, with a 346% increase. The total value locked in decentralized finance fell by 16.4% to $31.9 billion, with Ethereum accounting for 82.4% of this.
