

Chetan Daphedar
694 posts

















hit 5k follows yesterday, so here’s some teaser alpha - how do crypto neobanks monetize? There’s actually 4 distinct rev models, depending on what relationship of money you control (grow, borrow, spend, store), ordered in a “velocity of money” pyramid > Grow money = exchange revenue model. Highest velocity of money/notional vols but lowest bps take rate (eg. 50 bps). Classic “grow money” examples HYPE, JUP, UNI. > Borrow money = vault/staking model. Lock up funds in a pool, lend these out, and you earn APY. Moderate-high velocity of money, moderate take rate APYs. eg. aave morpho maple > Spend money = credit card interchange - high take rate (2.5%) on each spend. Spending is a medium velocity of money action. Examples are EtherFi card, Rain, Redotpay > Store money = SaaS model or charge on/off-ramp fees. Money is relatively stationary in this layer which makes it the hardest to monetize. This is why lots of wallets (MetaMask, Phantom) have tried to launch cards and lean into exchange business for new rev lines. in the end, a good crypto neobank can capture ALL of these rev streams, but imo starting at the top + working your way down might be the easiest.
