Research Summary
The report provides an in-depth analysis of Moonbeam’s performance in Q2 2024. Moonbeam, a Layer-1 parachain on the Polkadot Network, saw a decrease in its circulating market cap and revenue, but an increase in its DeFi TVL (GLMR). The report also highlights Moonbeam’s strategic focus areas, key developments, and future plans.
Key Takeaways
Moonbeam’s Financial Performance
- Decrease in Market Cap: Moonbeam’s circulating market cap decreased to $199 million, a 53% decrease QoQ. The fully diluted market cap also decreased by 53% QoQ to $253 million.
- Revenue Decline: After several quarters of growth, Moonbeam’s revenue slowed in Q2 2024. The revenue (GLMR) was 303,000, a 35% decrease QoQ, while the revenue (USD) saw a larger decrease of 56% QoQ to $95,000.
- Stablecoin Market Cap: Moonbeam’s stablecoin market cap slightly decreased to $7.3 million, but has been extremely stable over the past year. Frax continues to dominate the ecosystem’s stablecoin market with a 72% share.
Network Activity and Developments
- Network Activity: Moonbeam network activity had a pullback in Q2 2024. Average daily active addresses decreased to 8,100, a 32% decrease QoQ, and average daily transactions declined to 54,000, a 40% decrease QoQ.
- Key Developments: Moonbeam revealed its Moonrise initiative in Q2 2024, which includes reducing block times to six seconds, incorporating Ethereum’s Dencun compatibility, and establishing an Ecosystem Fund.
DeFi TVL and Gaming Sector Initiatives
- DeFi TVL Increase: The DeFi TVL on Moonbeam was $44 million, a 26% decrease QoQ, while the DeFi TVL (GLMR) was 196 million, a 63% increase QoQ. The increase in TVL GLMR indicates a positive net capital flow into the network.
- Gaming Sector Initiatives: Moonbeam made a notable push into the gaming sector in Q1 2024 with several key initiatives, including a partnership with Animo Industries, the Lunar Gaming Festival April campaign, and the launch of Heroes Battle Arena.
Actionable Insights
- Monitor Moonbeam’s Financial Performance: Given the decrease in Moonbeam’s market cap and revenue in Q2 2024, it would be prudent to closely monitor its financial performance in the coming quarters.
- Assess Impact of Network Developments: The Moonrise initiative and other key developments could have significant impacts on Moonbeam’s performance. Assessing the impact of these developments could provide valuable insights.
- Explore DeFi and Gaming Sector Opportunities: The increase in DeFi TVL (GLMR) and Moonbeam’s initiatives in the gaming sector present potential areas of interest. Exploring these areas could reveal new opportunities.
