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Report: Avalanche's Total Revenue Declined by 94%

Tue, 10/11/2022 - 00:09
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Wahid Pessarlay
A recent report by Messari shows Avalanche’s harsh Q3 2022 stats
Report: Avalanche's Total Revenue Declined by 94%
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Avalanche (AVAX) saw many ups and downs in the third quarter of 2022. According to a Messari report, Avalanche’s network value increased by only 3.3% while its total revenue dropped by 94.1%.

Although the network’s integrations with platforms like Core, THORChain and Boba Network show higher real-world usage, per Messari, Avalanche’s daily transaction volume and transaction fees have declined by 65.5% and 76.2%, respectively.

Similarly, Avalanche’s popular decentralized finance (DeFi) incentive program — called Avalanche Rush — has also been falling down with its total value locked (TVL) losing roughly 27% “in both USD and AVAX Quarter over Quarter (QoQ).”

In addition to DeFi, AVAX’s non-fungible token (NFT) market conditions were not good as well. The network’s NFT sales volume and unique buyers are down by more than 88% and 34%, respectively. Unique sellers, however, have increased by 25%, according to data provided by Messari. The report says: 

While the quantitative narrative of Q3 was relatively unexciting, the qualitative narrative was filled with building the @avalancheavax ecosystem and remaining laser-focused on executing its growth strategy.

AVAX — Avalanche network’s main utility token and the number 17 largest cryptocurrency by market cap — has declined by nearly 4% in the past 24 hours, according to CoinMarketCap data. Overall, AVAX is down by nearly 90% from its all-time high (ATH) of $146 in Nov. 2021 and is currently being traded at $16.25.

Furthermore, the popular brokerage application Robinhood listed AVAX for trading, last month.

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About the author

Wahid is an experienced writer, interested in everything decentralized since 2019.

Before joining U.Today, he wrote for some of the top DeFi and CeFi outlets, bringing in millions of views and educating readers with his knowledge of the industry.