State of Kaia Q2 2024

Kaia’s revenue, i.e., all fees collected by the protocol, decreased by 37.8% QoQ to $1.1 million. When denominated in KLAY, revenue decreased by 22.7% to 5.9 million.

In Q2, average daily transactions increased by 127.9% QoQ to 1.8 million, and average daily active addresses increased by 713.7% QoQ to 462,100. Much of this increase came after the announcement of the merge.

The total amount of KLAY staked decreased by 4.0% QoQ from 1.4 billion to 1.3 billion. The dollar amount staked decreased 42.0% QoQ from $363 million to $210.5 million, mainly driven by price depreciation.

The KLAY staking yield increased 4.7% QoQ from 7.35% to 7.70%. This trend continues as validators increased by 3 QoQ to regain their June 2023 numbers at 37, which is an all time high. This was an 8.8% increase in QoQ.

DeFi

Klaytn’s average daily DEX volume decreased by 41.6% QoQ to $3.7 million. Of the Q2 volumes, DragonSwap held an average of 64.9% of the market even though its average volumes decreased by 9.4% QoQ to $2.5 million. The second largest DEX was Klayswap, with an average 27.6% market share and a volume of $1.0 million, which decreased by 74.7% QoQ. DragonSwap overtook Klayswap as the largest DEX by volume in Q2 despite having less TVL. DragonSwap’s market share increased 79.7% QoQ.

Klaytn’s stablecoin market cap decreased by 0.2% QoQ to $47.7 million, ranking it 33rd among all networks. USDT ended the quarter with $31.1 million on Klaytn’s chain, giving it a 65.2% market share. DAI was the second largest stablecoin on the network, with a $10.7 million market cap, giving it a 22.5% market share. There hasn’t been much change in the stablecoin market cap since Q4’23, as the market cap has only decreased 0.3% over H1’24.

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