- The rise of @AxieInfinity is clearly visible
- Also the rapid emergence of @PancakeSwap
- @synthetix_io relative share has gone down (launch on Optimism might reverse this?)
3/ Looking at the Total Revenue (supply-side + protocol) dashboard:
- @ethereum's share of total fees has gone down
- Even here, @AxieInfinity's recent growth is clearly visible
- We can also see that even @binance smart chain has to charge its users meaningful tx fees 😄
4/ Looking at the Lending dashboard:
Top lending protocols based on daily GMV (borrowing volume) in the past 365 days.
Top exchanges based on daily total revenue in the past 180 days.
- We can see how Uniswap still is the largest DEX in terms of total revenue (fees) paid
- It's also clear that AMMs have taken the lead in the DEX market (at least for now)
Daily supply-side revenue and protocol revenue in the past 180 days.
- We can see the avg. revenue share % between $COMP holders & lenders and how it fluctuates over time (borrowing volumes & reserve factors change over time)
Daily trading vol. composition in the past 180 days.
- We can see the long-tail of assets (other category) having a sizeable share of total trading volume
- $ALPHA has also gained share of total trading volume recently
▪️ 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 🔜