Weekly fundamentals #26

A week-over-week momentum overview of the top blockchains & dapps across our key metrics.

Key highlights:

📊 Rocket Pool and Index Coop are now listed on Token Terminal.

📽 New 15-minute fundamentals with Goldfinch. Watch it on YouTube or listen to the audio version on any podcast platform.

🆕 New post in our research series: The state of Cosmos.

Charts of the week

💰Total value locked (TVL)

Which projects currently have the most assets deposited into their smart contracts?

Top projects by latest TVL

This week’s top gainers by TVL

Daily TVL for this week’s top movers in the past 180 days

Key takeaways

• The total amount of value locked in smart contracts has dropped from over $250 billion to slightly under $150 billion in just a few days as cryptoasset prices plummet.

📈Total revenue (fees paid)

Which projects have generated the most fees/yield?

Top projects by cumulative total revenue in the past 7 days

This week’s top gainers by total revenue

Daily total revenue for this week’s top gainers in the past 180 days

Key takeaways

• An increase in volatility and the unfortunate events around the depegging of TerraUSD have resulted in an increase in total trading volume throughout DeFi as investors search for security.
• USD-denominated revenue is trending up despite the sharp decline in prices. This is mainly driven by the increased demand for exchanging cryptoassets.

📉Price to sales (P/S) ratio

How are projects priced relative to total fees/yield generated?

Top projects by latest P/S rations

This week’s top movers by P/S ratio

Key takeaways

• P/S ratios have decreased across the board as the crypto market continues its downward trend.
• Ethereum Name Service (ENS) saw a surge in revenue over the past weeks as speculators rushed to register all 3- and 4-digit ENS domains. This combined with a sharp decline in market cap has it sitting at a P/S ratio of under 5x.

📈Protocol revenue

Protocol revenue is the share of the total revenue that accrues to the benefit of token holders or the company behind the protocol.

Top projects by cumulative protocol revenue in the past 7 days

This week’s top gainers by protocol revenue

Daily protocol revenue for this week’s top movers in the past 180 days

Key takeaways

• Despite a downwards trend in the market, we can see solid revenue growth among small- and mid-cap protocols.
• Demand for swapping stablecoins increased substantially as investors searched for security after the depegging of TerraUSD (UST). Curve, and many decentralized exchange aggregators, saw sharp increases in trading volume.
• As volatility in the market has increased, we’ve seen more activity on perpetual contracts exchanges such as dYdX.

📉Price to earnings (P/E) ratio

The 'E' in the P/E ratio is based on protocol revenue, i.e. the share of the total revenue that accrues to the benefit of token holders or the company behind the protocol.

Top projects by latest P/E ratio

This week’s top movers by P/E ratio

Key takeaways

• Both the P/S and P/E valuation multiples have decreased significantly as markets trend downwards and trading activity has increased.

*Note: We have excluded dapps & blockchains with revenue figures under $10k/week.**Note:‘change’ is calculated as a snapshot comparison, whereas ‘trend’ is calculated by comparing the given time interval against its previous time interval.

📽 This week’s video

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