Weekly fundamentals #51

A walkthrough of the most interesting charts and trends in crypto, with a focus on key business drivers and protocol fundamentals. Let’s dig in!

Key highlights from the past week at Token Terminal:

📊 BitDAO, Toucan Protocol, Art Gobblers, and Mycelium are now listed on Token Terminal.

🎙 Watch our latest episodes of 15-minute fundamentals with UniDex and Morpho on YouTube, or listen to the audio versions on any podcast platform.

Earnings leaderboard

Which projects have earned more in revenue than they have paid out via token incentives?

Top 10 projects by earnings in the past 7 days

Earnings = revenue - token incentives.If this number is negative, a project spends more on token issuance than it earns in revenue.

Explore the full earnings leaderboard here.

Charts to watch

A walkthrough of the most interesting charts and trends across our key metrics.

The number of users on Arbitrum is growing rapidly

• The number of users on Arbitrum has been growing rapidly, with the average number of daily active users doubling in the past two months.
• This was fueled by reduced gas fees, a growing Arbitrum Dapp ecosystem, and rumors of an ARBI token airdrop for Arbitrum users.
• Through the tokenized membership protocol Guild, Arbitrum users are able to earn discord roles when interacting with Arbitrum protocols. Some speculate that this may be one of the conditions to fulfill to receive an ARBI token airdrop.

A growing number of top gas-consuming contracts on Arbitrum belong to Arbitrum-native protocols

• This shows the lack of a dominant Arbitrum-native DEX, as opposed to PancakeSwap on Binance Smart Chain and Trader Joe on Avalanche, which had the 1st and 2nd most gas-consuming contracts in the past 30 days on their respective chains.
• This shows the lack of a dominant Arbitrum-native DEX, as opposed to PancakeSwap on Binance Smart Chain and Trader Joe on Avalanche, which had the 1st and 2nd most gas-consuming contracts in the past 30 days on their respective chains.
• This shows the lack of a dominant Arbitrum-native DEX, as opposed to PancakeSwap on Binance Smart Chain and Trader Joe on Avalanche, which had the 1st and 2nd most gas-consuming contracts in the past 30 days on their respective chains.
• This shows the lack of a dominant Arbitrum-native DEX, as opposed to PancakeSwap on Binance Smart Chain and Trader Joe on Avalanche, which had the 1st and 2nd most gas-consuming contracts in the past 30 days on their respective chains.

Perpetual exchanges are a particularly popular sector for Arbitrum

• Arbitrum-based perpetual exchanges have maintained strong trading volumes despite a general market downturn in 2022.
• GMX is the leading perpetual exchange on Arbitrum, with an average of over $5.1B in trading volume per month since the beginning of 2022.
• New perpetual exchanges such as MUX and Mycelium launched in August 2022, with both protocols achieving close to $1B in trading volume within their first three months of launch.
• On the other hand, monthly trading volume on Optimism-based Perpetual Protocol in October 2022 has decreased by $3.7B when compared to January 2022.

Despite a growing user base, revenue has decreased over time due to lower gas fees

• Gas fees required to transact on Arbitrum have reduced considerably since the beginning of 2022 as a result of technological upgrades like Arbitrum Nitro.
• As less fees are being paid, revenue accrued by Arbitrum has also been on a downward trend despite growth in the number of active users.
• January 2022:
• October 2022:

Head over to tokenterminal.comfor a more detailed view of the top blockchains & dapps.

This week’s video

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