Ethereum’s Continuing Dominance
The latest Messari study revealed that despite a 47.3% decrease in its Q3 revenue, the Ethereum network maintained its dominance, contributing about 91% of the total layer 1 (L1) protocol revenues. Other L1s, such as Avalanche and Polygon, also experienced a decline in revenue, but the Ethereum network’s dominance remained largely unchanged. According to the report, the total revenues of the 17 L1s examined dropped by 46.7% to $491.5 million in the same period, with L1 market capitalization also decreasing by 9.8% to close at $272.6 billion.
The Aptos and NEAR networks, however, had more positive outcomes in the quarter, with the Aptos network’s revenues significantly increasing by 160% compared to the previous quarter. This growth is attributed to the integration of the social media platform Chingari. On the other hand, the NEAR network’s revenue grew by 56% due to the launch of the AI-based lock screen platform Kaikainow.
Solana Leads in Average Daily Transactions
Solana took the lead in average daily transactions (ADT) with 24.7 million, followed by WAX with 17 million. BNB Chain and Polygon claimed the third and fourth spots, respectively, with 3.5 million and 2.3 million ADT. Despite its significant revenues, the Ethereum network’s transaction throughput of one million per day only secured the fifth position. The data also showed that SKALE experienced the largest growth in transactions at 241%, while NEAR had the most significant daily active address increase at 346%.
The total value locked (TVL) in decentralized finance decreased by 16.4% to $31.9 billion, with the Ethereum network accounting for 82.4% of this total.
Hot Take: Ethereum’s Persistent Dominance in L1 Protocol Revenues
Despite a notable decrease in Q3 revenue, the Ethereum network continues to lead in layer 1 (L1) protocol revenues. The report by Messari provides insights into the performance of L1 protocols during the period, highlighting the significance of Ethereum’s continued dominance and the notable growth of the Aptos and NEAR networks. Additionally, Solana’s impressive performance in average daily transactions further illustrates the dynamic nature of the crypto landscape, indicating ongoing shifts and developments within the sector.
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