#termmax @TermMax Revenue is useful. Revenue composition is more useful.
One thing I’ve been looking at with @TermMax is where protocol revenue actually comes from.
DeFiLlama data shows that the mix has changed significantly across periods, with liquidation-related revenue dominating one earlier quarter while protocol fees make up most of the current partial quarter.
That doesn’t automatically make one period better than another.
But different revenue sources tell us different things about user behaviour.
For #TermMax, I’d rather see sustainable fees generated by repeat product usage than judge $TMX purely from a headline revenue number.
The quality of revenue matters as much as the total
One thing I’ve been looking at with @TermMax is where protocol revenue actually comes from.
DeFiLlama data shows that the mix has changed significantly across periods, with liquidation-related revenue dominating one earlier quarter while protocol fees make up most of the current partial quarter.
That doesn’t automatically make one period better than another.
But different revenue sources tell us different things about user behaviour.
For #TermMax, I’d rather see sustainable fees generated by repeat product usage than judge $TMX purely from a headline revenue number.
The quality of revenue matters as much as the total
