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Uncategorized

Avalanche’s Total Revenue Dropped By 94%

October 11, 2022 - Around 2 mins mins to read

There were numerous ups and downs for Avalanche (AVAX) in the third quarter of 2022. Avalanche’s network value climbed only 3.3%, while its overall revenue decreased by 94.1%, according to a Messari analysis.

Avalanche's Total Revenue Dropped By 94%
Avalanche’s Total Revenue Dropped By 94%

AVAX’s daily transaction volume and transaction fees have decreased by 65.5% and 76.2%, respectively, despite the network’s integrations with platforms like Core, THORChain, and Boba Network showing increasing real-world usage, according to Messari.

Avalanche Rush, a well-known decentralized finance (DeFi) incentive program

Avalanche's Total Revenue Dropped By 94%
Avalanche’s Total Revenue Dropped By 94%

AVAX has also been losing value, with its total value locked (TVL) dropping by about 27% “in both USD and AVAX Quarter over Quarter (QoQ).”

The non-fungible token (NFT) market circumstances for AVAX were also poor, in addition to DeFi. NFT sales volume and unique customers on the network have decreased by more than 88% and 34%, respectively. Data from Messari, however, shows that the number of unique merchants has climbed by 25%. From the report:

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

AVAX, the primary utility token of the Avalanche network and the 17th largest cryptocurrency by market capitalization, has decreased by about 4% during the past day, according to statistics from CoinMarketCap. AVAX is now trading at $16.25, over 90% below its all-time high (ATH) of $146 set in November 2021.

Furthermore, AVAX was just listed for trading on the well-known brokerage app Robinhood.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.