1/ New to Token Terminal?

Here’s a thread with tips & tricks that will help you get started using the platform! 👇
2/ Website layout 🎨

• Landing page: protocol revenue chart + customisable data table
• Metrics dashboards: total revenue, protocol revenue, P/S ratio, TVL
• Markets dashboards: exchange, lending, blockchain, DeFi
• Project dashboards: choose your favourite!
3/ Landing page 🛬

• 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:

• Key metrics
• Revenue share
• Composition
• Competitive landscape
7/ Key metrics 🔑

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.

Early subscribers are also granted API access to the data: tokenterminal.com/signup
12/ You can check out a sample (Excel file) of our daily master sheet here:

d2kyooqkgm9ipp.cloudfront.net/Token%20Termin…
fin/ Subscribe to our newsletter for more data-driven insights on the crypto markets!

tokenterminal.substack.com

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More from @tokenterminal

16 Jun
A few examples of crypto businesses (marketplaces) listed on Token Terminal:

@AaveAave:
- Supply-side: lenders
- Protocol: $AAVE holders
- Demand-side: borrowers

Revenue = interest paid by borrowers
@compoundfinance:
- Supply-side: lenders
- Protocol: $COMP holders
- Demand-side: borrowers

Revenue = interest paid by borrowers
Read 5 tweets
13 Dec 20
1/ Why the price to sales ratio (P/S) is a useful tool for crypto investors 👇

The price to sales ratio compares a protocol’s market cap to its revenues. A low ratio could imply that the protocol is undervalued and vice versa.
2/ The P/S ratio is an ideal valuation method for early-stage protocols, which often have little or no net income.

Instead, the P/S ratio focuses on the usage of a protocol, by tracking the total fees paid (revenue) by the users of its service. More info: tokenterminal.com/faq
3/ We’re in a historically unique position, with early-stage & high-growth startups operating transparently on-chain.

This transparency makes it possible to find protocols with high usage relative to market cap.
Read 21 tweets
27 Nov 20
1/ After a few months of building, it's time for us to reveal the first version of the Terminal:

terminal.tokenterminal.com

A thread 👇
2/ Our long-term goal is to work together with our users  – the project teams and communities, investors, analysts, and other stakeholders  – to build out the most robust and useful investment analysis toolkit for the crypto markets.
3/ "Launched in 1982, long before PCs and the Internet became ubiquitous, the Bloomberg Terminal brought transparency to financial markets. It connected market participants to groundbreaking data, analytics, and information-delivery service   and revolutionized an industry."
Read 23 tweets
25 Nov 20
1/ @UniswapProtocol's token incentive program ended on the 17th of November, which led to a drop (~50%) in the total value locked (TVL) in Uniswap.

We compared Uniswap’s TVL (liquidity) and GMV (trading volume) data to better understand the true business impact 👇
2/ TL;DR: Trading volume (GMV) does not seem to correlate with TVL or the liquidity deposited into the trading pools.

To a certain extent, TVL is required to reduce slippage in an AMM-style DEX, but it is a less accurate metric when measuring the actual performance of a DEX.
3/ Note: The ‘DeFi average’ data in the charts is calculated based on all DEXes currently listed in the Terminal:

terminal.tokenterminal.com
Read 20 tweets
2 Oct 20
The return of @MakerDAO.

A monster thread 👇
1. MakerDAO’s market cap is below the DeFi average (calculated based on all L2 projects listed on Token Terminal). Image
2. MakerDAO’s market cap was more resilient than DeFi projects in general post the ICO craze. Image
Read 28 tweets
11 Sep 20
A short thread on DeFi through the lens of traditional marketplace metrics 👇📊

1. Gross merchandise volume (GMV)
2. Take rate
3. Revenue (total fees paid)
4. Price to sales ratio (P/S)

*GMV and Revenue figures are both annualized (calculated based on a 30-day moving average).
1. Gross merchandise volume (GMV)

What is the total dollar value flowing through the protocol? Image
2. Take rate

What is the (fixed or weighted avg.) fee rate that the protocol charges on its GMV? Image
Read 6 tweets

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