- 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
📊✅ 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 🔜