Token Terminal

“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 Merkle Trade stakeholders.” - Ye, Head Builder at Merkle Trade Merkle Trade is one of the fastest growing projects on the Aptos network.

👥 Introducing Token Terminal Teams Collaborate on Onchain Data With Token Terminal Studio, analysts gained the power to create custom charts, data tables, and dashboards. Now, with Teams, entire investment and data analytics teams can collaborate on custom dashboards in real-time. 1) Get Going in Minutes As a team admin, you can invite new team members via email, edit individual user permissions, and organize the details of your team’s workspace. The Teams product makes it fast and easy for you and your colleagues to start collaborating on data-driven investment research and analysis. 2) Collaborate on Onchain Analytics Generate custom dashboards in Studio, and share them with the rest of the team. Ensure that everyone on the team has access to the latest version of the dashboard and is able to build on each others’ work. 3) Manage Your Project Listing With Teams, the core contributors of a project have more control over their listing on Token Terminal. Admins can invite other team members to edit and maintain the project’s metadata and smart contract information, ensuring that all information is kept accurate and up-to-date.

Aptos has spent $494 million in 2024 to generate $1.38 million in user fees. That's $358 spent for every $1 of fees. If you're an investor in Aptos, you might be wondering where the $494 million went. It went to Aptos validators, of which there are 151. That's about $3.27 million per validator. ---- If you're an investor in Aptos, how do you feel about this? For reference: 1. Solana has spent $7.22 for very $1 of fees generated in '24 (peaked at $184 in first bull run). 2. Ethereum has spent $1.14 for every $1 of fees generated in '24 (peaked at $80 in first bull run). 3. Avalanche has spent $63 for every $1 of fees generated in '24 (peaked at $150 in first bull run). ---- If you're investing in crypto networks, you should understand which ones are the best at turning scarce, critical resources into network effects & user fees. That's why I created a dashboard on Token Terminal breaking it all down. It's called "Analyzing Token Incentives through the Lens of Stock-Based Compensation" If you'd like to access the dashboard, see the link in the first comment below 👇

“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 Merkle Trade stakeholders.” - Ye, Head Builder at Merkle Trade Merkle Trade is one of the fastest growing projects on the Aptos network.

Is the market punishing Avalanche for its inability to convert spending (token incentives) into earnings (user fees)? Case & point: Avalanche has spent $914.3 million YTD to generate $14.6 million in fees. That's over $62 spent for every $1 in fees earned. Imagine if you went to market pitching a business model that would earn you $1 for every $62 spent? What would investors say about that? The market seems to be speaking on this one, as the Avalanche token is down 10% in a bull market for crypto. ---- P.S. if you're wondering why I'm calling token incentives "expenses," you might be interested in checking out the dashboard I created on Token Terminal It's called "Analyzing Token Incentives Through the Lens of Stock-Based Compensation" It covers: 1. Bitcoin: The Original Token Economic Model 2. Key differences between stock-based compensation and token incentives 3. Why investors should view token incentives as an expense 4. Which networks are efficiently utilizing token incentives to finance growth? 5. Case study: proper use of TI 6. Cautionary Tale: Poor use of TI 7. Key takeaways & future outlook If you'd like to access the dashboard on Token Terminal, see the first comment below 👇

BREAKING: total stablecoin supply is at all-time highs ~$176.2B.

Bitcoin has spent $11.57b to generate $864m in fee revenue in ‘24. Market value has increased 116% ($963b) YTD. Ethereum has spent $2.48b to generate $2.18b of fees in '24. Market value has increased 37% ($102b) YTD. Solana has spent $3.5b to generate $521m in fees in '24. Market value has increased 134% ($58b) YTD. ---- Wait. Wait? Crypto networks have "expenses?" The answer is yes. Why? Tokens are a limited resource used to overcome the “cold start” problem with bootstrapping two-sided networks in a decentralized manner. They should be used to efficiently finance network effects, and ultimately organic use of a blockchain or protocol. Improper use of this critical resource should be viewed as a sunk cost to all network stakeholders. ------ I created a dashboard on Token Terminal laying out the importance of token incentives for investors. It's called "Token Incentives Through the Lens of Stock-Based Compensation" It includes the following: 1. Bitcoin: The Original Token Economic Model 2. Key differences between stock-based compensation and token incentives 3. Are token incentives an expense? How should investors and tokenholders think about this? 4. Which crypto networks are efficiently utilizing token incentives to finance growth? 5. Case Study: Proper use of Token Incentives 6. Cautionary Tale: Poor use of Token Incentives 7. Key Takeaways & Future Outlook If you'd like to check out the dashboard on Token Terminal, see the link in the first comment below 👇

Daily fees on Solana recently reached an all-time high of $9.39M as activity across the network continues to surge. This pushes total weekly fees to $43.8M, also a new record. When SOL was at its peak in November 2021, total weekly fees were just $1.98M. This time around, Solana now handles over 50M daily transactions along with nearly $7B in DEX volume per day. Buckle up. h/t Token Terminal

SOL won in mind & wallet share in '24 Anecdotally, a question we get often these days: "do you have more data on Aptos Foundation & Sui Foundation app ecosystem growth" Is it because: 1) Ethereum L1 & L2 data is already accessible? 2) New high-performance L1s, like Aptos & Sui, are believed to overtake Solana?

Will we see a world of "infinite LSTs" on Solana? Or will consumer preferences and network effects drive the liquid staking sector to a "winner takes most" outcome? Jito has roughly 40% of the LST market today. But Sanctum is catching up, with a roughly 21% share (growing 208% in the last 6 months). The two protocols have diametrically different approaches to product development. Jito wants to build a network effect around 1 liquid staking token, jitoSOL. Sanctum wants to empower anyone to launch a liquid staking token. ----- Which strategy wins in the long run? To get you started, I created the Jito Investment Analysis Dashboard on Token Terminal. ----- P.S. Jito's Fee growth is largely driven by its dominance over MEV routing, a separate product from its liquid staking token. See the link to the dashboard below for more detail 👇