Caladan
Caladan
PENDLE-5.40%
SOL-3.02%
AAVE-4.74%
MORPHO-4.35%
JTO-4.26%
APT-7.21%
LDO-6.08%
SUI-4.76%
NEAR-6.04%
GM! Here's our 6th edition of the Caladan Weekly, a sharp, data-driven read on digital asset markets, liquidity flows, and treasury optimization for institutions. Credits to @0xavarek for the writeup. Below is a preview of the full digest. Subscribe below to see the full version 🔖 -- Caladan Weekly: Protocol Evaluation Framework: Revenue Analysis, Capital Behavior, and L1 Assessment -- Key Takeaways: - Protocol revenue vs TVL disconnect: Fee-generating protocols like @aave V3 ($1.48M daily) and @MorphoLabs Blue ($0.89M daily) justify valuations through genuine activity, while high-TVL protocols like @veda_labs ($3.44B) and @sparkdotfi Liquidity ($3.60B) show minimal revenue generation, indicating valuation inflation - L1 capital migration patterns: @solana ecosystem demonstrates institutional maturity with $5.45B combined TVL and 80.9% capital retention (@jito_sol leading at $2.66B), while @SuiNetwork shows rapid growth potential at 74.6% retention, @Aptos struggles with 68.9% retention indicating development challenges, and @NEARProtocol exhibits clear capital exodus at 71.3% retention - Institutional capital behavior tracking: Multi-period retention analysis reveals distinct institutional preferences - protocols with stable business models (@BlackRock BUIDL 97.9%, @pendle_fi 99.2%) outperform network-dependent alternatives (@LidoFinance 86.6%) and complex strategies (@ethena_labs 86.5%) during 120-day observation periods - Sustainable vs subsidized yield identification: Organic fee growth patterns (Morpho +71% over 120 days, Pendle +100% over 120 days) contrast sharply with declining strategy-dependent yields (Ethena -20% over 120 days), providing clear institutional allocation signals for sustainable revenue models
Gallery 1
Interested in reading the full weekly report in your inbox? Subscribe here at:
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.