Avalanche’s Total Revenue Dropped By 94%

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.

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

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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