State of IoTeX Q2 2024

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Key Insights

Performance Analysis

In line with other Layer-1 protocols, the IoTeX transaction activity resumed to usual levels in H1’24, after experiencing a significant spike during the inscription craze in Q4’23. Notably, IoTeX saw several spikes in transaction activity in April, driven by increased activity involving bridged assets on Mimo

As of Q2’24, the IoTeX Network was secured by 109 active delegates

As the inscription activity cooled off in H1’24, IoTeX’s network transaction fees saw a 9% decrease QoQ, despite the 107% QoQ increase in transactions.

Similar to other Layer-1, IoTeX saw a big spike in network transactions due to the heightened inscription activity in Q4’23. Inscription activity began to emerge on IoTeX in the second half of December. From December 18 to 31, IoTeX netted nearly $200,000 in revenue from gas fees — i.e., roughly 94% of the overall quarterly revenue, mostly attributed to inscriptions. While the inscription activity cooled off in H1’24, this year’s gas fee levels still surpassed those seen in Q3’23.

In Q2’24, rewards to validators increased 3% QoQ to $3.33 million. In IOTX terms, rewards stayed relatively flat, up 1% QoQ from 59.5 million IOTX in Q1’24 to 60 million IOTX in Q2’24. With the introduction of IoTeX 2.0, users will be able to restake their IOTX to earn additional rewards along with the base staking rewards.

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