Conversation

Replying to

8) I don't know the answer here--I don't work at most of these places! and also there are some issues here. for instance, let's say that, hypothetically, ftx or houbi or uniswap had sold $20m of their token over the last week (FTT/HT/UNI). is that 'revenue'?

1

25

9) idk, if so then this is just a question of who net sold/bought more of their tokens I guess. let's ignore that and look at the underlying product. what are the models here?

1

24

10) coinbase charges fees on trades ftx charges fees on trades houbi charges fees on trades sushi charges fees on trades uniswap charges fees on trades tether charges fees on creations/redemptions and interest

1

27

11) coinbase: 0.05% ~ 2% (!!!!) based on public info (have y'all ever tried to use their retail app and checked the price and fees?) ftx: ~0.03% or so based on public info huobi: ~0.03% or so based on public info sushi: 0.05% (30bps taker - 25bps maker rebate) uni: 0 (!!!)

1

1

29

12) tether: ok this one is complicated. maybe 0.10% on 50mm/day of creations, plus 0.01%/year on interest??? so maybe like 100m/year ~ $300k/day? idk making this up. ok so now we have numbers, what's the ranking? idk, something like: huobi coinbase/ftx/tether sushi uni

1

1

22

13) making a lot of assumptions there -- just sort of multiplying estimated average fees by adjusted volume;

is relativley good if *make sure to add up spot + derivatives!* also I think the gecko undercounts some spot volume, e.g. huobi, by a bit

1

1

20

14) sure, alright. so huobi is big, and then... it depends on what metrics you use, really. FWIW liquidity is probably roughly: huobi/ftx uni/coinbase/sushi not really sure how to think about tether here

2

19

15) users is probably like: tether huobi coinbase uni ftx sushi

1

21

16) volume is something like: huobi: 5b ftx: 1b uni/coinbase: 500m sushi: 100m tether: 50m (creation/redemption; trading way higher)

2

28

17) anyway guys there are some rankings. also fwiw in case anyone's interested: Coinbase: no public valuation/token, last $10b??? ftt: 350 circ, 1b full ht: 1b circ, 2.5b full sushi: 150 circ, ~350 (?) full tether: no public valuation/fee token uni: 350 circ, 5.5b full

9

2

36

18) and remember some are newer than others! uni is old but its prominence is newer, and fees are forthcoming. sushi is really new but also in some ways very old :P tether is old, coinbase is old, huobi is old ftx is relatively new

7:45 AM · Sep 18, 2020Twitter Web App

Replying to

19) anyway none of this was investment advice. but yeah a lot of people seem to be posting stuff on twitter that doesn't exactly line up with the numbers.

3

33

20) TL;DR: userbase, volume, revenue, and liquidity all give somewhat different rankings of platforms also we all forgot about huobi but it's still big

4

3

43

21) also note I didn't list

here because tbh its revenue model is complicated and I'm not thinking about it clearly enough to know what to think of it. I'll try to get around to that.

5

1

46

Alison | AlisonBob.eth

Replying to

and

This is true and it’s fine by me. Time to turn on some fees

@UniswapProtocol

Anyone who thinks a business (decentralized or not) can and and should operate without revenues streams, should go back to business school. They should do it now, since they have so much goodwill.

1

1

Alison | AlisonBob.eth

Replying to

and

@UniswapProtocol

Actually the users will do it for them, via governance proposals. This is even better and smarter 😎