The last month was marked by positive price corrections in the cryptocurrency market, which sent the price of alts like Dogecoin [DOGE] rallying by 100%. According to data from CoinGecko, global cryptocurrency market capitalization grew by 9% in the last 30 days. However, NEAR decoupled from the rest of the market and posted a price […]
titled “State of NEAR Q3 2022,” Messari assessed NEAR Protocol’s performance in Q3 2022. This revealed that the smart contract platformRevenue on the NEAR Protocol stood at $220,000 between July and September, which was an 82% decline from Q2’s $1.19 million. Messari further found that the sharp fall in revenue resulted from a “35% drop in transactions paired with sub-one-cent transition fees.”
Besides a decline in revenue, DeFi TVL on the network also fell by 30% within the period under review. However, while its TVL fell on a QoQ basis, Messari found that the TVL of the smart contract platform was up 10X on a YoY basis. NEAR closed Q3 with a TVL of $513 million.Messari further reported that NFT sales on NEAR have been consistently declining since the beginning of the year.
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