Research Summary
The report discusses the listing of HMX, zkSwap, and DLN on Token Terminal. It provides data-driven insights from Token Terminal PRO, including a volume spike in prediction markets and user retention rates for zkSync. The report also introduces new metrics, AFPU and ARPU, and discusses system transactions across Arbitrum, OP Mainnet, and Base.
Key Takeaways
New Listings on Token Terminal
- New Cryptocurrency Listings: HMX, a non-custodial exchange for perpetual contracts built on Arbitrum, zkSwap, a non-custodial Swap-to-Earn DeFi exchange protocol built on zkSync Era, and DLN, a cross-chain token bridge and trading infrastructure, are now listed on Token Terminal.
Trader Joe’s P/F Ratio
- Trader Joe’s Position: Trader Joe is one of the best-positioned DEXs at the moment, serving as the defacto trading hub for Avalanche with exposure to Arbitrum.
Volume Spike in Prediction Markets
- Increased Trading Volume: Prediction markets experienced their biggest day in daily trading volume since March 16th, 2023, on January 7th, with total trading volume across the top 4 projects exceeding 2 million.
zkSync User Retention
- High User Retention: zkSync has shown impressive user retention rates, with 31% of the 281k users onboarded in February remaining as monthly active users in December. Similarly, 30.7% of the 552k users onboarded in March and 20.7% of the 1 million users onboarded in April were still using zkSync by the end of the year.
System Transactions: Arbitrum vs. OP Stack
- Arbitrum’s High Transaction Count: In Q4, Arbitrum recorded a higher number of transactions compared to OP Mainnet and Base, with respective counts of 29.6m for Arbitrum, 4.0m for OP Mainnet, and 4.1m for Base. A significant portion of Arbitrum’s total transactions were system transactions, accounting for 28.6% of the total, compared to 12.8% for OP Mainnet and 12.0% for Base.
Actionable Insights
- Monitor New Listings: Keep an eye on the performance of the newly listed tokens, HMX, zkSwap, and DLN, on Token Terminal to understand their market dynamics and user adoption.
- Track Trader Joe’s Performance: Given Trader Joe’s strong position as a DEX, it would be beneficial to monitor its performance and market trends.
- Investigate Prediction Market Trends: The recent volume spike in prediction markets indicates increased activity and interest in this sector, warranting further investigation into the factors driving this trend.
- Analyze zkSync User Behavior: The high user retention rates for zkSync suggest a loyal user base. Understanding the factors contributing to this loyalty could provide insights into user behavior and preferences in the DeFi space.
- Understand System Transactions: The high proportion of system transactions in Arbitrum’s total transactions indicates its operational efficiency. Understanding the nature of these transactions and the underlying architecture could provide insights into the platform’s performance.
