Why crypto is a lot different today than in 2017

In short: many protocols have evolved from R&D phase startups into cash flow-generating businesses

There's not one or two, but multiple projects that generate protocol revenue.

Definition of protocol revenue:

Share of fees/yield that go to the protocol’s treasury or directly to its token holders through e.g. a burn mechanism (similar to a stock buyback).


Top dapps & blockchains based on cumulative protocol revenue.

Past 30 days.


Example #1: Aave, a lending protocol built on Ethereum.

Aave generates $1.6M in aggregate interest rate revenue per day. Of that, $170k is directed to the protocol's treasury that is managed by $AAVE holders.


Example #2: Compound, a lending protocol built on Ethereum.

Compound generates $1.2M in aggregate interest rate revenue per day. Of that, $122k is directed to the protocol's treasury that is managed by $COMP holders.


Example #3: Lido, a staking derivatives protocol built on Ethereum.

Lido earns $732k in aggregate staking reward revenue per day. Of that, $73k is directed to the protocol's treasury that is managed by $LDO holders.


Example #4: Yearn.finance, an asset management protocol built on Ethereum.

Yearn generates $720k in aggregate yield per day. Of that, $236k is directed to the protocol's treasury that is managed by $YFI holders.


Example #5: SushiSwap, an exchange protocol built on Ethereum.

SushiSwap generates $1.6M in aggregate trading fee revenue per day. Of that, $274k is directed to the protocol's treasury that is managed by $SUSHI holders.


Example #6: Uniswap, an exchange protocol built on Ethereum.

Uniswap generates $5.2M in aggregate trading fee revenue per day. Of that, $0 is directed to the protocol's treasury that is managed by $UNI holders.


Example #7: Trader Joe, an exchange protocol built on Avalanche.

Trader Joe generates $440k in aggregate trading fee revenue per day. Of that, $73k is directed to the protocol's treasury that is managed by $JOE holders.


Example #8: Benqi, a lending protocol built on Avalanche.

BENQI generates $279k in aggregate interest rate revenue per day. Of that, $55k is directed to the protocol's treasury that is managed by $QI holders.


This post was originally published on Twitter.