Q3 Financial News

Venture financing for the blockchain industry remained robust in the third quarter, even as bearish conditions ravaged digital asset markets, a sign that venture capital firms were focused more on the long-term value proposition of the sector. 

Assessing the Q3 performance of the decentralized finance (DeFi) ecosystem, CoinShares found that while the total value locked (TVL) of DeFi protocols increased by just 3% within the 3-month period, revenues across the various sectors that make up the DeFi ecosystem fell by 44% on a quarter-on-quarter basis. 

On 11 September, Avalanche [AVAX] saw some important announcements and events, as OpenSea, the largest peer-to-peer marketplace for NFTs on Ethereum launched on the Avalanche proof-of-stake blockchain.

Ranked as the network with the fifth highest total value locked (TVL), Avalanche [AVAX] focused on improving its network infrastructure in Q3, as per Messari’s latest report.

Polkadot [DOT], the blockchain designed to unite and secure a growing ecosystem of specialized blockchains called parachains, published a new roadmap that contained a series of significant upgrades to be implemented on the network.

Cosmos garnered a lot of investors’ attention after it released its “Cosmos Hub Roadmap 2.0.” In addition to that, its native token ATOM showed a positive change in terms of its total value locked (TVL), developer activity, and the total number of holders in Q3 of 2022. 

Ethereum’s [ETH] network revenue fell by a massive 86% in the third quarter of 2022, according to the report released by Bankless (an informative site focused on crypto).

A third quarter industry report from DappRadar citing on-chain metrics suggests cryptocurrency markets are showing signs of recovery from ongoing bearing market conditions.

The sluggish IPO market has continued into Q3, as geopolitical uncertainty and concerns over inflation and rate hikes scare away listings and investors.

Although the broader financial market experienced a downturn in the last quarter, data from CoinGecko showed that the global cryptocurrency market capitalization rose by 9% within the 90-day period.

Non-fungible tokens (NFTs) are a kind of blockchain-based asset representing a digital file such as an image, video or item in an online game. They exploded in popularity in 2021, as crypto-rich speculators rushed to cash in on rising prices, but sales volumes have slumped in recent months. The third quarter of 2022 saw $3.4 billion in NFT sales, down from $8.4 billion the previous quarter and $12.5 billion at the market's peak in the first quarter of the year, DappRadar said. While the nascent NFT market benefited from cryptocurrency price gains and high risk appetite among investors in 2021, these conditions have turned sharply in 2022, as central bank rate rises prompt investors to ditch risky assets. Bitcoin is trading around $19,000, down from its November peak of $69,000.

Despite the ongoing market downturn, non-fungible token (NFT) marketplace OpenSea has managed to report some $144.5 million in fees for the third quarter of this year. 

September is over and fall is here, and the crypto market looks like it’s preparing for a long winter. As always when we enter a new month, we take a look back to see how things have gone over the past month, and this time also the past quarter.

Fantom, the scalable blockchain platform, in its latest general update, intimated its users of the growth registered on its network. According to the update, in the last three months, Fantom saw an average daily transactions count of 820,000.

The third quarter (Q3) of 2022 has been one filled with intense scrutiny of crypto assets with Bitcoin [BTC] at the heart of it. The king of crypto asset, recently, witnessed a dip in its tractions due to developments on major blockchains such as Ethereum [ETH] and Cardano [ADA].

Cryptocurrency research platform Messari, in a new report, assessed the performance of Ethereum [ETH] in Q3 2022. Titled “State of Ethereum Q3 2022,” Messari found that the blockchain witnessed an uptick in activity on the network in Q3 over the last quarter. However, the network also logged some sectoral declines and suffered a general drop in revenue due to the activities of Layer 2 scaling solutions.

Dogecoin has been in a downtrend for more than a year now. But there was one particular support level that was keeping investors optimistic regardless of the ongoing bearishness.

 

After being a victim of capitulation in May, The Graph [GRT] has continued to struggle. It all started with a hefty price fall from $0.34 to $0.12 between 5 May and 12 May. 

Polygon [MATIC] has been riding high in the crypto market recently. The meteoric and yet shocking rise of MATIC’s price has been well-documented in the news. Most recently, Polygon announced the release of zkEVM, its first EVM-compatible layer 2 scaling solution. This development is expected to be a big hit as it will enable cheaper gas fees on Polygon. Despite the Fed’s rate hike, MATIC is seeing another price upturn recently as it chases the $1 resistance.

The collapse of Terra, 3AC, and insolvency crisis across crypto institutions has sent the market into severe bear tendencies over the course of Q2. Despite gradual recovery during July, the broader market remains tense and vulnerable right now. Bitcoin [BTC] is trading just below $22,900 while Ethereum [ETH] is mounting a massive rebound towards $1,600 after news of the Merge release date.