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.
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