Link to the thread: https://x.com/PinkBrains_io/status/2041184272586076449

Key takeaways:

1/ TVL ≠ value capture for chains: $2.85B TVL generates just $2.4M/year (0.08% capture).

2/ Monad leads in DEX activity: Highest trading volume and DEX turnover.

3/ Katana stands out as the most sustainable incentive model for token holders with diversified revenue and a self-sustaining loop.

4/ Tech ambition ≠ adoption: Ink shows the strongest perps activity, while MegaETH is the more ideal chain for instant trading.

5/ Poor capital efficiency: $1.06B raised for ~99K DAU (~$10.7K/user); at current revenue, ROI would take centuries.

Leaders:

Katana (85/100):

– Chain-owned Liquidity recycles 100% sequencer fees into permanent. VaultBridge earns 3-5% on L1 assets. AUSD yield feeds the ecosystem. A roadmap to replace emissions with chain fees.

– $25.29M/day perps volume on Katana Perps adds a high-margin fee vertical

– Lowest stables/TVL (42.9%) confirms capital is deployed, not parked.

– No VC selling schedule.

Ink (70/100):

– Kraken’s 10M+ users as a zero-CAC funnel

– Nado is the strongest organic trading signal in this cohort

– $10M Aave guarantee ensures Tydro operates for 5 years

– Risks: 84.4% TVL concentration in Tydro, $287/d chain capture, and post-TGE retention risk

Monad (55/100):

– Airdrop hangover is over

– Uses heavy token incentives (38.5% supply) to bootstrap ecosystem activity and staking

– Generates ~$19.7M annualized fees, but much is speculative

– TVL is on an increasing trend. App ecosystem is interesting to try out.

– Risks: big upcoming token unlocks and reliance on incentive-driven usage.

MegaETH (40/100):

– Unique model where stablecoin yield (USDm) subsidizes chain costs → potentially zero fees for users

– $149K/d perps, $2.33M DEX, 3,833 DAU. $15M+ spent bootstrapping ($10M Aave + $5M+ listings) against $1.6M ann. fees = deeply negative ROI

– KPI-gated TGE. Zero conditions met after 2 months

Plasma (20/100):

– Focused on zero-fee USDT transfers, prioritizing adoption over revenue

– Minimal direct chain revenue ($97/day); relies on Aave as top yield source.

– Risks: business model conflicts with fee generation and heavy token dilution pressure

submitted by /u/ManBearPig9220 [link] [comments]r/CryptoCurrencyRead More

You might also be interested in reading Fed Chair Powell Signals More Rate Hikes This Year as Taming Inflation Has ‘Long Way to Go’.