Weekly fundamentals #49

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

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