@CharlesSchwab has ~10x more employees than @RobinhoodApp and @coinbase, and is potentially not as well-positioned to leverage the growth of crypto & AI --> aka the 2 biggest growth & operational efficiency drivers for financial services companies.
0. what is the protocol's service? "asset exchange" 1. who is the demand-side customer? "trader" 2. who is the supply-side contributor? "LP" 3. what does the supply-side contribute? "capital" 4. what fee does the demand-side pay? "trading fee" 5. what is the protocol's take rate? "0-100%, e.g. 10%"
🤖 Basic listing ✅ gas used ✅ transactions ✅ active addresses
🏦 Standardized listing (e.g. @OpenChat) ✅ net deposits, active loans, trading volume, etc. ✅ fees, revenue, token incentives, earnings, etc. ✅ daily, weekly, monthly active users ✅ community analyst coverage
there are many pros with the "uniswap for lending" model that @MorphoLabs has opted for
the tradeoff (assuming similar interest & take rates + current vault curator performance fees):
with a similar active loan book, morpho will generate ~50% less revenue than @aave, since it needs to share revenue with vault curators like @gauntlet_xyz
ICYMI: A daily active user on @OpenChat spends approximately 10 minutes per day on the app.
Key takeaways:
🔸Daily active users (DAUs) are trending up. The DAUs on OpenChat have increased by ~7x since Feb '24, from 2k to 15k.
🔸User time spent on the app is trending up. Total time spent on the app each day has grown from 300 to 2300 hours since Feb '24. This means that an individual user spends on average ~10 minutes on OpenChat each day.
🔸Incentives drive usage. The uptick in DAUs in June '24 was partly a result of the CHAT rewards program. These incentives have converted many occasional users into daily users.