Chainlink, Ethereum, Bitcoin, Solana, and XRP are among the assets drawing the most negative sentiment from the crowd during this moderate crypto downturn.

Interestingly, coins that attract the most bearish narratives often have the highest potential for a rebound. You can check the full list of such coins in the post.

To prevent October from being a complete disappointment due to market drops, I suggest taking a look at the new DePIN sector map from Messari – there are plenty of projects worth exploring here.

You can view the Messari map and report on DePIN at the link.

Let's talk revenue as the best indicator of a product sustainability.

Some numbers ↓

• Tron: $194M / month.
The absolute leader in the L1 landscape by revenue.
Yeah, 200% more revenue than Ethereum ($93M / month).

• Solana: $15.5M / month.
That's more than the amount earned by TON ($2.7M), BNB Chain ($1.2M), and Avalanche ($656K) together.

• Uniswap: $7M / month.
The most successful DeFi app ever.
Btw Velodrome has $2M in 30d revenue – 200%+ more than what Optimism earns ($870K).

• Lido: $6.8M / month.

• Jito: $1.4M / month.

• Aave: $4.5M / month.
In the lending category, btw, Maple and Goldfinch are at less than $100K.

• GMX: $1.28M / month.
More than dYdX ($533K) and Synthetix ($497K) together.

• ENS: $850K / month.

• Opensea: $645K / month.

• Layer3: $480K / month.

• Convex: $450K / month.
For context, this is comparable to the revenue of Arbitrum ($545K).

On a side note (so you can compare):

Bethesda's average revenue per game is $39.6M.

Discord generates $48M / month.

Zoom has $330M / month.

Tether generates $400M / month.

Husqvarna (not even sure all of you know this Swedish brand) generates $350M / month.

Samsung has $15B / month.

The data comes from Token Terminal and quarterly revenue reports from Web2 companies from 2023-2024.

Despite the fact that the market has been volatile over the past three years, the number of useful applications has increased.

This trend may continue, and the applications will keep generating revenue.

Bitcoin's current market movement resembles the 2013 and 2020 cycles, with two profit peaks for long-term investors, unlike 2017.

As global interest rate cuts begin, liquidity may take time, but positive price movements are expected by 2025, making long-term investment the smarter strategy.

Short-term traders drive memecoins, with $DOGE leading the way.

Remarkably, $DEGEN matches Shiba Inu’s 23,000 active traders despite having just 10% of its market cap, far ahead of other memecoins.

The more I research Web2/Web3 revenues, the crazier the picture gets.

Nvidia earned $30B in Q2 2024, which annualizes to $120B.
Its market cap stands at $3.31 trillion.
Revenue-to-market cap ratio: 0.036.

Sony's revenue in 2023 was $87B.
Market cap: $116B.
Revenue-to-market cap ratio: 0.75.

Zoom's revenue in 2023 was $4.2B
Its market cap is $21B.
Revenue-to-market cap ratio: 0.2.

Ethereum earned $1.5B from Q1 to Q3 2024.
In Q3, it had its lowest recorded revenue due to Dencun and market sentiment effects.
Assuming Q4 will be similar, the annualized revenue for Ethereum is approximately $1.7B.
Its current market cap is $290B.
Revenue-to-market cap ratio of 0.0058.

I began investigating why the discrepancies between market cap and revenue are so significant and found a compelling explanation on Reddit ↓

Valuations are often of questionable value in determining a company's "importance."

Tesla, for instance, will be remembered in automotive history for proving that mass manufacturing of good and practical EVs was possible, leading other automakers to follow suit. As for Tesla's economic importance, it doesn't even rank in the top 10 automotive manufacturers by volume—VW produces nearly ten times as many cars.

It's unclear if the above is bullish or bearish, but it highlights the speculative nature of the markets, especially for large companies.

As long as brands stay solvent, revenue isn't crucial.
Innovation is.

Liquid staking on Avalanche is booming, with total staked $AVAX on Benqi Finance steadily rising.

Notably, less than 20% of all depositors have withdrawn from the protocol so far.

Berachain sentiments reached an all-time high recently.

Mainnet coming soon? 🐻⛓️

Prediction markets...
Something fun and degen, you say.

You may not realize it yet, but prediction markets could be as transformative as the emergence of ChatGPT or Ethereum.

Key findings from Delphi's latest report on prediction markets ↓

Market sentiment is gradually improving, according to Kaito AI.

Low caps have contributed to this upward trend.

Who became the price gainer over the past week?

Let’s take a look at the statistics from DropsTab.

The recent launch of cbBTC led to rapid growth, and the token's market capitalization exceeded $350 million in just one month.

To surpass its competitor WBTC, the token still has a long way to grow.

On October 14, Bitcoin spot ETFs saw an inflow of $556 million.

This is the largest net inflow since early June 2024.

Active loans for Moonwell on OP Mainnet are trending up.

It seems that Moonwell is becoming one of the top lending protocols on the Superchain.

What could be more exciting than reading new research? 🔍

General
➖ CoinShares: Digital Asset Bi-Weekly Digest
➖ Crypto.com: Research Roundup Newsletter [September 2024]
➖ CoinGecko: 2024 Q3 Crypto Industry Report
➖ Glassnode: Coinbase and Glassnode: The Q4 2024 Guide to Crypto Markets
➖ Galaxy: Ethereum All Core Developers Execution Call #198 Writeup
➖ Galaxy: Weekly Top Stories - 10/11
➖ Galaxy: Crypto & Blockchain Venture Capital – Q3 2024

Market
➖ Coinbase: Guide to Crypto Markets: Q4 2024
➖ Glassnode: The Eye of the Storm
➖ Galaxy: A Multi-Asset Approach to Digital Asset Investing
➖ Galaxy: Bitcoin Futures Basis and Funding Rates Remain Relatively Muted Amidst Bullish Price Action
➖ Bitwise: Election 2024 and Crypto: A Quick Q&A for Investors

Blockchains & networks
➖ Tiger Research Reports: Eliminating Bridging: Particle Network's Vision for Chain Abstraction
➖ Cryptorank: The Open Network (TON): On the Path to Unite Web3 and Consumers
➖ CoinMarketCap: What Is Scroll? The Bytecode-Level EVM-Compatible zkEVM Chain
➖ Coinbase: Analyzing Solana Activity
➖ Footprint: September 2024 Chains Report: Bitcoin Layer 2 Surge and Sui's Breakthrough

Tokens & currencies
➖ Binance: Overview of Stablecoin Regulation

ICYMI: Solv (BTCfi) announced raising a total of $25M to build the universal staking layer.

Everything you need to know about Solv is here, in my Eli5 on X.

Is this a new type of drainer or?

In short: About 30 minutes ago, this wallet began receiving small to mid-sized transfers from numerous accounts (unauthorized, I also have a transfer to this account in my balance history).

I have no idea what this is since I never connect this wallet to new or low-trust dApps, but it's definitely interesting.

Currently, the incoming transaction total for this address has already exceeded 2,000.

Sharing the address for your research:
0x911215cf312a64c128817af3c24b9fdf66b7ac95

If you have any ideas about wtf this is, please share to help others stay safe.