Weekly fundamentals #30

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

This week’s top gainers by TVL

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

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

This week’s top gainers by total revenue

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

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

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

This week’s top gainers by protocol revenue

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

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

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!

Perpetual Protocol is now live on Token Terminal!

Idle Finance is now live on Token Terminal!

Hop Protocol is now live on Token Terminal!

Notional Finance is now live on Token Terminal!

Visit us: tokenterminal.com

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