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Weekly fundamentals #52

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#52

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:

📊 Ankr, Radiant Capital, and Tokenlon are now listed on Token Terminal.

🎙 Watch our latest episode of 15-minute fundamentals with Pangolin on YouTube, or listen to the audio version on any podcast platform.

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.

Growth in perpetual exchange trading volume due to market volatility and user migration from CEXs

  • The daily trading volume of on-chain perpetual exchanges reached $5B, the highest daily trading volume since the UST meltdown of mid-May 2022.
  • Several on-chain perpetual exchanges had the highest gas-consuming contracts of their respective chains in last 7 days:
    • GMX had the 1st and 3rd most gas-consuming contract on Avalanche and Arbitrum
    • Gains Network had the top gas-consuming contract on Polygon
    • Perpetual Protocol had the top gas-consuming contract on Optimism

BitDAO treasury remains strong and diversified despite losing $70M in FTT

  • BitDAO was founded by centralized exchange Bybit in 2021 and performed an over-the-counter token swap with Alameda Research in November 2021, swapping 100M BIT tokens for 3.36M FTT tokens.
  • As a result of FTT volatility over the past week, BitDAO ended up losing over $70M in value from FTT tokens alone.
  • Despite this, BitDAO’s treasury still remains healthy with over $1.7B in assets, of which $770M are non-native assets ($330M in ETH, $238M in USDC, $174M in USDT).

Ren’s TVL was cut in half following the announcement that it no longer has control of the protocol treasury

  • Inter-chain operability protocol Ren had partnered with Alameda Research in early 2021 to facilitate the bridging of on-chain assets between EVM chains and Solana.
  • On 11 November 2022, Ren Labs announced that following its partnership with Alameda, it no longer had access to the protocol treasury and had been receiving quarterly funding from Alameda to cover operational costs.
  • Following the announcement, Ren’s TVL dropped by 50% in the last 7 days, with over $23M renTokens (such as renBTC) burnt on 12 November 2022.

Blockchain revenues spiked while the number of active users stayed constant, suggesting more frequent transactions by existing users

  • Despite the number of active users staying relatively constant, the daily revenues for major blockchains spiked over 300% when compared to the daily revenues in the previous week, suggesting that existing users have been transacting much more frequently.
  • In particular, Jump Trading was the 3rd most gas-consuming address on Ethereum in the last 7 days, using over $1.5M in ETH gas fees. The same wallet was only the 132nd most gas-consuming Ethereum address in the last 365 days, using just $2.3M in gas fees in the 358 days preceding the FTX meltdown.
  • The FTT token itself was also the 51st most gas-consuming contract in the last 7 days.

Head over to tokenterminal.com for a more detailed view of the top blockchains & dapps.

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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