A major crypto analytics company has one Ethereum (ethereum) based decentralized video streaming network is witnessing a pick-up in fundamentals in the second half of 2022 despite the bear market.
Messari Note Its live peer (LPT) recorded approximately 37 million minutes of video transcoded over the network. That’s a 12% increase from the second quarter of this year.
The Insight company said the growth shows “increased demand from end-users.”
“This growth in usage is reflected in both demand-side and supply-side metrics. Transcoding fee revenue reached an all-time high for ETH in Q3 2022, up 52%. LPT. staking rewards revenue increased by 17% in Q3 2022. However, when converted to USD, it decreased by 46%.”
It also notes that by 2022, over 100 projects will have built apps powered by Livepeer.
Livepeer aims to make it possible to broadcast and stream videos in a cost-effective manner. His LPT, the project’s native governance token, is trading at $9.25 at the time of writing.
Ranked 143 by market capitalization, the cryptocurrency has fallen nearly 1% over the past 24 hours, but is up more than 2.7% over the past seven days. It is down more than 9.2% over the past month. The LPT is also down more than 90% from his all-time high of over $99 set in November 2021.
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