A walkthrough of the most interesting charts and trends in crypto, with a focus on key business drivers and protocol fundamentals. Let’s dig in!
Key highlights from the past week at Token Terminal:
📊 Sound.xyz is now listed on Token Terminal.
💵 We added the Earnings metric to project dashboards. This shows the difference between a project’s revenue and token incentives.
Earnings leaderboard
Which projects have earned more in revenue than they have paid out via token incentives?
Top 10 projects by earnings in the past 7 days
Earnings = revenue - token incentives.If this number is negative, a project spends more on token issuance than it earns in revenue.
Explore the full earnings leaderboard here.
Charts to watch
A walkthrough of the most interesting charts and trends across our key metrics.
Maple Finance is dominating the institutional lending market
- Despite a crypto credit crunch in mid-Jun 2022, Maple Finance continued to generate over $2M and $2.8M in revenue in Jun and Jul 2022, respectively.
- Maple Finance also launched a new undercollateralized lending pool on 13 Aug 2022 with credit partner Maven-11, originating over $65M in loans since then.
Revenues are declining faster than market caps on non-Ethereum based DEXs
- After peaking in mid-May, revenues for non-Ethereum DEXs have been trending downwards. Despite a simultaneous decrease in price, P/S ratios have been rising steadily.
- In Q2 and Q3 2022, the average daily revenue of the DEXs above were:
Yield aggregator TVLs have stabilized after a large drop
- The TVL of major yield aggregator protocols experienced a ~90% decline after peaking on 4 Dec 2021 at $8.1B, now sitting at just below ~$0.6B.
- Despite the massive decline throughout Dec 2021 - Jun 2022, TVL has remained relatively constant since Jul 2022.
- Average daily TVL across Jul 2022 was ~$0.7B, only ~15% above the current TVL.
Highest gas consuming contracts on Ethereum
- Uniswap and OpenSea contracts have been some of the consistently highest gas consuming contracts over the past year, consuming over a cumulative $925M and $845M, respectively.
- XEN Crypto has been the second highest gas consuming contract after Uniswap V3: Router 2 in the past 30 days, using just over $7.5M in gas.
- MEV Bots also contribute massively to Ethereum gas consumption, with the highest gas consuming bot using just under $47M in the past year (18th most gas consuming address overall).
80% decline in bridging volume since Jan 2022
- Monthly bridging volume for major cross-chain bridges has declined by ~80%, from ~$3.4B in Jan 2022 to ~$0.7B in Sep 2022.
- This decline in cross-chain bridging volume can be largely attributed to both a general decrease in DeFi activity and security concerns of bridge protocols.
- ~$2.5B has been lost in bridge exploits since 2021, which represents close to 50% of all funds lost in DeFi exploits.
This week’s video
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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