Blockworks Research Profile picture
Jun 21, 2022 8 tweets 7 min read Read on X
Can @fraxfinance become the decentralized bank of DeFi?

Fraxlend, FraxSwap, and a new FRAX base pool will flip the switch and trigger FRAX demand

🧵 by @0xpibblez (1/8)
@fraxfinance @0xpibblez 2/ $FRAX supply currently sits at only 20% of DAI's supply. With new developments, FRAX demand could surge 400% before breaking even with DAI.

The value and revenue from this growth, of course, would flow to FXS holders
@fraxfinance @0xpibblez 3/ $FXS holders are currently voting on a $20M revenue-fueled buyback.

With a new TWAMM and FraxSwap, Frax stands to earn even more revenue via a 0.3% trading fee on all swaps.

FraxSwap is a permissionless treasury management tool for DeFi projects to conduct monetary policy
@fraxfinance @0xpibblez 4/ Frax introduced plans for real world asset lending AMOs through its new Fraxlend product, which is set to launch within 7 days.

This will serve as a new, composable primitive that permits both under-collateralized and over-collateralized loans for individuals and protocols
@fraxfinance @0xpibblez 5/ Frax's @curvefinance base pool is up for vote. With Frax providing 1/2 of the 3pool liquidity, a FRAXBP could shake up the state of stableswaps on Curve.

Protocols will gain capital efficiency, and Frax will become a supply sink for CRV
@fraxfinance @0xpibblez @CurveFinance 6/ @ConvexFinance's Frax integration is the best kept secret in DeFi, where users can find several ways to earn CRV, CVX, and FXS rewards.

Frax's CVX holdings have proven to be beneficial in the recent Frax/CRV voting rounds
@fraxfinance @0xpibblez @CurveFinance @ConvexFinance 7/ Despite the UST meltdown, FRAX's collateralization ratio still sits at ~90% and the peg proved resilient, even with recent liquidation events across DeFi.

All developments will translate to more revenues for Frax and more fuel to benefit FXS holders @fraxbull1
8/ For more details about Frax's recent developments and @samkazemian's master plan, read our most recent report:
blockworksresearch.com/research/frax-…

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More from @blockworksres

Jul 11
1/ @pumpdotfun will perform its TGE tomorrow.

The application has generated $784M in cumulative revenue.

Let's review the data on this top earning application. 🧵 Image
2/ Bonding curve volumes have fallen off from ~$10B/month at the start of the year, to $4B now.

However, the addition of the Pumpswap AMM has captured substantial activity, and is now settling between $10B-$13.6B/month. Image
3/ AMM volumes now account for ~70% of Pump's total volumes. Image
Read 9 tweets
Jun 13
1/ Meta-aggregators are making the Solana swapping landscape more competitive, improving price execution for users.

Let's dive into this under-discussed sector 🧵 Image
2/ Meta-aggregators like @Titan_Exchange route trades through third-party aggregators such as Jupiter, OKX, and DFlow, as well as off-chain sources like Pyth's Express Relay.

Titan has also developed a proprietary routing algorithm, Talos, registering over $35M in weekly volume. Image
3/ In April, @KaminoFinance released a meta-aggregator to complement its limit order product.

In recent weeks, OKX has won an increasing share of volume initiated through Kamino Swap.
Read 6 tweets
Jun 12
1/ DATA UPDATE: We're excited to release Hyperliquid as the newest dashboard on @blockworksres.

Built by @0xSharples, the dashboard currently covers Hyperliquid's trading platform, spot trading, and futures trading on HyperCore, as well as a financials section that encompasses both the HyperCore and HyperEVM.Image
2/ Total revenue has been consistent on Hyperliquid. With the HyperEVM gaining traction recently, it provides HYPE token holders another source of revenue.

Currently, Hyperliquid is on pace to make $600 million in token holder revenue this year. Image
3/ Almost all of the revenue from Hyperliquid's trading platfrom is from Perps trading. Currently about 3% is derived from spot trading. Image
Read 7 tweets
May 15
1/ We just released an updated version of our Solana DEX Activity dashboard!

We now cover information on Bitcoin trading on Solana, FX trading, memecoin launches, and various other DEX data.

Here are the main takeaways. Image
2/ SolFi and Pump (Pumpfun and Pumpswap) have increased their volume market share in 2025, but Raydium is still the largest DEX by % of volume. Image
3/ The percentage of volume going through DEX aggregators has decreased since the launch of Pumpfun and other bonding curve DEXs.

About 60% of all DEX volume was routed through Jupiter in early 2024 but this is down to 30% in 2025. Image
Read 10 tweets
May 13
1/ Hyperliquid's HIP-3 proposal outlines its evolution towards a foundational liquidity infrastructure platform, enabling permissionless creation of Hypercore perpetual markets by third-party builders.

Learn more about its impact on revenue, builders, and Hyperliquid's vision: Image
2/ HIP-3 builds on:

HIP-1: Enabled permissionless spot market creation. Developers launched spot tokens on a HyperCore order book, winning "ticker rights" in 31-hour Dutch auctions (USDC bids, cumulative $20M revenue total to Assistance Fund).

HIP-2: Complemented HIP-1 by allowing deployers to bootstrap an automated market maker strategy (Hyperliquidity) for new spot tokens, providing embedded liquidity at issuance.Image
3/ HIP-3 extends the auction model to perpetual futures, allowing builders to permissionlessly create dedicated HyperCore order books for any asset with an oracle. Winning a 31-hour Dutch auction (bids in HYPE, creating a deflationary sink) grants a one-block window to deploy.

The deployer then defines contract specifications (quote/base asset), the oracle-updater, collateral token, margin tiers, funding frequency, and an optional extra fee up to 50%. For security, a 1M HYPE stake is required which can be slashed.
Read 6 tweets
May 5
1/ Launchpads have been a hot topic in recent weeks with many new projects coming to market.

@Pumpdotfun's success and dominance of the category over the past year serves as motivation for other teams to compete for a slice of the pie.

So what's happening with launchpads?🧵 Image
2/ At the top, Pumpfun dominates the launchpad market with over 200k launched tokens per week and a graduation rate climbing towards 2%.

Token creation has declined 50% since January, but has grown by more than 100% since the summer of 2024. Image
3/ @RaydiumProtocol punched back at Pump's native DEX offering with their own native launchpad - LaunchLab.

Activity was minimal up until the recent @bonk_fun variant launched.

LaunchLab enables teams to spin up branded versions of the launchpad product. Image
Read 9 tweets

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