The best Arbitrum projects to accumulate in this dip:

This is a data-driven report which aims to compare the following projects by their key metrics:

• GMX

• GNS

• Radiant

I feel like all those projects are great, but which of those is the best?

Metrics used to compare these projects:

  • Marketcap & Fully Diluted Valuation

  • Total Value Locked

  • Fee's & Protocol Revenue

  • Daily Active Users

All of those performance indicators will be divided by market cap. What do you feel is the most important metric?

Fully Diluted Valuation vs. Marketcap:

• GMX - Ratio = 1,53

• GNS - Ratio = 1

• Radiant - Ratio = 3,85

GNS is the clear winner in this metric. I'm honestly quite surprised that GNS has all of its tokens in circulation.

Total Value Locked vs. Marketcap:

  • GMX - Ratio = 1,06

  • GNS - Ratio = 0,29

  • Radiant - Ratio = 2,13

Radiant has the highest value locked compared to its market cap.

Projects that have higher FDV tend to have more Total value locked (Yield due to Emissions).

Fully Diluted Marketcap vs. Protocol Fees (annualized):

  • GMX - Ratio = 4,35

  • GNS - Ratio = 7,31

  • Radiant - Ratio = 16,30

GMX has the most protocol revenue compared to its fully diluted valuation.

Check token unlocks if you feel like the market cap is the better metric.

Marketcap vs. Protocol Earnings (Q1 2023):

  • GMX - Ratio = 71,13

  • GNS - Ratio = 32,46

  • Radiant - Ratio = 95,14

GNS has the highest earnings compared to the market cap.

Over $5m have been generated while paying out $0 in token incentives.

Marketcap vs. Daily Active Users:

  • GMX - Ratio = 324

  • GNS - Ratio = 409

  • Radiant - Ratio = 95

Radiant has by far the most active users compared to the market cap.

I'd be interested in the number of users that are borrowing money vs. people farming yield.