A week after the fallout from the FTX and Alameda chaos some on-chain data points are interesting to observe. Although record amounts of Bitcoin (BTC) and Ethereum (ETH) volume are leaving the exchanges, not all decentralized applications (DApps) and protocols have shown growth, mainly due to reliance on FTX and Alameda.
DeFi earnings highlight positive revenue for some protocols
According to Token Terminal’s earnings leaderboard, in the last 7-days, three protocols had revenue above $1 million. Ethereum led the on-chain earnings with over $8.5 million total, a sign of strong post-Merge fundamentals.
OpenSea was a distant second place to Ethereum, earning $1.5 million, while nine protocols and DeFi platforms earned more than $100,000.
Combined with the migration away from centralized exchanges, the volatile crypto market has users trading in record numbers.
According to data from Token Terminal, the daily trading volume of perpetual exchanges reached $5 billion which is the highest daily trading volume since the UST meltdown in May 2022.
Only seven protocols saw a net increase in their total value locked (TVL) over a 7-day period. Gains network, a perpetual exchange on Polygon saw the largest 7-day increase of 17.3%
At the same time, daily active users remained steady at 1 million. The dichotomy between these data points suggests that transactions are happening at a more frequent pace among existing users.
Blockchain revenues do not necessarily equal earnings
While blockchains saw an increase in revenues which is likely primarily due to token emissions, only Ethereum saw positive earnings. Proof-of-stake (PoS) blockchains like Polygon (MATIC), Binance (BNB) and Optimism all recorded negative earnings. When PoS blockchains have negative earnings, holders of the tokens are hit with inflationary losses.
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