Weekly fundamentals #31

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

Key highlights:

📊 Zerion and Botto are now listed on Token Terminal.

🆕 We added the Treasury metric to Token Terminal. This shows the USD value of the protocol's funds held on-chain (including unallocated governance tokens).

🎤 New episode of 15-minute fundamentals with dYdX. Watch it on YouTube or listen to the audio version on any podcast platform.

🔬 New post in our research series: The state of Polkadot.

✍️ We published a write-up of our discussion on the current state of Euler Finance with Co-Founder & CEO Michael Bentley.

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

Top projects based on daily TVL in the past 90 days

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.
• When crypto asset prices trend down, we can notice that well-established projects such as MakerDAO and Aave maintain their TVL better than more nascent projects.

📈Total revenue (fees paid)

Which projects have generated the most fees/yield?

Top projects by cumulative total revenue in the past 7 days

Top projects based on daily total revenue in the past 30 days as a % share

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 in a league of its own.
• As more applications start to expand and go multi-chain, it’s possible that they surpass Ethereum (or any single underlying blockchain they're using) in total fee revenue.

📉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

• 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

Top projects based on daily protocol revenue in the past 30 days as a % share

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.
• You will notice that several of the top projects by total revenue are not visible on the protocol revenue chart. This can be due to the protocol only taking a small cut of total fees generated, or all fees going to supply-side participants. This is the case with e.g. Uniswap, where 100% of trading fees paid on the DEX currently go to LPs.

📉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.

*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)

Zerion is now live on Token Terminal!

Botto is now live on Token Terminal!

📽 This week’s video

Visit us: tokenterminal.com

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