a) ~$4b run-rate EBITDA
b) ~$7.2b run-rate revenue
c) ~53bps average trading fee (!!!!!) if all comes from transactions
3) So I'm guessing a significant chunk of that revenue is not coming from trading fees, which would be a first.
Either that, or mobile app volume is WAAAAY up as a % of exchange volume.
So far they haven't broken it down.
4) This is an impressive financial statement, and a huge step for the industry.
And kudos to @coinbase for waiting to go public until they were consistently profitable and at least somewhat projectable. That's better than many listings.
And it's a great precedent for crypto.
5) FWIW, FTX likely had:
a) ~5-15% of the revenue
b) ~10-25% of the earnings
c) ~2x the volume
d) way fewer users
e) higher in-quarter growth
f) a bit higher year-on-year growth
(NOT FINANCIAL ADVICE, NOT AUDITED YET, JUST ESTIMATES)
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"Coinbase recklessly delivered false, misleading, or inaccurate reports concerning transactions in digital assets, including Bitcoin, on the GDAX electronic trading platform it operated."
For a while there's been something annoying about FTX referral accounting.
All of the ref fees are paid out, but it often takes a day to do so.
That means that they will sometimes show up in the next day's bucket.
2) Going forward, this should be cleaner; each day's referral fees should correspond exactly to trades that happened on that (previous) day.
This should make it easier to track what's going on.
We're also considering changing the interaction of FTT with fee tier 6.
3) Fee tier is is capped at 3bps taker post-referral; this means if someone was fee tier 6, and had $5k of FTT making their actual fees ~3.5bps, then they would only give ~0.5bps of ref fees.
We're considering changing this to be a 3bp min pre-FTT.
If Nomi hadn't fucked up, maybe SUSHI would be at $100.
If the team hadn't built, maybe it would be at $1.
But it had a shot, because much of what we thought was sacred was in fact chasing yield.
3) There are people whose beliefs in a product or a chain will always dominate other factors.
But most of the people you see using something aren't trying to express their faith. Most people are still searching, and using whatever seems best for them at the time.