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.