Token Terminal 📊

Excited to be working with @binance. As of today, Token Terminal's standardized onchain data powers platforms like: ✅ Binance ~280m users ✅ CoinGecko ~27m monthly visitors ✅ Bloomberg Terminal ~350k institutional investors Industry-leading data 🤝 Unmatched distribution

Sequoia's @gradypb says systems of record software companies are relatively safe from AI disruption, but that systems of engagement companies built on top of them are in trouble: "The first wave of the on-prem to cloud transition was transitioning systems of record — the Workdays, Salesforces, and Servicenows of the world." "The second layer on top of that was the systems of engagement. The systems of record might own the core database, but then there are a bunch of different workflow applications that reside on top." "I think what we're going to see with the wave of AI software is a third layer on top of those." "It's the layer that does the work. It's the agents getting deployed. They may or may not need those workflows beneath them, but certainly need access to everything that's sitting in that system of record." "As a result, I think those systems of record companies are relatively safe. They may not catch a lot of net new workloads, because those might go to the AI native companies. But I think overall they're pretty safe." "I think some of those workflow-based companies in the middle are in trouble, because they're neither the systems of record nor the agentic capability that's getting deployed. So they'll have to figure out how to become like that agent harness, so to speak, for whatever job needs to be done."

@Hy_Purr_liquid x.com/tokenterminal/…

@tokenterminal The revenue Uniswap makes is nearly 1/20th of hyperliquids, with a team 20x the size. Dogshit comparison

UNI vs. HYPE: fee parity, but HYPE 10x more valuable HYPE is currently valued at the same level as UNI was back in 2021, i.e. ~$40B FDV In 2021, many thought that UNI could continue to scale with a small team Today, Uniswap Labs employs 200+ ppl according to LinkedIn

here:

ICYMI: @centrifuge's flagship tokenized treasury product is growing on @ethereum, powered by investment from @grovedotfinance. JTRSY is a tokenized U.S. Treasury Bills strategy managed by Anemoy with sub-advisory from Janus Henderson Investors. An asset to follow 👇

The Great Valuation Disconnect.

Not all revenue is valued equal. @HyperliquidX generated ~2x the revenue of @SkyEcosystem over the past 12 months. Yet, $HYPE is valued ~20x higher than $SKY. Two DeFi money makers to follow 👇

increase decentralization, increase market cap?

Liquidity begets liquidity visualized.

mainstream crypto visualized:

Goldman Sachs trades at an ETH-equivalent market cap of ~$250B Goldman Sachs has a P/S* ratio of ~4x Could GS ever trade at a ~1,000x P/S ratio for over a year? Unlikely Maybe digital commodities are structurally different * The chart uses fees since BTC has no revenue

@AgentChud 🌶️🥡

Hyperliquid and Solana are apps with a token. Ethereum is crypto. Hope this helps.

🛎️📊 Growth alert: native @USDC market cap on @Starknet is up ~410% over the past month. An asset & distribution layer to follow 👇

Stablecoin market cap on HyperEVM surpasses $1B, led by Circle's @USDC. A chart to follow 👇

Powered by @InvescoUS @xStocksFi @solana

One key benefit of tokenized stocks: Crypto product quality goes up, since tokens now compete head-on w/ trad equities. QQQx tracks an ETF w/ 100 of the largest non-financial companies listed on the Nasdaq, i.e. it offers exposure to major tech & growth-oriented companies.

LDO breaking into value territory?

Not all decentralized exchanges are created equal Revenue (30d) and fully diluted market cap for $UNI and $HYPE A chart to follow 👇

Trading activity remains concentrated among a small set of tokens within each sector. Sizes are proportional within each sector (L1 token volumes would otherwise dominate).

USDH adoption continues to increase, with 4.1K holders on HyperEVM.