Messari has published the Moonbeam Q2 2024 Brief, with performance reflecting tough market conditions. They have noted an overall decline in user activity, with declines in active addresses (-32% QoQ), daily new addresses (-79% QoQ), and daily transactions (-40% QoQ). In spite of Moonbeam Season 3 Incentives, an overall decline in the crypto market prevailed pushing their DeFi TVL down by 26% to USD$44M. DEX volumes also dropped by 54%. Messari claims that a TVL increase of GLMR to 196M (+63% QoQ), indicates a net positive capital flow into the network. However, it appears that they have misinterpreted their data source (DefiLlama), mistaking a price conversion of USD to GLMR TVL for additional value locked. The data more likely just indicates a drop in the price of GLMR.