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.

Top 15 projects with the biggest 7d uptick in the # of tokenholders.

Top 5:
1. @MorphoLabs
2. @Aleph__Zero
3. @FenixFinance
4. @shufflecom
5. @ZircuitL2

ICYMI: Natively minted USDT supply on Aptos is up from $130m to $340m during Dec '24.

Which @Aptos apps will these stables flow to? ✍️

ICYMI: ~25k users on @OpenChat have submitted a proof of unique personhood via @DecideAI_.

This means that ~10% of OpenChat's users have been confirmed to be unique human users.

even protocols with "immutable code" are **dynamic businesses**

if you extrapolated UNI's future revenue potential as fees * 10-25% take rate

you would have missed out on UNI's new value capture mechanism on the Unichain

OWNERSHIP & CONTROL OVER FEE STREAMS DOES ACTUALLY MATTER

one example

afaik, paradigm has invested in both COIN and OP

✅ if Ethereum scales mostly via Base (COIN) & The Superchain (OP), it’s all good

BUT

❌ if Ethereum scales mostly via Arbitrum (ARB), it’s not great

nor does it comfort paradigm's LPs that Arbitrum (ARB) is “extremely Ethereum-aligned & part of Ethereum”

paradigm’s investments cannot capture revenue (and thereby upside) from fees paid in the Arbitrum (ARB) ecosystem

ICYMI: There's $135 billion worth of ETH staked across 1.1m validators.

Over $6 billion has been bridged from Ethereum L1 to Base L2.

Some see a nice trendline, others see billions of idle assets that should be put to more productive use.

Aave currently applies a 20% take rate on fees (interest paid by borrowers).

In November, borrowers on Aave paid $50m in interest --> $10m to the Aave DAO (revenue) and $40m to the lenders.

want to make one thing clear for all who have followed this "debate" on the TL

all interactions we've had with @buffalu__ and the Jito team have been 💯 & we're excited to show more Jito data on TT

they're building a rocketship & with that comes public scrutiny (= who earns what, when, and how?)

the TT feed is full of similar tweets re Base, Uniswap, Aave, Ethereum, etc.

let's not let a tiny bit of accounting ruin the collective BUIDL momentum!

onwards & upwards! 😁🫡

🦄 @Uniswap built a product that has generated BILLIONS of $ in additional revenue to the Ethereum L1.

Is UNI = ETH?

No, not on Token Terminal.

Maybe on some other data platform.

Uniswap is a separate business with its own PnL.

⏹️@eigenlayer builds products that enable Ethereum L1 validators to earn more revenue.

Is EIGEN = ETH?

No, not on Token Terminal.

Maybe on some other data platform.

EigenLayer is a separate business with its own PnL.

🦋 @gauntlet_xyz has built products that allow LPs on Morpho to earn more revenue.

Is Gauntlet = Morpho?

No.

Gauntlet is a separate business with its own PnL.

Ethereum L2s

1) try to expand the revenue potential of the Ethereum L1 by enabling new uses cases & demand

2) try to build $ sustainable businesses that charge users more over time (replace VC funding w/ revenue)

thing is, you can say the same about MOST adjacent businesses

fwiw

we focus on each protocol as a *business*

tt: "you're building a lending protocol?"

team: "yeah, we're on 5 L1s (all technically a bit different), we're most aligned w/ XYZ, & we also have our own L2 + some offchain components"

tt: "got it, still a lending marketplace"

I either get fired or promoted tomorrow, no in-between

if a marketplace business

1) changes its take rate (e.g. from 20% to 80%)

and you, as a data platform, have to

2) change your metric methodologies to accommodate for that

you're doing something wrong

Take rates change over time, but that shouldn't affect the metric methodologies.

A year ago, Arbitrum (ARB) passed on ~80% of its fee revenue to the Ethereum L1, today Arbitrum (ARB) captures ~80% of the fee revenue.

Have we changed anything on our side as a result?

No.

Day 1: A user on Solana pays $1 in fees, $1 goes via rails owned by SOL holders

Today: A user on Solana pays $1 in fees, $0.54 goes via rails owned by JTO holders

Isn't this the same 'value migration' that ETH experiences w/ L2s?

(realized when Jito raises their take rate)