• 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.
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.
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."
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: