Weekly fundamentals | Charts and trends to watch in crypto
A walkthrough of the most interesting charts and trends in crypto, with a focus on key business drivers and protocol fundamentals. Let’s dig in!
Key highlights from the past week at Token Terminal:
📊 Sound.xyz is now listed on Token Terminal.
💵 We added the Earnings metric to project dashboards. This shows the difference between a project’s revenue and token incentives.
💰 Earnings leaderboard
Which projects have earned more in revenue than they have paid out via token incentives?
Top 10 projects by earnings in the past 7 days
Earnings = revenue - token incentives. If this number is negative, a project spends more on token issuance than it earns in revenue.
Charts to watch 👀
A walkthrough of the most interesting charts and trends across our key metrics.
🥞 Maple Finance is dominating the institutional lending market
Despite a crypto credit crunch in mid-Jun 2022, Maple Finance continued to generate over $2M and $2.8M in revenue in Jun and Jul 2022, respectively.
Maple Finance also launched a new undercollateralized lending pool on 13 Aug 2022 with credit partner Maven-11, originating over $65M in loans since then.
📉 Revenues are declining faster than market caps on non-Ethereum based DEXs
After peaking in mid-May, revenues for non-Ethereum DEXs have been trending downwards. Despite a simultaneous decrease in price, P/S ratios have been rising steadily.
In Q2 and Q3 2022, the average daily revenue of the DEXs above were:
💸 Yield aggregator TVLs have stabilized after a large drop
The TVL of major yield aggregator protocols experienced a ~90% decline after peaking on 4 Dec 2021 at $8.1B, now sitting at just below ~$0.6B.
Despite the massive decline throughout Dec 2021 - Jun 2022, TVL has remained relatively constant since Jul 2022.
Average daily TVL across Jul 2022 was ~$0.7B, only ~15% above the current TVL.
⛽️ Highest gas consuming contracts on Ethereum
MEV Bots also contribute massively to Ethereum gas consumption, with the highest gas consuming bot using just under $47M in the past year (18th most gas consuming address overall).
🌉 80% decline in bridging volume since Jan 2022
Monthly bridging volume for major cross-chain bridges has declined by ~80%, from ~$3.4B in Jan 2022 to ~$0.7B in Sep 2022.
This decline in cross-chain bridging volume can be largely attributed to both a general decrease in DeFi activity and security concerns of bridge protocols.
~$2.5B has been lost in bridge exploits since 2021, which represents close to 50% of all funds lost in DeFi exploits.
Head over to tokenterminal.com for a more detailed view of the top blockchains & dapps.
📽 This week’s video
🌟 Tweet of the week
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This newsletter is meant for informational purposes only. It is not meant to serve as investment advice. Please consult with your investment, tax, or legal advisor before making any investment decisions.