Telegram bots and trading apps have shifted from niche tools to a core revenue engine for crypto in under two years. During the week ending 2 February 2025, fees for these services reached almost $100 million, roughly 20 percent of all crypto protocol revenue for that period. Even after the frenzy cooled, the category still earns close to $40 million each week, showing the lasting appeal of one-click trading inside social apps.

**Headline Metrics**

Peak weekly fees: $98.7 m (week ending 2 Feb 2025)

Current four-week average fees: $42m

Share of total crypto fees (latest four weeks): 6 to 8 percent

Peak weekly on-chain volume: $46b (week ending 17 Feb 2025)

**How the business model works**

Fee structure: Most bots charge a flat 1 percent per trade, then return 20 to 35 percent of that fee to referrers.

Distribution: Bots live inside Telegram chats or dedicated frontends, so users never leave the app; this drives conversion rates and daily active wallets that traditional dApps struggle to match.

Network effects: Each new memecoin launchpad, especially Pump.fun, is integrated within hours, keeping bots at the center of every narrative cycle.

Token incentives: Many operators plan governance or revenue-sharing tokens, a playbook that previously boosted Unibot and Banana Gun.

TG Bot and Trading App Fees

TG Bot and Trading App Fees %

**Why revenue surged to almost $20 million a day**

January’s memecoin season on Solana lit the fuse. Launchpad Pump.fun collected $14 million in fees on 2 January 2025 and drove more than half of Solana DEX transactions that week. Traders routed that flow into sniping bots such as BullX, Trojan, BONKbot, and Maestro; on several February days those four bots together earned more than Ethereum. The combination of a frictionless token factory and one-click execution created a feedback loop that pushed weekly bot revenue toward the $100 million peak shown in the dashboard.

**Axiom’s rapid ascent**

Leadership has already rotated. Axiom, launched by the PVP.trade team, mixes spot sniping, Hyperliquid perpetuals, and copy-trading in one Telegram front end. By early May it captured nearly 58 percent of Solana trading-bot volume, about $4.3 billion over two months, and now tops Solana’s revenue charts. Low-latency order routing, an aggressive referral rebate, and access to perpetuals unavailable in Uniswap-style bots have made Axiom the default option for power users.

**Current state after the blow-off top**

Weekly bot fees have settled between $30 million and $50 million, still several times higher than mid-2024 averages and high enough to fund continuous product upgrades. Several bots remain among the global top-twenty protocols by revenue alongside Uniswap and Aave. Pump.fun revenue has cooled roughly 90 percent from its January high to about $800 000 a day; however, it continues to be the largest fee contributor on Solana, proving that launchpad activity can sustain a meaningful floor for bot usage even in quieter markets.

# Lending Breakdown: Top 10 Protocols by TVL
This dashboard provides an in-depth look at the leading lending protocols in DeFi, ranked by their Total Value Locked (TVL). We'll explore their TVL trends, daily fees, and revenue generation to understand their market position and financial performance.

**Table Insights:** The table above provides a snapshot of the top lending protocols, highlighting their current TVL, recent changes, and daily financial activity. Observe how TVL changes over time and how fees and revenue correlate with liquidity.

Top 10 Lending Protocols: TVL Trends

**TVL Trends Analysis:** This chart visualizes the historical TVL of the top 10 lending protocols. It helps identify growth patterns, market dominance, and periods of significant liquidity shifts among these platforms.

Top 10 Lending Protocols: Daily Fees

**Daily Fees Overview:** This chart illustrates the daily fees generated by each protocol. Higher fees often indicate robust user activity and demand for borrowing/lending services on the platform.

Top 10 Lending Protocols: Daily Revenue

**Protocol Revenue Analysis:** This chart displays the daily revenue captured by the protocols themselves. This metric is crucial for assessing the financial health and sustainability of each lending platform.

# Top Stablecoins Overview
This dashboard provides a comprehensive look at the leading stablecoins, focusing on their market capitalization and overall market trends. We'll examine the performance of key issuers like Circle (USDC) and Tether (USDT), alongside a broader market overview.

Top Stablecoins: Market Capitalization Comparison

**Market Cap Dynamics:** This chart illustrates the historical market capitalization of USDC (Circle) and USDT (Tether), highlighting their dominance and any shifts in market share over time. USDT generally maintains a larger market share, but USDC often sees growth during periods of increased institutional adoption.

**Stablecoin Market Overview:** The table above provides a detailed look at various stablecoins, including their current supply, market cap, and recent changes. This helps in understanding the broader landscape beyond just the top two, revealing emerging stablecoins and their growth trajectories.

### Stablecoin Usage Across Protocols
This chart highlights the Total Value Locked (TVL) in stablecoins across various protocols, indicating where stablecoins are most actively utilized within the DeFi ecosystem.

Stablecoin TVL in Top Protocols

### USDT Supply in Protocols vs. Market Cap
This comparison illustrates the relationship between USDT's total market capitalization and the amount of USDT locked within various DeFi protocols (TVL). A higher TVL relative to market cap can indicate strong integration and utility within the DeFi ecosystem.

USDT: Protocol Deposits (TVL) vs. Market Cap

# Launchpads Ecosystem Overview
This dashboard provides a comprehensive look into the performance and revenue efficiency of various launchpad protocols. We'll examine their fees, revenue, and a custom 'Revenue Efficiency' metric to understand how effectively they convert fees into protocol revenue.

Top 7 Launchpads by Daily Revenue

**Revenue Breakdown Insight:** This chart illustrates the daily revenue generated by the leading launchpad protocols. A higher revenue indicates successful token launches and strong platform activity. Observe which protocols consistently capture the most value.

**Revenue Efficiency Analysis:** The table above provides a detailed view of individual launchpads. The 'Revenue Efficiency' column, calculated as (24h Revenue / 24h Fees), indicates how much of the fees collected are retained as protocol revenue. A value closer to 1 suggests higher efficiency, meaning the protocol keeps a larger share of the fees generated.

# EVM Lending Protocols: Comprehensive Analysis
This dashboard provides a detailed look into the performance of leading EVM-based lending protocols, examining key metrics such as Total Value Locked (TVL), Revenue, and Fees. We'll start with an overall market view, then dive into specific protocols and major EVM chains like Ethereum and Arbitrum.

Top Lending Protocols by TVL (All EVM Chains)

Top 5 Lending Protocols by Revenue (All EVM Chains)

Top 5 Lending Protocols by Fees (All EVM Chains)

**Overall EVM Lending Market Insight:** The charts above illustrate the dominance of key players like Aave and Spark in the broader EVM lending ecosystem, both in terms of capital locked and financial performance. The stacked area charts provide a clear view of market share evolution over time.

## Ethereum Lending Ecosystem
Ethereum remains the largest and most liquid chain for DeFi. This section focuses on the performance of lending protocols specifically on the Ethereum network.

Top Lending Protocols by TVL on Ethereum

Top 5 Lending Protocols by Revenue on Ethereum

Top 5 Lending Protocols by Fees on Ethereum

**Ethereum Specific Insight:** While the overall leaders remain prominent, the Ethereum-specific charts highlight the core activity and financial health of these protocols within the most secure and decentralized environment. Note the significant fee generation, reflecting high demand for lending services on the mainnet.

## Arbitrum Lending Ecosystem
Arbitrum, as a leading Layer 2 solution, offers a faster and cheaper environment for DeFi. This section examines the lending landscape on Arbitrum.

Top Lending Protocols by TVL on Arbitrum

Top 5 Lending Protocols by Revenue on Arbitrum

Top 5 Lending Protocols by Fees on Arbitrum

**Arbitrum Specific Insight:** The growth of lending protocols on Arbitrum demonstrates the increasing adoption of Layer 2 solutions for DeFi. While TVL might be lower than Ethereum, the efficiency and lower transaction costs often lead to robust user activity and competitive yields.

**May 2026 Onchain Yield Landscape**

The yield environment is structurally bifurcated. Stablecoin supply has doubled since 2024 to >$320B but borrow demand has not kept pace — compressing vanilla lending yields below US Treasury rates for the first sustained period since 2022.

**Where the alpha lives right now:**
- **Structured yield products**: Mainstreet MSUSD (12% organic, $78M), Morpho Alpha USDC Delta V2 (12.6% organic, $25M) and Avantis USDC (11.9%, $45M) capture genuine credit demand without heavy incentive dependency
- **Concentrated DEX LP**: Active management of Uniswap V3 and Aerodrome Slipstream positions on high-volume pairs (ETH/USDC on Base: 65% APY; ETH/USDC on Ethereum: 28%) remains the highest organic yield source, but requires IL management
- **Rate spike harvesting**: Aave USDC pinned at 91.6% utilization — base yield is 3.28% but a repeat LRT/LST stress event (as in April) would spike supply APY to 12%+ briefly
- **RWA hybrid yield**: OnRe ONYC reinsurance (11.9%, $174M), Goldfinch USDC private credit (10%, $37M), Maple USDC (4.79%, $3.3B) offer non-crypto-correlated income

**⚠️ Capacity Warning**: Most high-APY opportunities are $5–30M TVL. Capital entry will compress yields rapidly — size positions relative to pool depth.

📊 Market Summary & Analyst Commentary

**Composite Health Score: ⚠️ MIXED (3/5)** — Base lending rates below TradFi; organic yield available in niche LP/vaults; utilization spike risk elevated.

| Signal | Status | Reading |
|--------|--------|--------|
| DeFi Risk-Free Rate | 🟡 Compressed | sUSDS (Sky SSR): **3.65%** vs. US 3-mo T-bill ~3.7% — parity, no premium |
| Stablecoin Utilization | 🟠 Near Kink | Aave USDC: **91.6% utilization** — brief spike to 12.6% APY in Apr 17–21 LRT unwind |
| Real Yield Spread | 🔴 Negative | Base lending APY 2–4% < 10yr UST 4.24% — structural risk premium absent in large pools |
| ETH Staking Floor | 🟡 Stable | Lido / LSTs: **3.5–4.5%** — reliable baseline, compressed vs 2024 cycle peaks |
| Organic High-Yield | 🟢 Present | DEX LPs (10–65%), structured basis (12%+), Morpho isolated vaults |
| Incentive Sustainability | 🟡 Monitor | Base/Aerodrome ecosystem rewards boosting LP yields — watch reward token valuations |

*Benchmark reference: US 3-mo T-bill ~3.70% · Sky SSR 3.65% · sUSDe 4.32% · ETH staking base ~3.5%*

🏥 Onchain Yields Health Report — May 19, 2026

Lending Protocol Fees — Demand Barometer

Top Lending Protocols by TVL

Screens across all major DeFi yield sources with minimum **$1M TVL** and **≥5% APY**. Includes lending pools, DEX LPs, vaults, LST/LRT strategies, structured products, and incentivized pools. Sort by APY, TVL, or Base APY to identify organic vs. reward-driven yield. Flag: pools where Base APY ≈ Total APY = organic yield; where Reward APY dominates = incentive-dependent, monitor sustainability.

*Filter tip: use the Base APY column to screen for organic yield. High Reward APY with low Base APY = incentive-driven — sustainable only while rewards flow.*

📋 Master Yield Screener

**Screened as of May 19, 2026** | Min $5M TVL · APY ≥10% · Base APY ≥70% of Total APY

🥇 **Highest-Quality Organic Yields (10%+, base-dominant)**
- **Mainstreet MSUSD** (Ethereum): 12% organic APY, $78M TVL — institutional basis trading, no reward dependency
- **Morpho Alpha USDC Delta V2** (Ethereum): 12.6% organic APY, $25M TVL — curated isolated lending vault
- **Avantis USDC** (Base): 11.9% organic APY, $45M TVL — derivatives protocol fee income
- **Goldfinch USDC** (Ethereum): 10.1% organic APY, $37M TVL — private credit RWA lending

📈 **Largest Pools with Attractive APY (>$20M TVL, >10% APY)**
- **WETH-USDC Uniswap V3** (Base): 65% APY, $125M TVL — concentrated LP, IL risk, active management required
- **USDC-WETH Uniswap V3** (Ethereum): 28% APY, $99M TVL — organic LP fee yield on high-volume pair
- **SOL-USDC Orca DEX** (Solana): 47% APY, $28M TVL — organic LP, Solana ecosystem

⚡ **Incentive-Boosted (Monitor Sustainability)**
- **USDC-AERO Aerodrome V1** (Base): 20.6%, $26M — 100% reward-driven, monitor AERO price/emissions
- **Convex sdCRV** (Ethereum): 18.5%, $28M — CRV/CVX vote incentives, reduce risk with veCRV exposure
- **SparkLend USDS** (Ethereum): 3.77%, $843M — SPK token rewards boosting 3.65% SSR base

⚠️ **Capacity-Constrained (Will Compress on Entry)**
- AugustAUSD Morpho (Ethereum): ~99% APY, $8M — extreme utilization in small vault, unsustainable at scale
- alETH-frxETH Curve (Ethereum): 21% APY, $7M — niche frxETH market, limited capacity

🎯 Yield Opportunities — Screened Best Ideas

Focus: USDC, USDT, USDS/sUSDS, USDe/sUSDe, crvUSD, PYUSD, and structured stablecoin products. Includes lending, LP, vault, and looping strategies.

**Yield Curve Summary (May 2026):**
- **Floor (3.6–3.7%)**: Sky SSR sUSDS — DeFi risk-free rate, near-zero smart contract risk
- **Premium Tier (4–5%)**: Ethena sUSDe (4.32%), Maple USDC (4.79%), Morpho Steakhouse USDC Base (~4.7%), Jupiter Lend USDC Solana (4.46%)
- **Structured/Alpha Tier (8–13%)**: Mainstreet MSUSD (12%), Morpho Alpha USDC Delta V2 (12.6%), Avantis USDC (11.9%), Goldfinch private credit (10.1%)
- **Risk-Yield Trade-off**: sUSDe offers ~65bp premium over sUSDS with funding rate risk. Above 8% requires smart contract risk in niche vaults, active LP management, credit risk (RWA), or basis trading mechanics.

**Researcher Takeaway**: Bulk stablecoin yield (~$1B+) is constrained to 3.6–4.8% without meaningful yield compression risk. Meaningful alpha (>8%) requires either smaller pools or active management. The sUSDS → sUSDe → Maple/Jupiter progression is the core risk ladder.

💵 Stablecoin Yields

Focus: ETH, WETH, stETH, wstETH, rETH, cbETH, sfrxETH, ezETH, weETH — staking, restaking, lending, LP, and leveraged strategies.

**ETH Yield Ladder (May 2026):**
- **Vanilla Staking (3.5–4%)**: Lido stETH — baseline, no active management, ~29.6% of ETH staked
- **Restaking Premium (3.4–5.8%)**: ether.fi LiquidETH (3.38%, $157M), Avant avETH (5.36%, $11M)
- **Lending/Vault (5–11%)**: Fluid Lite ETH (5.77%, $130M), Aave V3 WETH (5.3%, $14M), Convex msETH-WETH (11.2%, $7.8M)
- **LP/Concentrated (10–21%)**: alETH-frxETH Curve (21%, $7M), Stake DAO msETH-WETH (10%, $6M)
- **Leveraged/Exotic (11–85%)**: Morpho svETH (11.3%, $2M), mcWETH (85%, $4M — extreme utilization, likely unsustainable)

**Researcher Takeaway**: For liquid funds, the risk-return profile maps cleanly: vanilla staking → LST lending collateral loops → restaking vaults → concentrated LP. Most institutional capital fits tiers 1–3. The Convex/Curve LP tier (10–21%) suits funds with active management. The 85% mcWETH vault is a transient rate spike — do not anchor deployment around it.

⟠ ETH & Liquid Staking / Restaking Yields

Focus: WBTC, cbBTC, tBTC, LBTC, solvBTC, eBTC — lending, LP, vault, and cross-chain strategies.

**BTC Yield Landscape (May 2026):** BTC yields are structurally thin. Aave V3 WBTC/cbBTC supply APYs are near-zero (0.006–0.3%) due to low borrow demand — BTC is primarily deposited as collateral, not actively borrowed.

**Where BTC Yield Exists:**
- **LP (highest, IL risk)**: WBTC-STRKBTC Ekubo Starknet (19.4%, $1.3M — 70% STRK incentives), WBTC-WETH Uniswap V3 Arbitrum (11.2%, $40M — organic)
- **Lending (isolated markets)**: WBTC Fraxlend (4.79%, $2.3M), GTWBTCC Morpho Blue (1.15%, $5.5M)
- **Bridge liquidity**: WBTC Across Protocol (2.05%, $11M — relayer fee income, bridge counterparty risk)
- **GMX V2 GLP**: WBTC.B market making (3.38%, $7.5M — delta-neutral, Arbitrum)

**Researcher Takeaway**: Pure BTC yield in DeFi requires accepting LP/IL risk, bridge risk, or relying on incentive tokens. Funds targeting BTC yield above 5% should consider institutional BTC-native products (Function/Mantle FBTC) outside this screener's scope. Most DeFi BTC pools are more suitable as collateral to borrow stablecoins for the stablecoin yield strategies above.

₿ Wrapped BTC Yields

Yield opportunities involving major DeFi governance tokens and their ecosystems.

**HYPE (Hyperliquid)**: kHYPE liquid staking (Kinetiq): 1.98%, $843M — validator delegation; WHYPE-USDC LP (Project X): 60%, $11.8M — high IL risk, organic; WHYPE-UBTC LP: 57%, $7.3M; WHYPE-UETH: 16%, $3.5M

**SKY / USDS (Sky Protocol)**: sUSDS: 3.65%, $6.24B — DeFi risk-free floor; SKY- leveraged farming (Origami): 13.4%, $3.5M; USDS-stUSDS Beefy: 10.3%, $3.6M; SKY-USDC Uniswap V4: 29%, $3.2M

**AAVE**: AAVE-USDC LP (Uniswap V4): 38.6%, $2.9M — organic trading fees; AAVE-WETH LP (Uniswap V3): 2.65%, $4.1M

**PENDLE**: Fixed-rate PT markets enable locking in current yield rates on sUSDe, stETH, and RWA assets. Pendle medianApy reflects blended underlying rates across all active markets.

**Researcher Takeaway**: The USDS/Sky ecosystem is the only blue-chip DeFi token generating institutional-scale yield (>$6B at 3.65%). All others are LP-based (IL risk) or small pools. HYPE liquid staking is the emerging opportunity — Kinetiq kHYPE at $843M TVL with 2% staking yield is a genuine new yield primitive as the Hyperliquid ecosystem matures.

💎 Blue Chip DeFi Yields — HYPE, SKY, AAVE, MORPHO, PENDLE

**Purpose:** Real-time monitoring of yield opportunities for institutional capital deployment. Targets strategies generating **10–20%+ APY** with **$1M+ TVL** across stablecoins, ETH, BTC, SOL, and DeFi blue chips — covering Pendle PTs, Morpho vaults, Convex/Curve LPs, and AMM LP positions.

**Current Landscape (May 2026):**
- 🔵 **Stablecoin yields** remain robust: Pendle yield tokenization of USDe/sUSDe at **14–17% APY** on $2–16M TVL pools; Convex PMUSD-CRVUSD at 22%; 3Jane SUSD3 at 14%; Ember USDC at 25% on $44M TVL.
- ⚡ **ETH family:** Morpho MCWETH vault at **85% APY** ($4.1M TVL); Curve alETH-frxETH at 21% ($7M TVL); Convex msETH-WETH at 11% ($7.8M TVL).
- ₿ **BTC family:** Ekubo SOLVBTC-STRKBTC (Starknet) at 51%; Chainflip AMM BTC at 21% ($4M TVL).
- 🟣 **Blue-chip LP pairs:** WETH-USDC Uniswap V3 (Base) at **65% APY** on $125M TVL; WETH-CBBTC Aerodrome at 50% on $18M TVL; WHYPE-USDC Project X at 53% on $12M TVL.
- 🟡 **SOL:** Native SOL staking runs ~6–8% (below threshold), but SOL-USDC LP on Orca DEX generates **47% APY** on $28M TVL — visible in the LP table below.

⚠️ Yields >50% are often reward-driven or carry high IL risk. Always check the Base APY vs Reward APY split before allocating capital.

DeFi Yields — Liquid Fund Strategy Monitor

Live feed of all qualifying yield opportunities across strategy types: single-asset deposits, Pendle PTs/YTs, Morpho vaults, Curve/Convex LPs, leveraged positions, and AMM liquidity. **Sort by APY to find highest-yield opportunities; sort by TVL for most liquid positions.** Use the Base APY column to identify organically-driven vs incentive-driven yield.

| Highlight | Pool | APY | TVL | Notes |
|---|---|---|---|---|
| Pendle PT | APYUSD (Pendle, ETH) | 17.1% | $16M | Fixed-yield USDe tokenization |
| Morpho Vault | AUGUSTAUSD (ETH) | 100% | $8M | USDe lending vault — verify sustainability |
| Convex LP | PMUSD-CRVUSD (ETH) | 22.4% | $6.3M | Stablecoin LP + CRV/CVX emissions |
| Morpho Vault | MCWETH (ETH) | 84.5% | $4.1M | Pure ETH lending vault |
| Uniswap V3 LP | WETH-USDC (Base) | 65.3% | $125M | Largest liquidity at this APY tier |

📊 Master Yield Screener — All Strategies (≥10% APY, ≥$1M TVL)

Stablecoin-denominated strategies for capital preservation + yield mandates. Three dominant themes in 2026:

**1. Pendle Yield Tokenization:** Splits yield-bearing tokens (USDe, sUSDe, sUSDS) into Principal Tokens (PT, fixed rate) and Yield Tokens (YT, variable). PT positions lock in **14–18% APY** with defined maturities — closest DeFi equivalent to fixed-income.

**2. Morpho Curated Vaults:** AUGUSTAUSD ($8M TVL, ~100% APY) and ALPHAUSDTPRIME on Hyperliquid ($4.4M, 16%) aggregate borrow demand across markets. High APY here reflects specialized borrow demand — monitor for normalization.

**3. Convex/Curve LP Amplification:** PMUSD-CRVUSD (22%), FRXUSD-MSUSD (14%), and REUSD-SFRXUSD (18%) use boosted veCRV emissions on top of organic trading fees. More durable than pure incentive pools but correlate with CRV token price.

⚠️ Filter by **Base APY > 5%** for lower incentive dependency. Pools where reward APY > base APY are rotation candidates when emissions change.

🔵 Stablecoin Yield Desk

Track APY sustainability over time for key positions. Consistent base APY with stable or growing TVL signals durable, institutional-grade yield. Sudden APY spikes paired with TVL declines indicate capital flight — a warning to reduce exposure.

**Monitoring rationale:** APYUSD and REUSDE (Pendle fixed-yield stablecoin strategies with high TVL); MCWETH (Morpho ETH vault with unusually high base APY); USDC Ember Protocol (large stablecoin vault at $44M TVL generating 25%+ — worth watching for sustainability).

🔍 Featured Pool APY & TVL History

Monitor the underlying health of protocols hosting yield strategies. TVL trends signal capital confidence; borrowed amounts on lending markets signal stablecoin borrowing demand (the key driver of stablecoin supply APY); Pendle median APY reflects the aggregate yield environment.

**Protocol Snapshot (May 2026):**
| Protocol | TVL | Daily Fees | 30d Fees | Role in Yield Stack |
|---|---|---|---|---|
| Aave V3 | $13.95B | $1.09M | $72.5M | Primary lending market — sets stablecoin borrow rate floor |
| Morpho Blue | $7.47B | $467K | $15.7M | Curated vaults — higher yield via utilization optimization |
| Curve DEX | $1.66B | $129K | $3.1M | Core stablecoin LP infrastructure |
| Pendle | $1.55B | $14.7K | $796K | Yield tokenization — fixed vs variable rate market |
| Convex Finance | $589M | — | $786K | Curve yield amplifier via veCRV |
| Aerodrome | $201M | $243K | $6.95M | Base ecosystem DEX — high LP yields |

🏦 Yield Protocol Ecosystem Health

Yield Protocol TVL Comparison

Lending Protocol Revenue (Yield Demand Signal)

# Ethereum vs. Arbitrum: A Comprehensive Analysis
This dashboard provides a detailed comparison of key performance indicators for Ethereum, the foundational Layer 1, and Arbitrum, a leading Layer 2 scaling solution. We will examine Total Value Locked (TVL), trading volume, network fees, user activity, and native token performance to understand their respective strengths and growth trajectories.

Total Value Locked (TVL) Comparison (Weekly)

**TVL Insight:** Ethereum maintains its position as the dominant Layer 1 by TVL, reflecting its deep liquidity and established ecosystem. Arbitrum's TVL demonstrates its significant adoption as a Layer 2, attracting substantial capital for its scaling benefits.

Daily Volume Comparison (Weekly)

**Volume Insight:** Trading volume is a key indicator of network activity. While Ethereum's volume often reflects broader market trends, Arbitrum's volume highlights its role as a hub for faster, cheaper transactions, particularly for DEX and derivatives trading.

Chain Fees Comparison (Weekly)

**Fees Insight:** Chain fees represent the cost of transacting on the network and contribute to the chain's revenue. Ethereum's fees are generally higher due to demand for blockspace, while Arbitrum offers significantly lower fees, a primary driver for its user adoption.

Active Users Comparison (Weekly)

**User Activity Insight:** Active users indicate the level of engagement on each network. Arbitrum's growth in active users often correlates with its lower transaction costs and faster finality, attracting users seeking efficient DeFi interactions.

Native Token Price Comparison (Weekly)

Native Token Market Cap Comparison (Weekly)

**Token Performance Insight:** The price and market capitalization of ETH and ARB reflect investor sentiment and the overall health of their respective ecosystems. ETH's performance is tied to the broader crypto market and its role as the base layer, while ARB's valuation is influenced by Arbitrum's adoption and growth as an L2.

Bridged TVL Comparison (Weekly)

**Bridged TVL Insight:** Bridged TVL represents the value of assets transferred between chains. For Arbitrum, this metric is crucial as it indicates the flow of capital from Ethereum to the L2, highlighting its role in scaling the Ethereum ecosystem.

Stablecoin TVL Comparison (Weekly)

**Stablecoin Insight:** The TVL of stablecoins on a chain is a strong indicator of its liquidity and utility for trading and lending. Both Ethereum and Arbitrum host significant stablecoin liquidity, essential for their respective DeFi ecosystems.

Funding rates across 6 venues as of June 17, 2026. **OKX stands out as the only venue with negative funding (–7.86% annualized)** — shorts are actively being paid, suggesting a divergence in positioning from the rest of the market. Binance, Bybit, Bitget, and Gate are all pinned at the default cap of +0.00005 per 8h (+5.48% annualized). Hyperliquid — which hosts ~65% of total HYPE open interest ($1.42B of $2.18B) — runs 1-hour funding intervals; its raw rate of 0.0000125/hr annualizes to ~10.95%, materially higher than the 8h-based venues. All figures reflect the most recently settled interval.

HYPE Funding Rates Across Perp DEXs

HYPE Funding Rate by Exchange (Annualized %)

HYPE Open Interest by Exchange

Hyperliquid settles funding every **1 hour** vs the standard **8 hours** on Binance/OKX/Bybit. The annualized rate above for Hyperliquid uses the tool's 8h-equivalent calculation (1.37%). The correct annualization at 1h intervals is **~10.95%** (0.0000125 × 8,760). When comparing carry costs across venues, always adjust for interval frequency.

⚠️ Interval Note

Hyperliquid

Live annualized perpetual funding rates across Binance, OKX, Bybit, and Hyperliquid as of 2026-07-20. **CRV and HYPE show the richest annualized carry (~9-11%)**, while **AAVE is a standout negative-carry outlier** — Bybit's AAVE perp printed -47% annualized funding, dragging its cross-exchange average to -10.9%, the only negative reading in the set. This divergence signals crowded short positioning on AAVE relative to the broadly long-skewed majors.

Perp Funding Rate Comparison — ETH, BTC, SOL, XRP, HYPE, AAVE, CRV

HYPE

Avg Annualized Funding Rate by Token

Funding rates diverge meaningfully by venue — the same token can show a positive rate on one exchange and negative on another within the same hour, reflecting localized positioning imbalances rather than a market-wide consensus.

Cross-Exchange Breakdown

Annualized Funding Rate by Exchange (latest)

Open Interest — BTC vs ETH by Exchange

Derivatives positioning is running hot on majors: a Hyperliquid whale briefly ran a 40x, ~1,897 BTC long before fully de-risking on 2026-07-20, while a separate whale opened a 20x leveraged long on 12,000 ETH — flows that push funding positive as longs pay to hold. On ETH, published long/short ratio reads near 0.96 (not fully one-sided) even as funding stays positive, and futures volume was reported up sharply over 24h — consistent with crowded-but-not-extreme long positioning. *Context per CryptoBriefing, CryptoSlate, Invezz — unverified, not DefiLlama data.*

Market Context

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Multi-Chart 2

Multi-Chart 3

# Tokenized Gold & Commodities TVL Breakdown
This dashboard visualizes the Total Value Locked (TVL) for tokenized gold and other commodities, categorized under Real World Assets (RWA). The chart displays the top 5 entities by TVL, with all remaining entities grouped into an 'Other' category, providing a clear overview of market dominance and emerging players from 2024 to today.

Tokenized Gold & Commodities TVL by Entity

**Market Dynamics:** The line chart illustrates the growth and market share distribution within the tokenized gold and commodities sector. Observing the 'Other' category's trend can indicate whether the market is consolidating around a few large players or if new, smaller entities are collectively gaining traction. The dominance of the top 5 entities highlights key players in this evolving RWA segment.

# Peapods Finance vs. Top Lending Protocols
This dashboard provides a comparative analysis of Peapods Finance against leading lending protocols in the DeFi space, focusing on key metrics like Total Value Locked (TVL), daily revenue, and a custom metric: revenue generated per $1 Million in TVL.

Lending Protocols: Total Value Locked (TVL)

**TVL Comparison Insight:** This chart illustrates the relative scale of Peapods Finance's liquidity compared to established lending giants. A higher TVL generally indicates greater trust and utility within the DeFi ecosystem.

Top Lending Protocols: Daily Revenue

**Revenue Analysis:** This chart breaks down the daily revenue generated by Peapods Finance and other top lending protocols. Revenue is a key indicator of a protocol's economic activity and its ability to capture value from its operations.

**Efficiency Metric: Revenue per $1M TVL:** This table provides a crucial efficiency metric, showing how much revenue each protocol generates for every $1 million in TVL. A higher value indicates better capital efficiency, meaning the protocol is more effective at generating income from its locked assets. This is particularly useful for comparing protocols of different sizes.

# DeFi Yields Dashboard: Top Protocols
This dashboard provides an overview of the leading protocols in the DeFi yield sector, focusing on their Total Value Locked (TVL), fees generated, and other key performance indicators. The protocols are dynamically discovered based on their TVL within the 'yield' category.

**Table Insights:** The table above ranks the top yield protocols by TVL. The 'TVL/Fees (24h)' custom column provides an efficiency metric, indicating how much TVL is required to generate a dollar of daily fees. Lower values suggest higher capital efficiency.

Top 5 Yield Protocols: TVL Trend

**TVL Trend Analysis:** This chart visualizes the TVL growth of the top 5 yield protocols over the last 90 days. Observing these trends helps understand which protocols are attracting and retaining capital most effectively.

Top 5 Yield Protocols: Daily Fees Breakdown

**Fees Breakdown:** This stacked area chart illustrates the daily fees generated by the top 5 yield protocols. Fees are a critical indicator of protocol utility and profitability, directly reflecting the value generated for users and, in some cases, token holders.

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TG Bots/Trading Apps

Public dashboard library

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DeFi Yields II

DeFi Yields

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