SBF on Twitter: "ok so usually @TheBlock__ is miles ahead of the competition but c'mon guys CAN WE PLEASE STOP CALLING THIS REVENUE? https://t.co/To9uL8WYNk Maker rebates aren't revenue, they're just another name for "bid ask spread"." / Twitter

ok so usually

is miles ahead of the competition but c'mon guys CAN WE PLEASE STOP CALLING THIS REVENUE? theblockcrypto.com/genesis/78149/ Maker rebates aren't revenue, they're just another name for "bid ask spread".

theblockresearch.com

DeFi Relative Valuations

With the help of explicit "earnings data" within DeFi protocols — visible via smart contracts on public blockchain networks — today's DAOs provide

1:18 PM · Sep 21, 2020Twitter Web App

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Moo

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It's a maker rebate when makers get it, but whatever is syphoned off to token holders is revenue IMO

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All revenue is, by definition, a bid ask spread

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Let me take a look 👌 we’ll likely fix soon

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Could have worded it better, but all mentions of revenue come from citing data providers such as Token Terminal that use the term But this is the point of the piece. No standard/consistency of measuring the variable behind the multiple (Rev) for DeFi leads to wide misuse

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so yeah bizarrely a lot of aggregators have gotten this wrong too that being said, it is just unambiguously wrong, not "eh idk there are different definitions".

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In the early 2000s the Nasdaq traders on my floor would disagree with you. We'd have days where with gross losses of $5000 but rebates of $15000. On the day Worldcom imploded they lost tens of ks gross but made hundreds of ks on maker rebates as the rats left the ship en masse