Weekly fundamentals #53

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:

🆕 Vesting schedule (token unlocks) data is now live for the first protocols. We'll be adding this data for all projects in the near future.

🎙 Watch our latest episode of 15-minute fundamentals with BENQI 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 found from the recently launched Trending contracts dashboard.

PancakeSwap’s router handled close to 300M transactions in the past year, more than any other contract

• DEX router contracts facilitate the swapping of tokens.
• PancakeSwap’s Router V2 contract consumed close to $150M in gas over the past year across 300M transactions, with the average transaction costing ~$0.5.
• This means that PancakeSwap handled almost 15 times the number of transactions that Uniswap V2 & V3 on Ethereum did over the past year (~20M transactions, averaging $25 per transaction).
• Runner-up BSC contracts by transaction count:

Despite having migrated to its own subnet in May 2022, Crabada’s Game contract remains the highest gas-consuming contract on Avalanche C-Chain

• Crabada’s Game contract consumed $39M in AVAX as gas fees over the 55M transactions in the past year.
• Despite having migrated to its own Avalanche subnet (Swimmer Network) on 9 May 2022, it remains by far the highest gas-consuming contract on Avalanche C-Chain.
• As transactions on Avalanche subnets are paid in the subnet’s native token (TUS for Swimmer Network) instead of AVAX, this migration resulted in less AVAX being burnt as gas fees. 
• The value accrual for AVAX switches from being used as gas to being locked up by validators to secure the subnet.
• Across most non-Ethereum EVM chains, GameFi contracts tend to be one of the top gas-consuming contracts over the past year:

The top 10 gas-consuming MEV bots on Ethereum accounted for ~6% ($15M) of Ethereum’s total gas usage in the last 90 days

• The top 10 gas-consuming MEV bots on Ethereum used $15M in gas in the past 90 days, roughly equivalent to the gas consumed by the OpenSea Seaport contract over the same time period.
• MEV bots submit high gas fees to get their transactions ordered in a desirable way within a block, allowing them to profit from lucrative arbitrage or liquidation opportunities present in DeFi.
• MEV Bot: 0xE8c...2e5 (4th most gas consuming) was also the 3rd most profitable MEV Bot over the last 30 days, with over $580K in profit.
• A common characteristic amongst MEV Bots is the use of Profanity-style addresses (e.g. 0x0000...). This allows them to submit transactions with slightly lower gas fees, granting them an advantage when bidding for prioritized blockspace through blockspace marketplace protocols like Flashbots.

1inch is the most dominant DEX aggregator, with its v4 Router contract being a top 10 gas-consuming contract on most major EVM chains over the past 90 days

• 1inch’s v4 Router contracts consumed close to $5M in gas across major EVM chains in the past 90 days and are now among the top gas-consuming contracts.
• This was partially fueled by 1inch’s integration of Synthetix’s atomic swaps on 1 June 2022, which drastically reduced slippage.
• Main competitor Paraswap’s Augustus Swapper contract is the 61st most gas-consuming contract on Ethereum over the past 90 days, consuming just over $350K in gas.

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

This week’s video

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