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<h2 id="header-0">According to a study published by a crypto-focused informative portal, the net revenue of Ethereum (ETH), the second largest cryptocurrency by market cap, plummeted by an astonishing 86% in Q3 of 2022.</h2>
Reportedly, ETH recorded $1.96B in net revenue in Q2 of this year. Unfortunately, the third quarter's revenue was just $274.12 million.
As a result, the <a href="https://www.coingabbar.com/en/crypto-blogs-english/was-the-hype-worth-it-eth-merge-consequences" rel="noopener noreferrer nofollow">Ethereum Merge</a>, which took place on September 15th of this year, was unable to revive the ETH network. As per the current state of the network's revenue, ETH demand decreased in Q3. Furthermore, the price of the altcoin king was primarily negative in its most recent session. Despite this, there were a few upticks throughout the quarter.
According to sources, the number of ETH active addresses increased by 3.09% over the previous quarter. This brings the total number of active addresses to 506,384. There was also an increase in ETH staking, with the deposit contract increasing by 80% to 14.1 million depositors. There were 442,000 unique validators and 84,600 unique depositors among the 14.1 million.
Interestingly, the majority of the staking increase may be ascribed to Lido Finance (LDO). LDO, in addition to providing a liquidity pool for ETH users, was one of the highest-performing crypto assets of the quarter. The protocol accounted for 4.25 million of the new ETH deposits.
Another metric that has increased for the cryptocurrency leader is its Total Value Locked (<a href="https://www.coingabbar.com/en/crypto-blogs-english/what-is-total-value-locked-tvl-in-defi" rel="noopener noreferrer nofollow">TVL</a>) in Layer-Two (L2) protocols. TVL on these protocols increased from 2.40 billion to 4.73 billion.
Read also: <a href="https://www.coingabbar.com/en/crypto-currency-news-english/bitcoin-miner-plans-selling-mining-equipment" rel="noopener noreferrer nofollow">Bitcoin Miner Plans Selling Mining Equipment</a>

Ethereum Experienced A Terrible Third Quarter Despite The Merge

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