Despite the price swings of Avalanche (AVAX) in the third quarter of 2022, according to Messari, Avalanche’s network value rose only 3.3%, while its total revenue fell 94.1%.
Avalanche previously merged its network with platforms like Core, THORChain, and Boba Network to bring higher productivity, but Messari found Avalanche’s daily transaction volume and transaction fees declined by 65.5% and 76.2%, respectively.
Similarly, Avalanche’s popular DeFi project, called Avalanche Rush, also saw a fall in TVL, losing about 27% in both USD and AVAX terms.
Aside from DeFi, AVAX’s NFT token market conditions are also bad. The network’s NFT sales volume and number of unique buyers also decreased by more than 88% and 34%, respectively. However, the number of unique sellers increased by 25%, according to the data provided by Messari.
AVAX — the Avalanche network’s core utility token and the 17th largest cryptocurrency by market capitalization — has dropped nearly 4% in the past 24 hours, according to CoinMarketCap data.
And overall, AVAX is down nearly 90% from its all-time high (ATH) of $146 in November 2021 and is now trading at $16.25.
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