Avalanche: Q3 Total Revenue dips by 94%, Ava Labs drama to be blamed?
The bear market brought an array of networks down. Avalanche [AVAX] was not just hit by the bears but also by controversy involving Ava Labs. While the asset’s price did endure a major setback, other sectors of the network followed suit during the same time. A recent report highlighting AVAX’s Q3 performance implied the same. It was brought to light that the third quarter of 2022 wasn’t very favorable for the asset with regard to its network. The network value of Avalanche recorded a dainty surge of 3.3 percent. The total revenue dropped by 94.1 percent following a decline in daily transactions by 65.5 percent and a 76.2 percent drop in transaction fees. In addition to this, the daily active addresses also took a major hit. As seen in the below image, the daily active addresses were falling from an average of 63,000 in Q2 to an average of 38,000 in Q3. Source Things weren’t going too well on the DeFi front as well. Avalanche Rush, well-known decentral...