Weekly fundamentals #31
A week-over-week momentum overview of the top blockchains & dapps across our key metrics.
🆕 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
- 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
- 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
- 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 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
- 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
- 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
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.
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