Network Ethereum Dominates with Over 90% Revenue Share
Amidst the ever-evolving blockchain landscape, Network Ethereum remarkably holds over 90% of the revenue share among Layer 1 protocols, showcasing its significant influence in digital finance.
Revenues Generated by Ethereum Continue to Lead the Way
Recent data shows that Ethereum still dominates the revenue distribution of L1 protocols despite many experts suggesting otherwise. More recently, tension was in the air this summer as investments in Solana increased. In contrast, investments in ETH gradually decreased, and some expressed the opinion that the game could suddenly turn upside down. There were prerequisites for this because the crypto winter is relentless, and it’s no secret that the ETH Protocol is the best solution for Crypto launchpads. The lack of a positive trend in the market had the most significant impact on them. If we look solely at statistics, only two protocols suffered more than the network Ethereum – Avalanche (58.1%) and Polygon (55.6%).
Insights from the Latest Messari Report
According to the Messari data, the 17 L1s under investigation generated 46.7% less revenue, or $491.5 million less. The market capitalisation of all L1s ended the quarter at $272.6 billion, a 9.8% decline over the same period. The poll also revealed that, at the moment, the networkEthereum supremacy mainly remained unchanged. What does this mean? In simple terms, even in a falling market, Ethereum dominates, but there are several aspects:
- Ethereum Protocol’s profit trend has decreased significantly.
- There is investment and interest in other protocols, but compared to Ethereum, they are still small.
- Volatility
Let’s discuss the – based on the Messari report, we can confidently say that the market is driven by news. Take, for example, the launch of the AI-powered lock screen platform Kaikainow, which is attributed with causing the NEAR network to see its “second greatest revenues generated growth rate at 56 per cent. We see how project launches “intermittently” affect profits, and this is obvious, but the funniest thing comes after this – based on the data, we see that profits gradually began to return to normal values, which does not indicate a particularly successful project launch. According to the data, the Aptos revenues generated over the relevant time increased by 160% over the previous quarter. The protocol’s inclusion of the social media platform Chingari in early July is credited with this surge in revenue. It is absolutely the same story; after the “jump,” the price gradually fell but was still consolidated at a higher level. Even though there are some shifts, there are no fundamental changes, and the Ethereum Protocol remains in a leading position.
Solana Emerges as Transactional Leader with Impressive Transaction Volume
With an astonishing 24.7 million average daily transactions (ADT), Solana is undoubtedly the leader in daily transaction growth. WAX is a strong contender in the digital transaction space, trailing closely behind with an impressive 17 million ADT. The BNB Chain comes in third place with 3.5 million ADT, followed in fourth place by Polygon with a respectable 2.3 million ADT.
Despite its massive revenues, the Ethereum network unexpectedly only ranks fifth with a daily transaction throughput of one million. This is proof of the competitive and fast-paced world of blockchain technology.
With a startling 241% transaction growth, SKALE takes centre stage, exposing the dynamic growth in this digital space. Similarly, a startling 346% increase in daily active addresses on the NEAR network indicates its growing prominence.
