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)
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