A week-over-week momentum overview of the top blockchains & dapps across our key metrics.
Key highlights:
📊 Lyra, Perpetual Protocol, Idle Finance, Hop Protocol, and Notional Finance are now listed on Token Terminal.
🆕 New post in our research series: The state of Optimism.
✍️ We published a write-up of our discussion on the current state of Maple Finance with Co-Founder Joe Flanagan.
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
https://tokenterminal.com/explorer/metrics/tvl
This week’s top gainers by TVL
Daily TVL for this week’s top movers in the past 180 days
Custom chart created with Token Terminal Pro.
Key takeaways
- The liquidity (TVL) in crypto is still largely concentrated to the ~10 largest DeFi protocols; all of which have been operational for at least 2 years.
📈Total revenue (fees paid)
Which projects have generated the most fees/yield?
Top projects by cumulative total revenue in the past 7 days
https://tokenterminal.com/explorer/metrics/revenue
This week’s top gainers by total revenue
Daily total revenue for this week’s top gainers in the past 180 days
Custom chart created with Token Terminal Pro.
Key takeaways
- In terms of aggregate fee revenue, Ethereum is still in a league of its own. Although, we can already see applications like OpenSea and Uniswap closing in on Ethereum.
- Of the top five, Uniswap is the only protocol with the entirety of fees paid (total revenue) going to supply-side participants (LPs), with $0 accruing to the UNI treasury.
📉Price to sales (P/S) ratio
How are projects priced relative to total fees/yield generated?
Top projects by latest P/S rations
https://tokenterminal.com/explorer/metrics/ps-fully-diluted
This week’s top movers by P/S ratio
Key takeaways
- The recent drawdown in the crypto market is also visible in the valuation multiples.
- Many projects have low P/S ratios (fd. market cap / annualized fees). Although, it’s always worth considering how much of the fee revenue or usage is tied to token incentives that are paid to users – a data point that we’re actively working on including in all of our dashboards.
📈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
https://tokenterminal.com/explorer/metrics/revenue
This week’s top gainers by protocol revenue
Daily protocol revenue for this week’s top movers in the past 180 days
Custom chart created with Token Terminal Pro.
Key takeaways
- As is the case with total revenue, Ethereum is also in a league of its own in terms of aggregate protocol revenue — by an even larger margin.
📉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
https://tokenterminal.com/explorer/metrics/ps-fully-diluted
This week’s top movers by P/E ratio
Key takeaways
- The same reasoning applies here as in the P/S ratio section above.
- Note that we have yet to include cost & expense data in full for these protocols (e.g. off-chain development costs & token incentives), which is why these numbers should be used as directional input for a protocol’s valuation.
- With that said, there are definitely a handful of protocols that are approaching ‘value territory’ at current price levels.
*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.
🆕 New listing(s)
Lyra is now live on Token Terminal!
Lyra is a non-custodial derivatives exchange protocol built on Optimism.
Perpetual Protocol is now live on Token Terminal!
Perpetual protocol is a non-custodial exchange protocol built on Ethereum and other adjacent blockchains.
Idle Finance is now live on Token Terminal!
Idle Finance is an asset management protocol built on Ethereum.
Hop Protocol is now live on Token Terminal!
Hop is a scalable rollup-to-rollup general token bridge.
Notional Finance is now live on Token Terminal!
Notional is a non-custodial fixed-rate, fixed-term crypto asset lending and borrowing protocol built on Ethereum.
Visit us: tokenterminal.com
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
The Rainmakers of the Crypto Market
This week’s newsletter focuses on protocols (blockchains & decentralized applications) that generate the most fees. We’ll learn that analyzing only one chart from the Terminal can tell us a lot about the industry dynamics in the crypto market.
Uniswap’s Multichain Expansion Is Ethereum-Aligned
This week’s newsletter visualizes Uniswap’s growth and expansion from a single-chain to a multichain DEX. We go through Uniswap’s key financial and usage metrics, and break down the aggregate figures by chain. The chain-level datasets on Token Terminal offer valuable depth to the analysis of individual projects.
Asset Tokenization, the Return of the Incumbents?
This week’s newsletter focuses on asset tokenization and the impact it could end up having on the crypto markets. We explore (i) how asset tokenization works, (ii) why incumbent companies might have an edge in leveraging blockchains, and (iii) what’s actually happening onchain today.