A leading crypto insights firm claims one Ethereum (ETH)-based decentralized video streaming network is witnessing an uptick in fundamentals in the second half of 2022 despite the bear market.
Messari notes that Livepeer (LPT) clocked a record of nearly 37 million minutes of video transcoded on its network, a 12% increase from the second quarter of the year.
The insights firm says the growth indicates “increased demand from end-users.”
“This increased usage is reflected in both the demand and supply side metrics. Transcoding fee revenue reached an all-time high in ETH terms in Q3’22, up 52%. Staking reward revenue in LPT terms increased 17% in Q3’22; however, when translated in USD terms, it was down 46%.”
The insights firm also notes more than 100 projects have built Livepeer-powered apps in 2022.
Livepeer aims to enable a cost-efficient way of broadcasting and streaming video. The project’s native governance token, LPT, is trading at $9.25 at time of writing.
The 143rd-ranked crypto asset by market cap is down nearly 1% in the past 24 hours but up more than 2.7% in the past seven days. It is down more than 9.2% in the past month. LPT also remains more than 90% down from its all-time high of over $99, which it hit in November 2021.
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Azat Valeev/monkographic
