Core Metrics

Monthly Fees & Revenue

TVL by Chain

Top Fee Producers

DEX Volume by Chain

Stablecoin Market Cap Distribution

Rootstock core metrics & competitive landscape

Sky (previously MakerDAO) is a protocol enabling savings rewards for users of its native stablecoin USDS (previously DAI).

Sky TVL, Fees & Revenue

Spark is an onchain capital allocator that borrows from Sky's $6.5B stablecoin reserves. Spark deploys capital and earns yield which is transformed into sUSDS & sUSDC.

Spark

Spark Fees & Revenue

Key metrics & analysis of the Sky ecosystem

Maple Finance is an institutional capital marketplace for onchain asset management.

Maple powers several onchain products, including:
- **syrupUSDC:** a liquid yielding dollar backed by overcollateralized loans to institutional borrowers. syrupUSDT is also available.
- **Blue Chip Secured Lending:** A lending pool held in qualified custody backed only by BTC & ETH collateral.
- **High Yield Secured Lending:** Loans backed by select digital assets, collateral is reinvested in staking and / or secured lending.

Maple Finance TVL

Maple Fees & Revenue

Ethereum Lending Competitor TVL

Maple Finance, Ondo Finance, and Securitize are all competitors within the Real World Asset (RWA) category, but they serve fundamentally different functions, making them indirect competitors for institutional capital rather than direct rivals.

**Here are their specific niches:**

- **Maple Finance:** Specializes in providing institutional-grade, uncollateralized credit to vetted crypto funds and corporations, focusing on high-yield, high-risk lending pools.

- **Ondo Finance:** Focuses on tokenizing traditional financial products, primarily offering compliant onchain access to low-risk, yield-bearing securities like U.S. Treasury Bills.

- **Securitize:** Acts as a tokenization platform that enables the onchain representation of real-world assets, such as BlackRock's BUIDL Fund, for institutional distribution.

Competitive Analysis Note

RWA Competitor TVL

Key Metrics for Maple Finance and its RWA-backed digital dollar syrupUSDC

Weekly Revenue Comparison

Revenue Market Share

Cumulative Revenue

Collector Crypt Revenue

Courtyard Revenue

Phygitals Revenue

Overview of TCG revenues on Solana and Polygon

**Trading applications are complexity abstractors.**

They facilitate an upgraded trading experience for users: data aggregation, increased execution speed & simple UX, and charge a fee for the service.

The success of trading applications is not determined by value locked in smart contracts. Trading applications & bots are analyzed based on fees generated from trading volume, and the revenue that the protocol takes home.

For trading applications, users vote with their feet: we can analyze the protocols earning the most in fees.

# Fees & Revenue - Protocol Level

Aggregate view of fees & revenue, comparing both Trading Apps & Telegram Bots

Fees by Protocol

Revenue by Protocol

# Fees & Revenue - Chain Level

Solana's low fees & high throughput facilitate most of the activity.

Trading App Protocol Fees by Chain

Trading App Protocol Revenue by Chain

# Market Share Breakdown

Telegram Bots are in a fierce fight, with new competitors gaining market share often.

Trading Apps, on the other hand, are dominated by Axiom.

Telegram Bot Usage Comparison: Fees Earned by Protocol

# Protocol Data

Use the table below to sort & filter by fees, revenue and market share.

Trading App Usage Comparison: Fees Earned by Protocol

Analysis of the top trading apps & Telegram bots

Merlin Core Metrics

DEX Aggregator Volume

Fees & Revenue

Cumulative Volume

Cumulative Fees & Revenue

Top Merlin Protocols

Bitcoin Sidechain TVL Market Share

Bitcoin Sidechain DEX Volume Market Share

Merlin core metrics, protocol analysis & competitive landscape

30d Fee Share Landscape

Fees Comparison

Revenue Comparison

Annual Funding Volume

Annual Deal Count

Investment Velocity by Year

Top Co-Investors by Deal Count

Lead Round Distribution

Top 10 Projects by Amount Raised

Lead Ratio vs Total Deals

Project Distribution by Category

A data-driven picture of Polychain Capital's funding rounds & investments

kenny jetski

Public dashboard library

Rootstock Dashboard

Sky Eco

Maple Finance

Pokemon TCG Revenues

Trading App Wars

Merlin Dashboard

Bags Dashboard

Polychain Capital Dashboard