Web3 Infrastructure Q1'22 Revenue Report

Key Insights

• Several Web3 infrastructure protocols are generating substantial protocol revenue, including Filecoin, Helium, Arweave, and Livepeer.
• Most Web3 protocols have shown significant revenue growth over the past year, and many continued to experience said growth in Q1’22.
• While adoption of Web3 protocols grows, many are arguably overvalued on a revenue basis while the potential addressable market remains the rationale for investor optimism.

Data from Web3 Index shows that after years of building, several Web3 protocols are starting to experience strengthened network usage. As a result of this usage, which often requires spending of the protocol’s native token in exchange for services, these Web3 protocols are beginning to generate revenue.

Filecoin and Helium generated substantial protocol revenue in Q1’22 — $9.4 million and $14.5 million, respectively — while the remainder of the selected Web3 infrastructure protocols cumulatively generated over $1 million in protocol revenue.