• Protocol revenue chart shows you which protocols are generating money for their token holders.
• With the toggle, you'll get similar charts for Total Revenue & Price to sales ratio.
• The customisable data table lets you choose metrics & sort the results.
4/ Metrics dashboards 📈
• 1st, pick a metric you’re interested in: total revenue, protocol revenue, P/S ratio, TVL.
• 2nd, analyse how different projects have performed against that metric over time.
• 3rd, for specific projects: use the competitive landscape feature.
5/ Markets dashboards 📊
• 1st, pick a market you’re interested in: exchange, lending, blockchain, DeFi
• 2nd, analyse how project’s within that market/sector have performed against each other over time.
• 3rd, for specific projects: use the competitive landscape feature.
6/ For the rest of the thread, we'll go through the layout of the project-specific dashboards:
Here you can pick different project-specific metrics and evaluate their correlation over different periods of time.
The market cap button has a dropdown for both circ. & fully-diluted & revenue for total, supply-side & protocol revenue (where applicable).
8/ Revenue share 💰/💰
Currently, we divide the revenue (total fees paid by demand-side users) into three different categories:
1. Total revenue (2+3) 2. Supply-side revenue (goes to LPs, lenders, etc.) 3. Protocol revenue (goes to token holders)
9/ Composition 🎨
Here you can go deeper on the different project-specific metrics to better evaluate their quality.
For example, does the majority of a lending protocol’s revenue come from only a few markets or is the revenue-generation spread across multiple markets?
10/ Competitive landscape 🤺
Here you can select multiple projects and a metric and compare their performance over different time periods.
For example, you might want to compare different lending protocols based on their historical price to sales (P/S) ratio.
11/ Access the underlying datasets 🤓
Finally, the paid version of Token Terminal gives researchers & analysts access to the underlying datasets in both excel & CSV formats.
📊✅ BMX enters into a Data Partnership with Token Terminal
▪️ @MorphexBMX is one of the fastest growing derivative exchange projects on @base, with a deployment also on @modenetwork.
▪️ The project has been entirely self-funded, with its core contributors bringing several years of experience from building onchain protocols.
▪️ Now, with ~$1 billion in all-time notional trading volume, BMX recognized the need for reliable, continuous, and data-driven stakeholder reporting.
Reliable onchain data & transparent stakeholder reporting matter
▪️ To improve its existing onchain analytics and stakeholder reporting, BMX turned to Token Terminal, a leading onchain data platform trusted by institutional partners like Bloomberg.
▪️ Token Terminal's dedicated focus on data standardization made it an ideal partner for BMX.
▪️ The decision to partner was further eased by the fact that Token Terminal already had a public track record of reporting standardized financial and usage metrics for other leading derivative exchange projects, such as GMX, dYdX, and more.
“By partnering with Token Terminal, we’re able to benchmark our performance against the competition in a fair and accurate way. Having a real-time dashboard on Token Terminal is not only a great tool for our team, but for all BMX stakeholders.”
people...
▪️ value cryptoassets
▪️ hold cryptoassets
▪️ trade cryptoassets
▪️ borrow cryptoassets
▪️ use crypto applications
▪️ transact with stablecoins
▪️ earn by building in crypto
▪️ can use crypto networks for ~free
a thread 🧵⬇️
People value cryptoassets
▪️ Five cryptoassets have reached a market cap of over $100 billion
▪️ The combined market cap of these 5 assets is ~$3 trillion
People hold cryptoassets
▪️ Close to 1 billion unique addresses hold a cryptoasset balance
▪️ The tokenholder count has gone up 10x over the past four years
▪️ Owner of @iShares, Bitcoin Trust ($18B AUM)
▪️ Owner in @circle, the issuer of USDC ($32B supply)
▪️ Owner in @Securitize, the transfer agent for the BUIDL onchain money market fund ($300M AUM)
2. BITCOIN (ASSET)
The firm sees three unique advantages to BTC the asset:
▪️ BlackRock serves customers across the globe and now, with BTC and IBIT, has a unique product to sell to its clients.
▪️ It’s likely that BlackRock will productize all major cryptoassets (ETH, SOL, etc.) in a similar manner.
3. BLOCKCHAIN (TECHNOLOGY)
The firm believes that blockchain technology can improve capital markets in several ways:
1⃣ 24/7 operational capital markets
2⃣ Improved transparency and investor access
3⃣ Lower fees and faster settlement
Strategy:
▪️ We believe that @BlackRock will eventually launch its own blockchain, and follow a similar playbook that Coinbase has used with @base.
▪️ This would allow BlackRock to concentrate the recordkeeping of its holdings across asset classes ($10T AUM) to a single, global, interoperable, and transparent ledger.
Great interview on the topic w/ @robbiemitchnick
More @BlackRock BUIDL data coming to the Terminal 🔜