Research

Why crypto is a lot different today than in 2017

Article hero image

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.

The authors of this content, or members, affiliates, or stakeholders of Token Terminal may be participating or are invested in protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol. Token Terminal does not recommend any particular course of action in relation to any token or protocol. The content herein is meant purely for educational and informational purposes only, and should not be relied upon as financial, investment, legal, tax or any other professional or other advice. None of the content and information herein is presented to induce or to attempt to induce any reader or other person to buy, sell or hold any token or participate in any protocol or enter into, or offer to enter into, any agreement for or with a view to buying or selling any token or participating in any protocol. Statements made herein (including statements of opinion, if any) are wholly generic and not tailored to take into account the personal needs and unique circumstances of any reader or any other person. Readers are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol. Observations and views expressed herein may be changed by Token Terminal at any time without notice. Token Terminal accepts no liability whatsoever for any losses or liabilities arising from the use of or reliance on any of this content.

Stay in the loop

Join our mailing list to get the latest insights!

Continue reading

  1. Who earns fees in crypto?
    Who earns fees in crypto?

    Who earns fees in crypto?

    An overview of the blockchains and dapps that generate the most fees, and an illustration how those fees are distributed between the protocol and its supply-side participants.