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SBF
@SBF_FTX
These are awesome! As always, they absolutely shouldn't include "supply side" revenue. If CEXes tried to claim that to investors, they'd get laughed out of the room, or sued. But when DEXes do that, everyone humors them because it's too sad to realize it's actually 0 for most.
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Larry Cermak 🫡
@lawmaster
8/ A powerful feature of this chart is that you can only filter by the protocol revenue here. SushiSwap leads the way here with $92M, followed by Curve ($60M), Maker ($50M) and Compound ($45M). This revenue usually goes to the token holders.
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Larry Cermak 🫡
@lawmaster
Replying to
@SBF_FTX
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@SBF_Alameda
I think the argument against this is that some projects are purely in the customer acquisition pre-revenue mode. And as long as there is an expectation of the fee being turned on at some point in the future, investors seem to not be worried based on the price action
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SBF
@SBF_FTX
Replying to
@lawmaster
yeah though there's something circular there -- people also think they have real revenue because of all the charts that show it because they think people think it does and it's fine to show it but I wouldn't call it "revenue", I'd call it "maker rebates"
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