New listings

zkSync Era – a blockchain (L2) that scales Ethereum using zero-knowledge technology. zkSync Era batches users’ transactions and submits them to Ethereum, paying a share of the transaction fees to Ethereum validators. You can access the data across all our products: Terminal (Pro), Terminal API, and Data Room.

Blast – a Paradigm backed yield aggregator with plans to become an Ethereum L2.

Camelot – a non-custodial exchange protocol built on Arbitrum.

Pyth – a decentralized oracle network, that recently launched the $PYTH token. You can now follow the price and developer activity on Token Terminal!

Lybra Finance – a stablecoin protocol built on Ethereum.

Terminal Pro

Data-driven insights from analysts using Token Terminal Pro

Excerpt from “Crypto's evolution: beyond speculation and towards fundamentals”, authored by Michael Nadeau from The DeFi Report:

“We said it once and we’ll say it again: crypto has fundamentals & top-notch data providers. This has set the stage for large TradFi players to leverage onchain data informing new indices. And once we get new regulations, we believe onchain data will catalyze a new era in financial innovation…

…After all, the granularity of data we can observe on crypto networks is unprecedented in finance. To further our point, below are Uniswap’s retention rates for monthly active users:”

Explore Terminal Pro: https://tokenterminal.com/product/pro

Terminal API

We added three new endpoints to the Terminal API this week. You can now retrieve the following datasets through the Terminal API:

• Crypto screener: All metrics for all the projects currently live on Token Terminal.
• Insider transactions: Top 1,000 token transfers & DEX trades (based on $ value) for the top 100 tokenholders (based on $ balance) during the past 7 days.
• Cohort analysis: Number of first time users for each month, and the retention rate for all projects with active user data on Token Terminal.

Explore the Terminal API: https://tokenterminal.com/product/api

Data Room

Handpicked insights from the Token Terminal Data Room

What
Comparison between unique swap transaction senders and unique swap function caller counts for Uniswap (v2/v3). Transaction senders are a proxy for traders and swap callers represent addresses that interact directly with the smart contracts.

Why
While both numbers are trending up, the transaction sender count is a magnitude higher compared to function callers. This means that only a few users interact with the pool/pair smart contracts directly. The trades often go through aggregator or router contracts.

So what
This trend highlights the user-friendly nature of aggregators and swap routers. They simplify the trading process and offer more accessible interfaces, successfully catering to a broader range of users who may not feel comfortable interacting directly with pool/pair smart contracts. These intermediaries not only make trading more accessible, but they also tend to optimize transactions for lower fees.

Raw and decoded onchain data from 14 chains, accessible via Google BigQuery. Explore our Data Room offering: https://tokenterminal.com/product/data-room

Changelog

New metrics

• Trade count: shows the amount of distinct trades made on an exchange.
• Tradeable pairs: Shows the number of unique trading pairs deployed by the exchange’s users.
• Tradeable assets: Shows the number of unique tokens available for trading in the exchange’s trading pairs.
• Liquidity turnover: Calculated by dividing the trading volume of a DEX with its total value locked (liquidity).

Smart contract labels

Labels make it easier for analysts to understand which market sectors, projects, and contracts drive usage on a blockchain.

• zkSync Era labels
  • 800+ new labels
  • 50+ new projects labelled
• Ethereum labels
  • 90+ new labels

Explore trending contracts: https://tokenterminal.com/terminal/contracts/trending

ICYMI

Fundamentals podcast

Demystifying web3 gaming with Shima Capital – trends, challenges, opportunities | Fundamentals ep.80

Self-serve content

• ether.fi launches eETH: non-custodial staking and native restaking
• Forta: Web3 security challenges and how Forta solves them
• Yearn Vaults V3

News and research

MarketVector Indexes™ launches innovative Token Terminal Fundamental Index suite

Crypto's evolution: beyond speculation and towards fundamentals

Explore the Terminal: https://tokenterminal.com/terminal

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.