A week-over-week momentum overview of the top blockchains & dapps across our key metrics.
Key highlights:
📊 Synapse, and X2Y2 are now listed on Token Terminal.
🌟 We added the Active users metric to Token Terminal. This shows the current and historical number of daily active unique addresses interacting with a project.
🔬 New post in our research series: The state of Arbitrum.
🎤 New episode of 15-minute fundamentals with Maple Finance. Watch it on YouTube or listen to the audio version on any podcast platform.
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
Top projects based on daily TVL in the past 30 days
https://tokenterminal.com/explorer/metrics/tvl
This week’s top gainers by TVL
Key takeaways
- While TVL is useful as a technical metric to measure how much value is deposited into a protocol's smart contracts, it doesn't necessarily tell investors how a protocol is performing financially.
- E.g. for Uniswap, TVL is equal to the value of the assets that LPs deposit into the trading pools. This is because traders always deposit another asset back into the pool when making a trade on Uniswap. TVL = deposits.
- In our view, a better way to measure Uniswap's performance would be to focus on trading volume and trading fees generated.
- Check out our brief video on TVL, i.e. what it means & how it can be used to measure the performance of different protocols.
📈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/fees
Top projects based on daily total revenue in the past 30 days
https://tokenterminal.com/explorer/metrics/fees
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
- There are several ways that crypto projects generate revenue. The typical revenue models by project type are as follows:
- It’s always worth considering how much of the fee revenue or usage is tied to token incentives paid to users – a data point we’re actively working on including in all of our dashboards.
📉Price to sales (P/S) ratio
How are projects priced relative to total fees/yield generated?
Top projects by latest P/S ratio
https://tokenterminal.com/explorer/metrics/ps-fully-diluted
This week’s top movers by P/S ratio
Key takeaways
- The P/S ratio is an ideal valuation method, especially for early-stage protocols that often have little or no net income (because revenue is reinvested into growth, often by subsidizing the use of the protocol’s service).
- While the P/S ratio offers a highly useful and accurate tool for relative analysis between different early-stage crypto protocols, 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
Top projects based on daily protocol revenue in the past 30 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
- Protocol revenue represents the share of revenue generated from a protocol’s business that is subsequently allocated to its treasury or distributed to its token holders.
- There are three typical scenarios for revenue distribution to tokenholders:
- It is important to keep in mind that protocol revenue does not equal profit. To calculate the profitability of a project, you must account for the team's operational expenses and any token incentives being paid out.
📉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
- For protocols like Uniswap, where all trading fees currently go to the liquidity providers (supply-side), there won’t be a P/E ratio available.
- 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)
Synapse is now live on Token Terminal!
Synapse is a cross-chain token bridge.
X2Y2 is now live on Token Terminal!
X2Y2 is a non-custodial NFT marketplace protocol built on Ethereum
📽 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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