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Coverage on the Lido, Uniswap, Curve, and Chainlink.

• Lido Finance is a cross-chain liquid staking application that allows users to generate yield for staking their assets. Lido's dominance for ETH staking has fallen from 90% in 2022 to 63% due to increased competition. The fall in dominance was largely driven by the advent of Coinbase ETH 2.0 staking in June 2022 which has seen a faster rate of change (7D) for deposits since launching but is now retreating back down to Lido's levels (~177k).

• Despite losing market share, Lido remains a top 7 application by 30D revenue, taking in $3.26m over the last 30 days ($39m annualized). Lido is the only application other than GMX in the top 7 names that has printed positive revenue trends across 7d, 30d, 90d, and 180d timeframes.

• Lido's stETH/wstETH on Ethereum bridges has grown 2x since October 2022 (40k). The majority of this growth is attributable to Arbitrum and Optimism. This growth and diversification indicates that stETH is becoming a key asset to be used within applications across various ecosystems outside of ETH1.

• Uniswap is a leading AMM-based DEX. While market conditions have turned pretty dramatically over the past 6 months, the protocol’s fundamentals remain strong. Weekly volume is tracking ~$9b, similar to August levels. The FTX collapse actually led to an increase in DEX trading, and Uniswap reached $23.6b in weekly volume - the fourth highest week in the protocol’s history.

• Uniswap also continues to defend its dominant market share, tracking ~57.5%. Notably, token holders currently passed a temperature check to deploy the protocol on Binance Smart Chain (first of three votes), where it could potentially take market share from PancakeSwap.

• Uniswap has seen an uptick in activity, with DAU tracking ~35-40k - around February and March levels. While the majority (~75-85%) of users are returning, the protocol continues to attract ~4-6k new users everyday.

• Chainlink supplies data to smart contracts, among other services. Price Feed transaction revenue declined 51% YoY from $178m to $88m as LINK price fell ~60%, and gross profit fell ~63% despite a 44% decrease in Ethereum gas costs from $79m to $29m.

• Price Feed transactions are up 172% YoY from 84m to 228m, despite relevant networks processing 13% fewer transactions, and now represent 6% of all transactions. Price Feed transactions are up 37% on Polygon despite a 40% decline in overall transactions, and 33% on BNB Chain despite a similar 44% decline. They are now >20% of all Polygon TXs.

• Chainlink’s share of oracle TVS is up 11% YoY from 79% to 94%. Chainlink secures 33x the value of its closest competitor, Band Protocol. Chainlink secures 234 protocols, which is 2.6x more than its closest competitor, TWAP, and 6.3x more than Pyth.

• Curve is the largest DEX by TVL, and at the same time has 26x less sandwich volume than the most sandwiched DEX. The most important reason is the high cost of sandwich attack due to auto-rebalancing concentrated liquidity.

• Curve’s incentives have been shown to attract TVL rapidly. For example, Lido <> ETH pool TVL grew from 0 to 15m in a matter of 1.5 hours.

• Curve still remains the top DEX across all chains by TVL post 2022 crypto market turbulence, and has even seen ~34% TVL growth over the past month.