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

According to a Messari report, the Ethereum network’s revenues constituted much than 90% of the $491.5 cardinal generated by furniture 1 chains successful Q3. The information besides shows that successful the play successful question, the Aptos network’s revenues were 160% higher than successful the preceding quarter.

Ethereum Still Dominates

While the 3rd 4th (Q3) gross of the Ethereum web fell by 47.3% quarter-on-quarter (QoQ), it inactive accounted for astir 91% of the full revenues generated by furniture 1 (L1) protocols, information from the latest Messari survey has shown. The information besides shows the Avalanche (58.1%) and Polygon (55.6%) networks arsenic the lone different L1s which had steeper gross drops than the Ethereum network.

According to the Messari report, the full revenues generated by the 17 L1s that were examined were 46.7% little oregon $491.5 cardinal less. During the aforesaid period, the marketplace capitalization of each the L1s besides dropped by 9.8% to adjacent the 4th astatine $272.6 billion. The Ethereum network’s dominance successful the play was mostly unchanged, the study added.

However, arsenic shown by the data, the Aptos and NEAR networks had amended fortunes successful the 4th than the different L1s. For instance, the information shows that successful the play successful question, the Aptos network’s revenues were 160% higher than successful the preceding quarter. This spike successful revenues is attributed to the protocol’s integration of the societal media level Chingari successful aboriginal July.

On the different hand, the motorboat of the artificial quality (AI)-based fastener surface level Kaikainow is said to person fueled NEAR network’s “second highest gross maturation complaint at
56%.”

Solana Has Most Average Daily Transactions

In presumption of the fig of mean regular transactions (ADT), Solana had the astir with 24.7 cardinal followed by WAX with 17 million. The BNB Chain took the 3rd spot with 3.5 cardinal ADT portion Polygon’s 2.3 cardinal was capable for it to inhabit the 4th spot. Despite accounting for a ample chunk of the revenues, the Ethereum network’s transaction throughput of 1 cardinal per time was lone capable for the 5th position.

As shown by the data, SKALE saw the largest (241%) maturation successful the fig of transactions successful the play portion NEAR had the biggest regular progressive code summation of 346%.

With respect to the full worth locked (TVL) successful decentralized finance, the information shows that this fell by 16.4% to $31.9 billion. From this total, the Ethereum web accounted for 82.4%.

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