Home Ethereum Network Accounts 90% of L1 Revenues

Ethereum Network Accounts 90% of L1 Revenues

Share
Share

Ethereum Network Accounts 90% of L1 Revenues

A Messari report reveals that Ethereum’s revenues accounted for over 90% of the $491.5 million generated by layer 1 chains in Q3. 

The Aptos network saw revenues 160% higher than the previous quarter, indicating a significant increase in revenue. 

Despite a 47.3% QoQ drop in Ethereum’s Q3 revenue, it still accounted for nearly 91% of total revenues generated by layer 1 protocols. 

The Avalanche and Polygon networks had steeper revenue drops than Ethereum. The total revenues generated by the 17 examined L1s were 46.7% lower, or $491.5 million less. 

The market capitalization of all L1s also dropped by 9.8%, closing the quarter at $272.6 billion. The Ethereum network’s dominance remained largely unchanged. 

However, Aptos and NEAR networks had better fortunes in the quarter. Aptos’ revenues were 160% higher than the previous quarter, attributed to the protocol’s integration of social media platform Chingari. 

NEAR’s revenue growth rate was 56%, driven by the launch of AI-based lock screen platform Kaikainow.

(With inputs from Shikha Singh)

Share

Latest News

WazirX Launches 'Guardians Of Trust' Security Hub
News

WazirX Launches ‘Guardians Of Trust’ Security Hub

WazirX on Thursday launched ‘Guardians of Trust’, a dedicated trust and safety hub that consolidates its security updates, transparency efforts, and user...

Bank Of England Governor Warns US May Clash With Global Stablecoin Rules
News

Bank Of England Governor Warns US May Clash With Global Stablecoin Rules

Bank of England Governor Andrew Bailey has warned that crafting meaningful international standards for stablecoins will require a direct confrontation with the...

Ripple Prime Lands $200M Funding Deal To Boost Institutional Crypto Margin Trading
News

Ripple Prime Lands $200M Funding Deal To Boost Institutional Crypto Margin Trading

Key Takeaways Neuberger Berman has offered Ripple Prime $200 million in capital to increase institutional cryptocurrency margin trading. Depending on investor demand,...

LayerZero Apologizes For Handling Of Kelp DAO Exploit
News

LayerZero Apologizes For Handling Of Kelp DAO Exploit

LayerZero issued a public apology regarding its handling of the April 18 exploit involving Kelp DAO’s cross-chain bridge, which resulted in the...

Latest Blogs

Art Of Becoming A Memecoin Master & Staying Ahead

Within the cryptocurrency market, memecoins are a more lighthearted and entertaining segment. They are created from online comedy, viral trends, and jokes....

“Click, Token, Own!” Why RWA Is The Future Of Finance?

A financial revolution, RWA tokenization bringing real-world assets onto blockchain RWA tokenization increases accessibility, quickness and transparency, pushing markets to expand rapidly,...

Top 5 Ways To Spot The Best AI Coin

Artificial Intelligence (AI) is the talk of the town as it goes on to completely alter the intrinsic landscape of our industries...

Stablecoins Go Mainstream: How Hong Kong’s Bold Regulation Is Shaping Future Of Digital Finance

The word “stablecoin” is no longer limited to tech jargon in today’s quickly changing financial scene. It is now a structural component...

Related Articles

Art Of Becoming A Memecoin Master & Staying Ahead

Within the cryptocurrency market, memecoins are a more lighthearted and entertaining segment....

“Click, Token, Own!” Why RWA Is The Future Of Finance?

A financial revolution, RWA tokenization bringing real-world assets onto blockchain RWA tokenization...

Top 5 Ways To Spot The Best AI Coin

Artificial Intelligence (AI) is the talk of the town as it goes...

Stablecoins Go Mainstream: How Hong Kong’s Bold Regulation Is Shaping Future Of Digital Finance

The word “stablecoin” is no longer limited to tech jargon in today’s...