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Tom Wan Profile picture
@tomwanhh
Aug 29 • 2 tweets • 1 min read • Read on X
Solana Validators' Revenue Breakdown has changed drastically in 2024 thanks to the increase in DeFi activities

1. In early Jan:
- 95% from issuance
- 1.9% from MEV
- 3.1% from Fee

2. On 29th July:
- 78.2% from issuance
- 15.3% from MEV
- 6.5% from Fee Image
Data from our Solana Key Metrics. Has been fun working on this with @AbdelmawlaKarim

dune.com/21co/solana-ke…

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More from @tomwanhh

Tom Wan Profile picture
Jul 1
Liquid Staking is Booming on Solana ☀️

- Liquid Staking Ratio increased by 1.76% QoQ
- The Number of LSTs has doubled
- Market Landscape is more diversified: The dominance of the top 3 providers dropped from 93% -> 68.7%

Deeper Insights below 👇 (/4)Image
1/ The Key Catalyst: @sanctumso
The airdrop from @jito_labs has brought the spotlight to liquid staking on Solana. The liquid staking ratio has increased by 2% from Q4 2023 - Q1 2024

Sanctum is able to take the torch. The launch of INF, Sanctum Router, and Sanctum Reserve, has lowered the barrier to entry, building the foundation of a Cambrian explosion of the Liquid Staking sector on SolanaImage
2/ The Number of LSTs on Solana has reached 53, almost doubled compared to last quarter

While this is still far from @soleconomist's vision of having thousands of LSTs, we are seeing the early innings of the new era on Solana.

With Sanctum Router and Reserve, users can try out a new LST easily with sufficient liquidity. As a result, newer LSTs like vSOL, edgeSOL, and jupSOL can also grow as rapidly as the existing LSTsImage
Read 9 tweets
Tom Wan Profile picture
Jun 28
Digital Assets Conference by Goldman Sachs

Most heard terms are:
- TON
- Tokenization
- ETF
- UX
- Regulation

Here is a quick summary of some interesting panels (✍️/5 )
Image
Image
1. THE NEXT WAVE OF INVESTMENTS IN DIGITAL ASSETS

- @dan_pantera at Pantera Capital
- @richwgalvin at Digital Asset Capital Management
- Joseph Naggar at Republic Digital
- @rviewfromhk at Animoca
1.1 How do you pitch crypto to Tradfi Investors:
- Similar to other asset classes but do not focus on the philosophical side
- The current key challenge is the high volatility
- Draw similarities with how emerging markets mature as well as the correlation with the internet boom
Read 28 tweets
Tom Wan Profile picture
May 6
Overview of Solana's Liquid Staking Market

(✍️/7)Image
1/ Despite having 60%+ Staking Ratio, only 6% ($3.4B) of the Staked SOL comes from Liquid Staking

Ethereum on the contrary, has 32% of its stake comes from Liquid Staking. The reason for the difference imo is because of whether there is in-protocol delegation.

Solana has provided an easy way for SOL stakers to delegate their SOL natively whereas Lido is one of the only ways in the early days to delegate your ETH to earn staking rewards.Image
2/ Market Share of Solana LSTs are more Balanced than Ethereum

On Ethereum, 68% of the market share is coming from Lido. Comparatively, the Liquid Staking Tokens on Solana are more in a Oligopoly State.

Top 3 Liquid Staking Tokens on Solana account for 80% of the market shareImage
Read 10 tweets
Tom Wan Profile picture
Nov 12, 2023
Here is how to analyze Tokenization easily on @DuneAnalytics

You only need 1 single table that covers 83 tokenized assets, 26 projects, 9 blockchains, and 9 types of tokenization

👇
(✍️/4)
1/ The table we are using today is dune."21co".result_fact_tokenisation_summary

This is "matview" built on Dune. It only takes seconds to run as a view. But since it is being refreshed daily, don't be surprised if it has any delay. Image
2/ Projects: Applications / Companies that built the tokenized asset

26 Projects are being covered in the table such as:
- US Treasuries: @BackedFi @OpenEden_Labs @OndoFinance
- Stablecoins: @Tether_to @circle
- Asset-Based Finance: @centrifuge @goldfinch_fi Image
Read 8 tweets
Tom Wan Profile picture
Aug 23, 2023
Here are my key findings with @DuneAnalytics on @friendtech

What will be covered in this 🧵
- FT's impact on @BuildOnBase
- FT's MEV activities and profitability
- FT's pricing model
- Thesis on FT
- Potential Enhancements
- Forecast of the SocialFi sector Image
1/ @friendtech has gained $6M TVL, $3M Revenue and ~100K users in less than 2 weeks

Not only crypto-native users are using FT, but also non-crypto-native celebrities like @GraysonJAllen and @garrytan have opened their FT accounts

It has highlighted the potential of the socialFI Image
2/ With less than 10 Days, MEV Searchers have entered the new venue for profit

Searchers try to snipe new profiles registered at a low entry price and sell them at a higher price.

We have seen there are more than 300k failed transactions sent to FT's address on 21 Aug Image
Read 16 tweets
Tom Wan Profile picture
Jun 28, 2023
1/
 Despite TUSD Claiming they are not affected by PrimeTrust, the TUSD-3CRV pool has experienced a TUSD selloff, causing the pool to be imbalanced.

20 vs 28 Jun
TUSD Percent: 27.5% -> 70.7% (+43.2%)
TUSD Liquidity: $2.5M -> $5.3M (+112%)
3CRV Liquidity: $6.4M -> $2.2M (-65%) https://t.co/fUSVKlT4LQ
2/
 They currently have 3.1B circulating supply, out of which 729M is on Ethereum

Since 20 Jun, they have minted 2.5M & burned 1M TUSD on Ethereum. Last burn is on 26 Jun
3/
87% of TUSD Supply is on Binance

$500M on Ethereum & $2.2B on Tron
Binance also introduced zero maker fee promotion for TUSD Pairs and allow TUSD to participate in Binance Launchpad

Read 4 tweets

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