I was looking at @MMTFinance numbers on DeFiLlama today and I feel this thing is sneaky strong.
TVL is sitting at $430M+ all on Sui that alone already makes it the biggest real player on the chain.
But the fees are the crazy part.
In Q1 2025 they barely made anything, like 12k in fees looked dead.
Then Q2 they ran up to $4.16M, Q3 they doubled again to $7.33M.
Even in Q4 with only a small partial count it's already 195k.
That's what caught me fees don't lie, when protocols start printing, it means real users, real activity.
You can fake hype, but you can't fake cash flow.
Momentum has already pulled $11.7M cumulative fees, with an annualized run rate of $24.9M. That is more than some L1s have.
Revenue is still only $4.9M annualized, which tells margins are just warming up.
If you have been around DeFi for long, you know what comes next when the curve starts looking like this.
Momentum right now feels like early Aave vibes but on Sui speed.
TVL can sit but fees exploding is always the real signal.
Idk how many are even watching this but Momentum is putting up real numbers in DeFi.
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