Token Terminal

A breakdown of the stablecoin supply on Ethereum. Tether.io (USDT) and Circle (USDC) account for approx. 80% of the stablecoins on the L1.

The top fee-generating projects tend to be L1s, stablecoin issuers, DEXs, MEV and liquid staking marketplaces, and lending platforms.

ICYMI: Q1 '25 is on track to become the best quarter for Morpho Labs. We're mid-quarter, but the fees on Morpho are already close to Q4 '24 all-time highs. Morpho is backed by Ribbit Capital, an investment firm that invested early in Coinbase, Robinhood, and more.

🏦⛓️ Agora's AUSD supply across chains. AUSD is growing the fastest on Sui Foundation, Solana Foundation, and Avalanche🔺.

ICYMI: AAVE added over $20 billion in net deposits in the past year.

Monthly transaction fee & MEV spend on Ethereum and Solana. Solana grew market share from ~7% to ~70% in one year. A trend worth paying attention to.

📊 ARK Investment Management LLC BIG IDEAS 2025 Stablecoin issuers & their transport layers (L1s) of choice make all the money in crypto (today). Great slide.

"focus on the things in your business that won't change over the coming decade" for us, that's new ⛓️ chain listings 📲 app listings 📊 metrics 🎨 UI/UX updates if you're interested to work at the frontier of onchain data (infra) & stakeholder transparency consider applying!

"focus on the things in your business that won't change over the coming decade" for us, that's new ⛓️ chain listings 📲 app listings 📊 metrics 🎨 UI/UX updates if you're interested to work at the frontier of onchain data (infra) & stakeholder transparency consider applying!

📊 ARK Investment Management LLC BIG IDEAS 2025 "Smart contract-powered exchanges are 5-10 times more efficient than their centralized counterparts" DeFi gives developers 'unfair leverage' to scale their businesses.