Token Terminal

All L2s are customers of the L1 unless proven otherwise

Amazon L2s, such as AWS, are Amazon because:

Studio by Token Terminal 🎬📊

Highly personalized & actionable dashboards for crypto professionals.

Who is it for?

1⃣💼 VC/Hedge Fund Investors & Index Providers
Build a portfolio tracker to monitor key developments across the portfolio and to identify new investments.

2⃣📈 Head of Growth & Ecosystem
Leverage an ecosystem dashboard to identify and support the fastest-growing market sectors, projects, and metrics in the ecosystem.

3⃣✍️ Research Analysts
Establish and maintain analyst coverage for a market sector or a project, with the opportunity to get your work featured on the Discover page.

4⃣👥 Project Teams
Maintain a key metrics dashboard for quarterly stakeholder reporting and turn transparency into a competitive advantage.

The @WisdomTreeFunds Government Money Market Digital Fund (WTGXX) on @ethereum has an AUM of $107.25 million.

For perspective, WisdomTree has an AUM of $114 billion, as of April 2025.

Tokenized assets have room to drive meaningful AUM/TVL growth for winning L1s/L2s.

Revenue & Expenses for @aave DAO via TT & @Token_Logic

ICYMI: Daily token incentives on @Uniswap average ~$330k.

ICYMI: @circle's USDC supply is up by ~$16 billion vs. the latest figure reported in its S-1 filing.

Imagine if regulatory filings were real-time dashboards instead.

Aptos block times at all-time lows: 128ms

📊@Uniswap vs. @0xfluid

Trading volume market share on Ethereum

Fluid is up from 0% to 20% since November '24

Top 10 apps on @base by TVL

1. @circle $3.8b
2. @AerodromeFi $853m
3. @MorphoLabs $709m
4. @aave $623m
5. @OriginProtocol $387m
6. @Uniswap $341m
7. @MoonwellDeFi $235m
8. @SeamlessFi $89m
9. @0xfluid $42m
10. @eulerfinance $31m

ICYMI: Ethena's USDtb is backed to ~90% by LP shares in the BlackRock BUIDL fund.

As a result, @ethena_labs is indirectly the biggest LP in the @BlackRock BUIDL fund, w/ a ~$1.3B investment.

Uniswap Q1 '25

1. Fees: $273.41m
2. Revenue: $0

Stablecoin supply on @Aptos has doubled since the start of the year, surpassing $1 billion.

The RWA tech stack

Wall Street incumbents manage trillions of dollars across asset classes.

They have an $ incentive to (i) tokenize their holdings & (ii) make the tokenized assets interoperable across chains.

They're also likely to outsource these functions.

E.g. for BlackRock's BUIDL, the responsibilities have been outsourced to @Securitize and @wormhole, respectively.

You could have bought LDO at ~$240m (today ~$700m) circulating market cap & be down ~87% on your investment.

2025: DeFi protocols compete head-on w/ fintechs

Aave's GHO stablecoin on Ethereum faces competition from PayPal's (PYUSD) and Robinhood's (USDG) stablecoins

BlackRock, WisdomTree, Apollo, Franklin Templeton & Co. are onchain ... and they're building on Ethereum, Solana, Aptos, Arbitrum One, Polygon, Avalanche, OP Mainnet, etc.

🌐📊 ECOSYSTEM COVERAGE

An L1/L2 becomes a better business when the apps on top of it succeed.

Which is why all L1/L2 Labs & Foundations should be incentivized to ensure that the apps in their ecosystem get all the help & recognition they deserve!

Uniswap (DEX) on Unichain & Unichain (L2) metrics both going vertical 📈🦄

USDC & USDT have grown their supply on @solana by 146.45% and 126.74%, respectively, since the start of the year.