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Token Terminal

9 pieces · Jul 2021 to Apr 2023

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L1/L25 DeFi3 Ethereum3 Tooling2

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Start here · the strongest pieces on Token Terminal

Data06 Sep 2022State of Arbitrum, Sept 2022: users, TVL, fees and ecosystem dataData-driven look at Arbitrum with Token Terminal, Dune and L2BEAT numbers on active users, bridge flows, contract deployments, fees, TVL and ecosystem, concluding fundamentals are bullish with growth that is organic and token-free.Data07 Sep 2022Moonbeam profitability vs Solana and Avalanche: security cost vs revenueCompares what L1s pay for security through emissions to the fee revenue they earn. Solana and Avalanche pay roughly 56x and 35x revenue, Moonbeam about 128x, with the case that Moonbeam is earlier in its adoption curve.Map22 Sep 2022Crypto investor toolkit: 30 free data, analytics and research toolsAnnotated list of free tools for crypto research, grouped by use: price data, TVL, revenue and emissions, DAO treasuries, derivatives data, on-chain analytics, social data, DEX charting and ecosystem-specific dashboards.

Timeline · every piece, newest first

2023 2

19 Apr 2023Valuing protocols with Token Terminal financial statements and P/S, P/FShows how Token Terminal's standardized financial statements and P/S and P/F multiples let investors compare dApps and L2s TradFi-style, with Q2 2023 examples of apparent over and undervaluation.ExplainerToolingDeFi

16 Apr 2023Arbitrum valuation vs Polygon and Optimism on price-to-feesUses P/F (FDV over annualized fees) from Token Terminal to argue Arbitrum still looks undervalued relative to Polygon and Optimism, and links a longer piece on ARB value.DataL1/L2Ethereum

2022 6

22 Sep 2022Crypto investor toolkit: 30 free data, analytics and research toolsAnnotated list of free tools for crypto research, grouped by use: price data, TVL, revenue and emissions, DAO treasuries, derivatives data, on-chain analytics, social data, DEX charting and ecosystem-specific dashboards.MapTooling

12 Sep 2022DeFi profitability: protocol revenue vs token emissions for DEXs and lendersApplies TradFi-style profitability analysis to DeFi, comparing protocol revenue to token emission costs. Sushi comes out profitable, Curve pays far more in emissions than it earns, and Uniswap is a special case with no protocol fee.DataDeFi

07 Sep 2022Moonbeam profitability vs Solana and Avalanche: security cost vs revenueCompares what L1s pay for security through emissions to the fee revenue they earn. Solana and Avalanche pay roughly 56x and 35x revenue, Moonbeam about 128x, with the case that Moonbeam is earlier in its adoption curve.DataL1/L2

06 Sep 2022State of Arbitrum, Sept 2022: users, TVL, fees and ecosystem dataData-driven look at Arbitrum with Token Terminal, Dune and L2BEAT numbers on active users, bridge flows, contract deployments, fees, TVL and ecosystem, concluding fundamentals are bullish with growth that is organic and token-free.DataEthereumL1/L2

06 Sep 2022Arbitrum One momentum: 36% MoM growth in daily active usersHighlights a 36% month-over-month rise in Arbitrum One daily active users after the Nitro upgrade, with Nova a month old. Notes it is the only top-10 protocol by TVL without a token and the largest optimistic rollup by TVL without incentives.DataL1/L2Ethereum

24 Jan 2022Avalanche subnets and AVAX tokenomics: hard cap and full fee burnPositions Avalanche as an open platform of heterogeneous subnets, expecting revenue to grow with subnet adoption. Contrasts its 720 million hard cap, declining inflation and full tx fee burn with ongoing emissions on Polkadot and Cosmos.ExplainerL1/L2

2021 1

15 Jul 2021SushiSwap vs AMM peers: 90-day price-to-sales ratiosCompares FDV to total revenue (P/S, 90d) across AMM and DEX protocols using Token Terminal data and concludes SushiSwap looks cheap at 5.1x versus 43x to 230x for peers.DataDeFi

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Arbitrum65 Optimism61 GMX6 Aave14 L2BEAT14 Curve11 Avalanche13 Polkadot36

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