Livepeer Network is a crypto project that’s been in the sights of many. According to analysis, Livepeer Network has grown by over 3 million transcoded minutes since Q2 and is now standing at nearly 37 million transcoded minutes, which is a huge usage growth. If you didn’t know, Livepeer is a platform for decentralized video streaming and broadcasting. Because it was the first of its kind, it quickly gained popularity, and its usage increased. It hopes to replace centralized and censored broadcasting systems as the preferred option.
The demand from decentralized apps (dApps) and developers on the Livepeer Network has increased by over 12% in the past 3 months. What makes this even more significant is the fact that back in 2021, Livepeer saw usage of about 13.1 million transcoded minutes.
In less than 24 months, the total transcoded minutes of video on the Livepeer network has gone up by nearly 3x. This was reported first by Messari, a platform specializing in crypto data and research.
1/ How did @Livepeer perform during Q3 2022 and what plans do they have moving forward?🧵 pic.twitter.com/yIZr7H8ogW
— Messari (@MessariCrypto) October 7, 2022
These metrics show other interesting data too. Back in Q2 of 2021, Livepeer Network stakers got a total of about $12 million worth of rewards. When compared to Q2 of 2022’s rewards of about $9 million, that’s quite a lot. However, the main reason for that is the number of stakers and network users. Overall, it depends on the activity of the community and the investors. Also, back in 2021, the total number of staked tokens was 54% of the supply, while it is now about (or even less) 50%.
Back to the overall demand on Livepeer, we see an increase in both demand and supply on both sides. We see an increase in transcoding fee revenue in terms of ETH by 52%, which is a new all-time high for Livepeer. On the other hand, staking rewards in terms of LPT (Livepeer’s native cryptocurrency) is up by 17%. However, when you convert that price to USD, it is still down by around 50%. Yet, that’s nothing to worry about once the crypto market begins recovering.
If you are wondering how the increased usage will affect the price of LPT, we’ve analyzed and compiled a price prognosis of the native cryptocurrency of the Livepeer network.
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