Messari analysts report a 94% drop in Avalanche network revenue in three months
The daily volume of transactions on the network also decreased by 65,5%
11.10.2022 - 12:00
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What’s new? According to a report by analytics firm Messari, in Q3 2022 the revenue of the Avalanche network dropped by 94,1%. In this, its market capitalization rose just 3,3% to $5,12 billion, while the total value locked (TVL) fell by 27,5% to $1,93 billion. The network also saw a 65,5% decrease in daily transaction volume and a 76,2% drop in fees.
What else does the report say? The volume of sales of non-fungible tokens (NFTs) and the number of unique buyers decreased by more than 88% and 34%, respectively. At the same time, the number of unique sellers increased by 25%.
Avalanche is a decentralized open-source platform for launching DeFi applications, financial startups, trading, and other services, launched in April 2020. The network features high transaction execution speed and uses three consensus mechanisms for various purposes, based on the Proof-of-Stake (PoS) algorithm.
As of October 11, 11:00 UTC, the native token AVAX is trading at $16,01, down by 3,9% in 24 hours, according to crypto exchange Binance. The asset ranks 17th in the cryptocurrency rating with a capitalization of $4,74 billion, according to aggregator CoinMarketCap.
In September, developer Péter Szilágyi published a report on a vulnerability on Avalanche, which allowed disabling the entire network with 2000 AVAX coins. It was fixed on the day it was discovered, March 29.
Later, US investment firm Kohlberg Kravis Roberts entered into a partnership with digital asset management firm Securitize to tokenize its $4 billion investment fund on the Avalanche blockchain.
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