Newsletter
The Snapshot: L2s by incumbents; Unichain, Ink & Soneium
+ new project listings & product updates on the platform
Every other week, we bring you a quick update from our community, highlight new projects listed on Token Terminal, and share the latest updates on our newest product features.
Let’s dive in!
📊 Chart of the week
Monthly fee & MEV spend on Ethereum and Solana.
A comparison of aggregate transaction fee & MEV spend on Ethereum and Solana in the past 12 months shows that Solana grew market share from ~7% to ~70%. The growth has been largely fueled by the great UX that Solana offers for traders.
The data also highlights that a chain with low transaction fees, but high transaction throughput can generate meaningful revenue to support $100B+ valuations.
Further, the inclusion of transaction fee or "tip" data from MEV auction marketplaces like Flashbots & Jito, shows that both transaction fees and MEV tips need to be tracked to assess the total demand that exists to transact on a specific blockchain.
Access the live chart here.
You can just beat all the L2s combined.
— toly 🇺🇸 (@aeyakovenko)
7:25 PM • Feb 15, 2025
👓 New dashboards by Token Terminal Research
3 new custom dashboards have been published on our Discover section.
A dashboard that features Uniswap DEX data on Unichain, key Layer 2 financial and usage metrics, and application ecosystem insights for Unichain.
Access the dashboard here.
Fastest growing L2 🦄⛓️
— Hayden Adams 🦄 (@haydenzadams)
10:09 PM • Feb 20, 2025
A dashboard that features key Layer 2 financial and usage metrics and application ecosystem insights for Ink.
Access the dashboard here.
A dashboard that features projects with the most monthly active users (MAU). MAUs are defined as unique addresses that engage in a revenue-generating transaction with the blockchain or application.
Access the dashboard here.
📣 New listings on Token Terminal
5 new projects have been listed on Token Terminal.
✅ Standardized listings (full listing with up to 15 metrics)
▶︎ Metrics transformed from raw blockchain data by TT's research team (TVL, Fees, etc.).
Basic listings (partial listing with up to 6 metrics)
Worldchain, Worldcoin’s L2 blockchain on Ethereum (an OP Superchain).
Soneium, Sony’s L2 blockchain built on Ethereum (an OP Superchain).
Resolv, a stablecoin issuer (USR) on Ethereum Mainnet.
▶︎ Metrics programmatically derived from raw blockchain data (Gas usage, Active addresses, etc.)
Interested to get listed? Read more here.
📦 New features on Token Terminal
Our new project page UX is live. Improved features include:
Tailored project pages: All project pages are now tailor made for each project, taking into account whether the project is a general-purpose blockchain or application.
Ecosystem tab for chains: All blockchain (L1, L2, L3) project pages now feature an additional ecosystem tab that includes metrics related to the blockchain's application ecosystem, such as GDP, which sums together the fees generated by all apps on the chain.
Better navigation for metrics: Every project page now features a dedicated metrics tab that presents standardized financial, usage, valuation, etc. metrics organized under relevant categories.
The new UX enables seamless transitions between project, metric, and market sector pages. Our new quick compare buttons let you directly compare one project against another on a specific metric, and our curated datasets, such as financial statements, are now accessible directly from individual project pages.
Enjoy!
The authors of this content, or members, affiliates, or stakeholders of Token Terminal may be participating or are invested in protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol. Token Terminal does not recommend any particular course of action in relation to any token or protocol. The content herein is meant purely for educational and informational purposes only, and should not be relied upon as financial, investment, legal, tax or any other professional or other advice. None of the content and information herein is presented to induce or to attempt to induce any reader or other person to buy, sell or hold any token or participate in any protocol or enter into, or offer to enter into, any agreement for or with a view to buying or selling any token or participating in any protocol. Statements made herein (including statements of opinion, if any) are wholly generic and not tailored to take into account the personal needs and unique circumstances of any reader or any other person. Readers are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol. Observations and views expressed herein may be changed by Token Terminal at any time without notice. Token Terminal accepts no liability whatsoever for any losses or liabilities arising from the use of or reliance on any of this content.
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