- Ethereum accounted for over 90% of total layer 1 blockchain revenues in Q3 2022 despite a 47% revenue drop quarter-over-quarter.
- Some competitors like Aptos and Near saw strong revenue growth in Q3, fueled by new platform adoptions.
- Solana led in daily transactions while Ethereum lagged behind in 5th place. However, Ethereum still maintained dominance in overall revenue and value locked in DeFi.
Ethereum accounted for over 90% of total layer 1 blockchain revenues in Q3 2022, according to a new study by Messari.
Ethereum Still Dominates Despite Revenue Drop
The Ethereum network’s revenues fell by 47.3% quarter-over-quarter in Q3 2022. However, Ethereum still captured nearly 91% of total layer 1 revenue during the quarter.
Avalanche and Polygon saw steeper revenue drops than Ethereum. The total revenues generated by 17 major layer 1 blockchains dropped by 46.7% to $4.915 billion in Q3.
Aptos and Near See Strong Growth
Some layer 1s like Aptos and Near bucked the downward trend and saw strong growth. Aptos’s revenues jumped 160% quarter-over-quarter thanks to adopting the Chingari social media platform.
Near also saw the second highest revenue growth at 56%, fueled by the Kaikainow AI lock screen platform.
Solana Leads in Daily Transactions
In terms of average daily transactions, Solana led with 2.47 million. WAX and BNB Chain took the second and third spots. Despite its revenue dominance, Ethereum only managed fifth place with 1 million transactions per day.
SKALE saw a 241% increase in transactions during the quarter. Near had the biggest growth in daily active addresses at 346%.
Total Value Locked in DeFi Declines
The total value locked in decentralized finance dropped 16.4% to $31.9 billion in Q3 2022. Ethereum accounted for 82.4% of the total value locked.
Conclusion
While Ethereum maintained its dominance over layer 1 revenue and value locked, competitors like Aptos and Near are seeing strong growth. Ethereum’s relatively low transaction volume compared to chains like Solana is an area of concern. However, Ethereum remains the leader for now as the merge to proof-of-stake draws near.
