• 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.
▪️ 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 🔜