Ethereum Suffers Through A Lackluster Q3 Despite The Merge By CoinEdition

• fell by a massive 86% in the third quarter of 2022.
• The Merge was not able to revive the ETH network.
• The total TVL on L2 protocols rose from 2.40 billion to 4.73 billion.

The network revenue of the largest altcoin by market cap, Ethereum (ETH), fell by a massive 86% in the third quarter of 2022, according to a report released from Bankless – an informational site focused on crypto

Reportedly, Ethereum recorded $1.96 billion in net revenue in the second quarter of this year. Unfortunately, the third quarter was just a measly $274.12 million.

With this being the case, the ETH Merge that took place on the 15th of September this year was not able to revive the ETH network. As per the current state of the network’s revenue, Q3 has less ETH demand. In addition, the price of the altcoin king was predominantly bearish for its latest session. Nonetheless, there were a few upticks recorded in the quarter.

According to Bankless, the number of ETH active addresses picked up a 3.09% increase from its previous quarter. This took the total number of active addresses to 506,384. There was also a surge in ETH staking, as the deposit contract surged 80% to 14.1 million depositors. Of the 14.1 million, there were 442,000 unique validators and 84,600 unique depositors.

ETH depositors (Source: Nansen)

Interestingly, the majority of the staking increment can be attributed to Lido Finance (LDO), Besides offering a liquidity pool for ETH participants, LDO was one of the best performing crypto assets of the quarter. The protocol accounted for 4.25 million of the new ETH depositors.

Another metric that increased for the altcoin leader is its Total Value Locked (TVL) in Layer-Two (L2) protocols. The total TVL on these protocols rose from 2.40 billion to 4.73 billion.

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