Financial review
During this period, the market cap of all blockchains fell (except Solana). Real staking returns (adjusted for inflation) have increased significantly only on Ethereum.
Revenue
Ethereum revenue fell 47.3% from the previous quarter, but still accounted for more than 90% of L1's total revenue. Its drop in income was surpassed only by Polygon (- 55.6%) and Avalanche (-58.1%). Overall, the decline in revenue in the third quarter indicates a decline in demand for blockchains.
Liquid supply and unlocks
Liquid supply does not include staking rewards.
Aptos plans to unlock 7.9% of the total supply in the 4th quarter (~$427 million), the release of investor tokens begins, which will greatly dilute the supply.
Overview of on-chain data
We can highlight the growth in the number of transactions on Aptos; in July, the Chingari mobile application for video sharing was integrated with Aptos, due to which the average daily number of new addresses increased by 410%. Chingari was launched in 2018 as a Web2 platform and has since amassed over 100 million downloads on the Google Play Store.
Transaction cost
Transaction costs across all blockchains have fallen due to decreased activity on the networks.
Number of staked funds
Staking in Ethereum has already been growing for the 3rd quarter in a row, you can also note the growth of Solana by 15%. The rest are undergoing correction.
Overview of ecosystems
From the general trend, it can be noted that the number of developers is decreasing, as well as the volume of NFT trading and overall volumes on DEX. Fantom currently has very few developers, while Near and Avalanche there are quite a lot of them.
TVL
Solana leads among networks in TVL growth for the quarter (+32%). The 32% increase was driven by DeFi and liquid staking protocols launching point programs, including MarginFi, Jito, Cypher, BlazeStake and others.
Also Hedera increased by 29%. The leader in decline is Fantom, which fell by 69%.
DeFi Diversity
DeFi Diversity measures the number of protocols that make up 90% of the total DeFi TVL network.
Most blockchains have very few working protocols, they clearly look like outsiders with little competition, we can highlight Fantom with a wide variety of protocols.
Conclusion
In general, the third quarter of 2023 passed with low activity in networks, trading volumes fell, everyone entered the phase of waiting for positive news and growth. Solana can be singled out as a leader, which confidently held on to many indicators.
