Eric Wallach @ejwallach Twitter profile

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Eric Wallach

@ejwallach

2 years

Chainlink Network Financials & Valuation [1Q23 Update] • Key Performance Indicators (KPIs) • Chainlink Network Financials • LINK 2.0 Discounted Cash Flow (DCF) Valuation Model • Guide to resources (spreadsheets and Dune queries/dashboards) Tldr; Lots of promise!

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Eric Wallach

@ejwallach

2 years

Chainlink Node Operators have generated $189mm in revenue over the last 12 months, or ~$3.15mm in revenue per operator on average. See new USD-denominated dashboard:

Chainlink Revenue (USD)

Free crypto analytics by and for the community. Access crypto data tools and blockchain analytics with 700,000+ dashboards covering DeFi, NFTs, and onchain data. Track meme coin metrics, DEX analys...

dune.com

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Eric Wallach

@ejwallach

1 year

LINK Marines, I created a Dune query that scrapes 'CCIPSend' TXs from ETH logs and calculates TX count, sum of LINK transferred, and equivalent USD transferred: . Is that the right way to think about Chainlink Network revenue from CCIP?

Chainlink CCIP Revenue – Ethereum

Free crypto analytics by and for the community. Access crypto data tools and blockchain analytics with 700,000+ dashboards covering DeFi, NFTs, and onchain data. Track meme coin metrics, DEX analys...

dune.com

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Eric Wallach

@ejwallach

1 year

Already on the CCIP Revenue dashboard ;)

Base

@base

1 year

@Chainlink CCIP is now live on Base We're looking forward to seeing how developers use this to build cross-chain applications even faster and unlock new use cases 🔵

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Eric Wallach

@ejwallach

1 year

New Dune dashboard displaying Chainlink CCIP revenue across Ethereum, Avalanche, Optimism, and Polygon: . Note: I'm still working on tracking payments in alternative assets.

Chainlink CCIP Revenue

Free crypto analytics by and for the community. Access crypto data tools and blockchain analytics with 700,000+ dashboards covering DeFi, NFTs, and onchain data. Track meme coin metrics, DEX analys...

dune.com

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Eric Wallach

@ejwallach

1 year

Just added Arbitrum mainnet to the CCIP dashboard. Now tracking Ethereum, Polygon, Avalanche, Optimism, and Arbitrum.

Chainlink CCIP Revenue

Free crypto analytics by and for the community. Access crypto data tools and blockchain analytics with 700,000+ dashboards covering DeFi, NFTs, and onchain data. Track meme coin metrics, DEX analys...

dune.com

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Eric Wallach

@ejwallach

1 year

I was recently talking to a sell-side analyst who said that "the on-chain market seems uninterested in CCIP." But >80 DeFi projects have already integrated CCIP in <3 months!

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Eric Wallach

@ejwallach

1 year

The Chainlink CCIP Revenue Dashboard now tracks all supported token types (LINK, WETH, WAVAX, WMATIC, and WBNB) across all supported networks (Ethereum, Avalanche, Polygon, Optimism, Arbitrum, Base, and BNB Chain). Still a work in progress!

Chainlink CCIP Revenue

Free crypto analytics by and for the community. Access crypto data tools and blockchain analytics with 700,000+ dashboards covering DeFi, NFTs, and onchain data. Track meme coin metrics, DEX analys...

dune.com

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Eric Wallach

@ejwallach

2 years

New GMX V2 proposal to allocate 1.20% of protocol fees to Chainlink Network in exchange for low-latency oracle services.

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Eric Wallach

@ejwallach

1 year

Revised cumulative CCIP revenue. Kudos to the anon who noted cumsum needs to carry forward the last value when there's no new data – crucial for accurate plots!

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Eric Wallach

@ejwallach

2 years

Here is Chainlink BUILD incorporated directly into my Chainlink 2.0 valuation model. Now the model reflects LINK stakers earning yield from both (a) gross profit generated by Chainlink Network via price feeds and (b) Chainlink BUILD startup equity.

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Eric Wallach

@ejwallach

1 year

Previously my CCIP dashboard only showed daily and cumulative revenue in USD. As requested, I've added revenue in LINK + TX counts.

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Eric Wallach

@ejwallach

2 years

I've seen lots of discussion on @DefiLlama 's new @chainlink dashboard only showing VRF v1, VRF v2 and Automation revenue, so I put together a Dune dashboard with my Price Feed queries: .

Chainlink Price Feed Revenue

Free crypto analytics by and for the community. Access crypto data tools and blockchain analytics with 700,000+ dashboards covering DeFi, NFTs, and onchain data. Track meme coin metrics, DEX analys...

dune.com

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Eric Wallach

@ejwallach

1 year

Just added Base and BNB mainnet to the CCIP dashboard. Now tracking Ethereum, Polygon, Avalanche, Optimism, Arbitrum, Base, and BNB. I'll wait for official mainnet launches before adding Base and BNB to the combined queries up top.

Chainlink CCIP Revenue

Free crypto analytics by and for the community. Access crypto data tools and blockchain analytics with 700,000+ dashboards covering DeFi, NFTs, and onchain data. Track meme coin metrics, DEX analys...

dune.com

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Eric Wallach

@ejwallach

1 year

Do these (shockingly high) margins look about right for @chainlink CCIP? I took LINK amount sent in Source TX for Destination Gas and CCIP Fee and subtracted Destination Gas in Destination TX to calculate CCIP Fee, and then I divided resultant CCIP Fee by Destination Gas and

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Eric Wallach

@ejwallach

1 year

Exciting!

Chainlink

@chainlink

1 year

1/ The Chainlink Cross-Chain Interoperability Protocol (CCIP) has officially launched on Avalanche, Ethereum, Optimism, and Polygon mainnets. #LinkTheWorld

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Eric Wallach

@ejwallach

2 years

I've previously criticized Chainlink's TVE methodology, but it's directionally correct and spiking right now.

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Eric Wallach

@ejwallach

1 year

Just fixed the CCIP Revenue Dashboard. Let me know if there are any further issues.

Chainlink CCIP Revenue

Free crypto analytics by and for the community. Access crypto data tools and blockchain analytics with 700,000+ dashboards covering DeFi, NFTs, and onchain data. Track meme coin metrics, DEX analys...

dune.com

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Eric Wallach

@ejwallach

2 years

Eric’s Substack: Chainlink Network Financials and Valuation

Chainlink Network Financials and Valuation

Chainlink Network KPIs and LINK price fared poorly in FY22, but increasing market share dominance, revenue diversification, and transactions are reasons for optimism.

ewallach.substack.com

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Eric Wallach

@ejwallach

1 year

Already on the dashboard 😎

Chainlink CCIP Revenue

Free crypto analytics by and for the community. Access crypto data tools and blockchain analytics with 700,000+ dashboards covering DeFi, NFTs, and onchain data. Track meme coin metrics, DEX analys...

dune.com

Chainlink

@chainlink

1 year

Chainlink CCIP is now live on @BNBCHAIN mainnet, enabling developers to expand their applications across chains in a simple & secure manner. Discover the projects & protocols leveraging CCIP to connect to BNB Chain & the larger cross-chain ecosystem 🧵 ⬇️

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Eric Wallach

@ejwallach

1 year

Some LINK Marines are sharing charts of a huge spike in daily Chainlink Price Feed revenue on Polygon. Here are the TXs in question: 0x0b51a7ec54129c5729337e7c25ab7cd25bbca4a7f930379f69201a94ca2b606d 0x5aa75a86c68c24f7673f076ac5e6ef6afedf7b7bc284cb4be58e6de5f23397fc

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Eric Wallach

@ejwallach

2 years

Chainlink Network substantially improved earnings • Revenue of $12.59M up 36% Q/Q. • Gross Profit of $5.44M up 10% Q/Q. • Operating Profits of $2.67 up 25% Q/Q. • Net Income of $2.18M up 22% Q/Q.

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Eric Wallach

@ejwallach

2 years

Chainlink Node Operators' have earned $289mm in revenue and $149mm in gross profit from price feeds since June 2020. A~35% net income margin would imply $1.74mm in net income per node operator or ~$628K per node operator per year. Good job if you can land it :)

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Eric Wallach

@ejwallach

7 months

This week, @rendernetwork founder @JulesUrbach was touched on the arm by @StabilityAI founder @EMostaque

Jules Urbach

@JulesUrbach

7 months

Amazing meeting today with #Render fam @EMostaque and @AriEmanuel - mapping out the future of media and decentralized AI on @rendernetwork !

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Eric Wallach

@ejwallach

2 years

@DefiLlama @chainlink Last month, Chainlink network generated ~640K LINK ($4.67mm) in revenue from Price Feed TXs, which annualizes to 7.68M LINK ($56.06mm). Adding in VRF v1, VRF v2, and Automation implies $59mm in annualized revenue. @ChainLinkGod

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Eric Wallach

@ejwallach

1 year

Thanks to @brnt and @smyyguy you can now see totals on the CCIP revenue dashboard

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Eric Wallach

@ejwallach

1 year

New Chainlink Price Feed dashboard:

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Eric Wallach

@ejwallach

2 years

My Chainlink Node Operator financials dataset now spans back to 2019 and includes Ethereum, Polygon, BNB Chain, Avalanche, Fantom, Optimism, and Arbitrum.

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Eric Wallach

@ejwallach

2 years

How much does Chainlink subsidize its oracle networks? In private conversations, I've heard that 70-90% of revenue is subsidized by CLL. Here's my first (imperfect) attempt with on-chain data.

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Eric Wallach

@ejwallach

2 years

I'm publishing a comprehensive 1Q23 follow-up on Chainlink Network financials and valuation for 1Q23 either tomorrow or Friday. If any node operators or employees at @chainlinklabs are willing to look at it in advance let me know.

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Eric Wallach

@ejwallach

2 years

Previously, I'd heard that Chainlink Labs subsidizes ~70-90% of Node Operator revenue on Ethereum, while a couple of sources even suggested ~90-100%. My new estimate using on-chain data is ~95-100%. (Please do comment if you have reason to believe otherwise.)

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Eric Wallach

@ejwallach

1 year

In the new @Chainlink Industry Case Study: Buyer sends 2.67 NZ$DC (~$1.60) + 5 NZ$DC (~$3.00) and seller ultimately receives 2.67 NZ$DC in exchange for 2 ANZ CarbonMultiToken (ACMT) tokens. Who gets the 5 NZ$DC (~$3.00)? Source:

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Eric Wallach

@ejwallach

1 year

Re: Chainlink Price Feed revenue on Polygon I've removed 6 erroneous transfers of LINK from Chainlink Labs to Node Operators on 11/17/2023 totaling 723K LINK ($5.35M). These funds were mistakenly sent by Chainlink Labs to Node Operators and have since been returned.

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Eric Wallach

@ejwallach

2 years

Here's my most thorough attempt yet at measuring all-time gross profit for Chainlink NOPs on Ethereum. I know annual data costs for a couple of NOPs, so I calculated how much they spend on average per dollar of revenue and then extrapolated that to other NOPs.

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Eric Wallach

@ejwallach

1 year

Side note––I figured out how to track CCIP payments in LINK, WETH, WAVAX, and WMATIC across Ethereum, Optimism, Avalanche, and Polygon, but how can I also track ETH, Optimism-ETH, AVAX, and MATIC in the same query?

Total CCIP Revenue by Network (Payment in ERC20s)

Free crypto analytics by and for the community. Access crypto data tools and blockchain analytics with 700,000+ dashboards covering DeFi, NFTs, and onchain data. Track meme coin metrics, DEX analys...

dune.com

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Eric Wallach

@ejwallach

1 year

89.75M LINK ($566M) in outflows from Chainlink Labs wallets since July 2022.

Chainlink Labs Monthly Outflows

Free crypto analytics by and for the community. Access crypto data tools and blockchain analytics with 700,000+ dashboards covering DeFi, NFTs, and onchain data. Track meme coin metrics, DEX analys...

dune.com

Wu Blockchain

@WuBlockchain

1 year

4 Chainlink Noncirculating Supply wallet addresses unlocked and transferred out 18.75 million LINK (approximately $119 million) today, of which 15.7 million were transferred to Binance, according to @EmberCN These addresses also unlocked 21 million LINK 3 months ago, which

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Eric Wallach

@ejwallach

2 years

Some of you expressed interest in Chainlink Node Operators' LINK holdings over time, so I added another new query to the Chainlink NOP Outflows dashboard. I'll work on accounting for LINK staked by NOPs or held in derivative assets like aLINK next.

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Eric Wallach

@ejwallach

10 months

Awesome! I recommend everyone use @linkpoolio 's new CCIP dashboard instead of my own

LinkPool

@linkpoolio

10 months

It's the moment that you've been waiting for: The @Chainlink @DuneAnalytics CCIP Dashboard & Spellbook. Our objective in building @chainlink Dune Analytics Dashboards is to provide the clearest and most accurate picture of the state of @chainlink . Today, we deliver the CCIP

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Eric Wallach

@ejwallach

2 years

By combining the two new dashboards, we can see Top 20 Chainlink Node Operators by all-time gross profit.

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Eric Wallach

@ejwallach

1 year

CCIP Question: Why does the destination TX transfer more LINK than the source TX? Source TX on Sepolia sends ~0.11 LINK: Destination TX on Fuji sends ~0.31 LINK . Here's the TX on CCIP Explorer:

CCIP Explorer | Chainlink

Chainlink CCIP Explorer.

ccip.chain.link

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Eric Wallach

@ejwallach

2 years

Now onto LINK 2.0 Valuation • I estimate a Discounted Cash Flow (DCF) Present Value of ~$35/LINK, which reflects the value of LINK today based on estimates of future cash flows accruing to stakers via Price Feeds and BUILD startup equity.

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Eric Wallach

@ejwallach

2 years

New query tracking LINK held and staked by Chainlink Node Operators on Ethereum. Tldr; NOPs have accumulated another 172K LINK in March, which is 1.89x their Ethereum revenue. The sharp decline in Dec. '22 simply reflects deposits to the Chainlink staking contract.

Eric Wallach

@ejwallach

2 years

Some of you expressed interest in Chainlink Node Operators' LINK holdings over time, so I added another new query to the Chainlink NOP Outflows dashboard. I'll work on accounting for LINK staked by NOPs or held in derivative assets like aLINK next.

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Eric Wallach

@ejwallach

1 year

Gigachad

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Eric Wallach

@ejwallach

2 years

BTW a couple of people asked me to add Chainlink BUILD to my Chainlink valuation model. Here's some (very silly) back of the napkin math.

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Eric Wallach

@ejwallach

2 years

Chainlink Network could generate an incremental $2.43mm in (unsubsidized) revenue based on GMX's $50.70mm in protocol fees over the past 3 months.

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Eric Wallach

@ejwallach

1 year

This is AWESOME.

LinkPool

@linkpoolio

1 year

📢 The #Chainlink @DuneAnalytics Spellbook has arrived🚝 📊 Today, we're excited to continue fulfilling the commitment of providing full transparency behind the scenes of the #Chainlink Ecosystem and announce the launch of the #Chainlink Dune Analytics Spellbook! To see the

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Eric Wallach

@ejwallach

1 year

@RenderNetwork democratizes access to high-end rendering resources. Here's a deep dive into $RNDR valuation.

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Eric Wallach

@ejwallach

1 year

Shameless plug for my friend @DexTracNode and his new Chainlink analytics platform. He’s an awesome member of the community

DexTrac

@DexTracNode

1 year

Introducing PRISM by #DexTrac A Data Analytics Platform for Web3 & the #Chainlink Ecosystem PRISM reports on the status, growth, performance, & development of the Chainlink OCR Network & the node operators that secure it.

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Eric Wallach

@ejwallach

8 months

@MetaDAOProject First, we want to extend our gratitude to everyone who contributed to the Prop 7 discussion on Discord and/or duked it out in the order books. We salute you.

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Eric Wallach

@ejwallach

1 year

Neither mine nor @_Synthquest 's CCIP dashboards have picked up any transactions over the past 3 days. Anyone know why?

Chainlink - CCIP [DEPRECATED]

Free crypto analytics by and for the community. Access crypto data tools and blockchain analytics with 700,000+ dashboards covering DeFi, NFTs, and onchain data. Track meme coin metrics, DEX analys...

dune.com

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Eric Wallach

@ejwallach

2 years

Thinking about publishing my valuation models for Coinbase and/or Circle. Anyone interested in that? If not, are there other crypto companies or protocols that you'd find more interesting?

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Eric Wallach

@ejwallach

1 year

I've identified the error. I'll fix it shortly.

l⬡nguzi ⛓

@longuzi

1 year

I think we just saw our first whale transaction on CCIP, can someone find the transaction? $LINK #Chainlink

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Eric Wallach

@ejwallach

2 years

In Q4, Chainlink Node Operators transmitted 49.85M Polygon Price Feed TXs, which is 25x Binance, 113x Arbitrum, 150x Fantom, 177x Avalanche, 202x Ethereum, and 322x Optimism

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Eric Wallach

@ejwallach

2 years

Publishing my Chainlink valuation model. This is just one of many ways to analyze $LINK, but feel free to tweak the assumptions and let me know your thoughts! .

EJW Chainlink Valuation Model - 08.02.2023

docs.google.com

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Eric Wallach

@ejwallach

2 years

My apologies – due to a small code error, I inaccurately stated that Chainlink NOPs have generated $189mm in revenue and $141mm in gross profit from Price Feeds over the last 12 months. My best estimate is now $64mm in revenue and $31mm in gross profit.

Chainlink Revenue vs. Gas Costs

Free crypto analytics by and for the community. Access crypto data tools and blockchain analytics with 700,000+ dashboards covering DeFi, NFTs, and onchain data. Track meme coin metrics, DEX analys...

dune.com

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Eric Wallach

@ejwallach

2 years

How many txs do Chainlink Price Feeds facilitate? In Feb '23, the network processed ~4mm TXs excluding Solana and 178mm TXs including it. That annualizes to either 48mm or 2bn. Another dashboard for your enjoyment:

Chainlink Price Feed TXs

Free crypto analytics by and for the community. Access crypto data tools and blockchain analytics with 700,000+ dashboards covering DeFi, NFTs, and onchain data. Track meme coin metrics, DEX analys...

dune.com

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Eric Wallach

@ejwallach

2 years

Chainlink KPIs improved big time • Transaction Value Secured (TVS) up 26% Q/Q to $12B. • Lead over #2 in TVS up from 33x to 35x. • Lead over #2 in # of Protocols Secured up from 2.6x to 3.4x. • Price Feed TXs up 8% Q/Q despite total TXs across relevant networks down 16% Q/Q.

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Eric Wallach

@ejwallach

1 year

The problem is misinterpreting charts

hildobby

@hildobby_

1 year

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Eric Wallach

@ejwallach

1 year

@CryptoDavid_ @chainlink @arbitrum Happily. I’ll work on that in ~15-20 mins

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Eric Wallach

@ejwallach

1 year

@chainlink For reference, Price Feed TXs have a net revenue margin of ~66% (up from ~47% in 2Q22). Meanwhile, CCIP TXs seem to have a net revenue margin of either 80% if destination chain is Ethereum or 99% if destination chain is an alt L1 (!!!).

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Eric Wallach

@ejwallach

2 years

Little of what I publish here is “final.” I open source all of my research and iterate publicly—whether it’s a Dune dashboard or a financial model—so that we can figure out the truth together. I appreciate everyone who helps (constructively) along the way.

Eric Wallach

@ejwallach

2 years

My Chainlink Node Operator financials dataset now spans back to 2019 and includes Ethereum, Polygon, BNB Chain, Avalanche, Fantom, Optimism, and Arbitrum.

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Eric Wallach

@ejwallach

7 months

Correction. @StabilityAI founder @EMostaque was touched on the arm by @rendernetwork founder @JulesUrbach

Eric Wallach

@ejwallach

7 months

This week, @rendernetwork founder @JulesUrbach was touched on the arm by @StabilityAI founder @EMostaque

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Eric Wallach

@ejwallach

1 year

Just added a query to the top of the dashboard that tracks combined revenue (i.e., Ethereum + Avalanche + Optimism + Polygon). Below that are charts for each chain independently.

Eric Wallach

@ejwallach

1 year

New Dune dashboard displaying Chainlink CCIP revenue across Ethereum, Avalanche, Optimism, and Polygon: . Note: I'm still working on tracking payments in alternative assets.

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Eric Wallach

@ejwallach

2 years

FYI I recommend @_dshap 's report for a deep fundamental thesis on Chainlink

Daniel Shapiro

@_dshap

2 years

I present The Endgame: A Thesis on the Future of Chainlink and Web 3.0 I discuss CCIP, the ability to monetize data collected by the Chainlink Network, and speculate on the future of the space as it relates to regulation, decentralization, privacy and AI.

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Eric Wallach

@ejwallach

2 years

BTW as someone invested in the future of @chainlink , I’d love for them to disclose info on subsidies, as well as open source their TVE calculations.

0xngmi

@0xngmi

2 years

Chainlink community, is there any way to find how much of LINK rewards for price feeds are subsidized by Chainlink vs paid by external projects?

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Eric Wallach

@ejwallach

2 years

@cryptobluejeans Yes—based on various assumptions with which one might reasonably disagree. That price would place Chainlink in the top 100 companies by market cap at ~$150bn, so I encourage everyone to play around with the model.

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Eric Wallach

@ejwallach

9 months

Trying to wrap my head around EigenLayer. In theory, could Chainlink create a module on EigenLayer and let Ethereum validators retake ETH to secure oracles? Are there any drawbacks aside from the fact that Chainlink already has an A+ set of node operators?

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Eric Wallach

@ejwallach

1 year

Pyth commissioned this report, yet Chainlink—the “uncontested monopoly”—gets all the attention.

Pyth Network 🔮

@PythNetwork

1 year

Are Web3 oracles a silent revolution? @oak_fr has written a research report on the oracle landscape of 2023 🔮 A must-read for anyone interested in the foundations of DeFi:

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Eric Wallach

@ejwallach

2 years

New dashboard tracking Chainlink Node Operators' revenue and gas costs for @GainsNetwork_io across Polygon and Arbitrum: . See spreadsheet for daily gross profit numbers: . Per request and with the help of @BlockFarms_io .

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Eric Wallach

@ejwallach

2 years

New Dashboard: Chainlink Node Operator Outflows by Destination: . It uses Dune's address labeling engine to identify where NOPs are sending their rewards.

Chainlink NOP Outflows

Free crypto analytics by and for the community. Access crypto data tools and blockchain analytics with 700,000+ dashboards covering DeFi, NFTs, and onchain data. Track meme coin metrics, DEX analys...

dune.com

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Eric Wallach

@ejwallach

2 years

I get an FY28 $LINK price target of $142 when valuing LINK 2.0 based on the present value of future staking cash flows. My staking ratio is semi-arbitrary. @_dshap argues the USD value of staked LINK should be ~1% of TVS, but that presupposes LINK price so not appropriate IMO.

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Eric Wallach

@ejwallach

2 years

Developer activity also up and to the right • Active developers up 20% Q/Q – #1 among non-L1s and 1.67x second place (Osmosis). • Code commits up 18% Q/Q – #1 among non-L1s and 1.42x second place (Maker).

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Eric Wallach

@ejwallach

1 year

@Wahndo_ cumulative revenue per your suggestion

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Eric Wallach

@ejwallach

1 year

@chainlink is always a step ahead

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Eric Wallach

@ejwallach

2 years

@Zedzies @chainlink @AriJuels Dahlia Malkhi (Head of R&D) and her work with Mike Reiter in the late '90s also very influential!

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Eric Wallach

@ejwallach

2 years

A quick thread on outflows from Chainlink Node Operator reward addresses, with the help of Nansen's address labeling engine. Big picture, 55% of NOP reward outflows are to CEXs and DEXs, while 28% are to Lending Protocols and Liquidity Pools.

Eric Wallach

@ejwallach

2 years

New Dashboard: Chainlink Node Operator Outflows by Destination: . It uses Dune's address labeling engine to identify where NOPs are sending their rewards.

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Eric Wallach

@ejwallach

2 years

In addition to the conventional subsidies covered in my last thread, NOPs are also reimbursed by @chainlink when gas costs are higher than expected. Here's a first (imperfect) attempt at estimating these gas cost reimbursements, which I believe are ~2.40M LINK ($44M) to date.

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Eric Wallach

@ejwallach

2 years

DCF Assumptions 1 • TAM compounds at 0.46%/year to $890T. • DeFi TVL compounds at 50%/year to $1.01T (still <1% of TAM) • TVS/DeFi TVL = 31%. • TVE/TVS = DeFi GMV/TVL = 110. • Revenue/TVE = 0.004%. • Gross Margins increase from 43% to 63%.

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Eric Wallach

@ejwallach

9 months

SEC’s Bitcoin ETF approval is available on Wayback machine:

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Eric Wallach

@ejwallach

2 years

I've updated my Chainlink valuation model with the new data on revenue, gas costs, and tx counts. The differences are minimal at the moment, but I expect that to change once I factor in subsidies and gas cost reimbursements in the next couple of days.

EJW Chainlink Valuation Model - 08.02.2023

docs.google.com

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Eric Wallach

@ejwallach

2 years

In fact, Price Feed TXs captured TX count share across 5/7 covered networks • Avalanche up 1.05% to 3.00% share. • Solana up 0.96% to 2.58% share. • Optimism up 0.58% to 2.85% share. • Fantom up 0.42% to 0.85% share. • BNB Chain up 0.17% to 0.81% share.

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Eric Wallach

@ejwallach

2 years

Polygon is demonstrating the bull case for Chainlink and its NOPs. Revenue is skyrocketing while gas costs remain flat, leading to a 157% surge in LTM gross profit.

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Eric Wallach

@ejwallach

1 year

Does anyone know why LINK/TX is so low for Ethereum relative to the other networks? (Good Q from @Wahndo_ )

Eric Wallach

@ejwallach

1 year

New Dune dashboard displaying Chainlink CCIP revenue across Ethereum, Avalanche, Optimism, and Polygon: . Note: I'm still working on tracking payments in alternative assets.

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Eric Wallach

@ejwallach

2 years

Chainlink Price Feed TXs represent 19% of all TXs on the Polygon network and are maintaining share.

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Eric Wallach

@ejwallach

2 years

Chainlink Node Operators' LTM revenue is $189mm

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Eric Wallach

@ejwallach

8 months

Despite it being against our own financial interest, we believe failing Prop 7 was ultimately the right decision. The community’s engagement strengthens our conviction in Meta-DAO, futarchy, and our long-term strategic partnership.

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Eric Wallach

@ejwallach

2 years

New Dashboard: Chainlink Price Feed Revenue by Node Operator

Chainlink Price Feed Revenue by Node Operator

Free crypto analytics by and for the community. Access crypto data tools and blockchain analytics with 700,000+ dashboards covering DeFi, NFTs, and onchain data. Track meme coin metrics, DEX analys...

dune.com

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Eric Wallach

@ejwallach

2 years

DCF Assumptions 2 • Staking Ratio increases from 4% to 60% by FY28. • Price Feed Coverage increases from 3% to 100% by FY28. • BUILD partnerships compound at 29%/year. • Median crypto startup valuation = $20M. • Chainlink Network receives 2% of BUILD partner startup equity.

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Eric Wallach

@ejwallach

2 years

Any Chainlink-related Dune queries/dashboards or other analysis people want to see?

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Eric Wallach

@ejwallach

2 years

Chainlink Node Operators' LTM gross profit is $141mm

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Eric Wallach

@ejwallach

1 year

Does @chainlink no longer publish data feed users?

Complete User List | Chainlink Data Feeds

Explore the projects securing their protocols with Chainlink Data Feeds

web.archive.org

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Eric Wallach

@ejwallach

2 years

Perhaps most importantly, GP/TX is skyrocketing, which means NOPs are earning more for each transmit.

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Eric Wallach

@ejwallach

1 year

Why do so many people think they understand $COIN better than Wall Street?

Yano 🟪

@JasonYanowitz

1 year

Base doing ~$200k/week in profit. Will be fun to watch Wall Street realize that Coinbase is no longer just a trading platform.

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Eric Wallach

@ejwallach

10 months

@ChainLinkGod @0xMert_ He’s Solana’s @CatfishFishy

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Eric Wallach

@ejwallach

1 year

See here:

Chainlink CCIP Revenue

Free crypto analytics by and for the community. Access crypto data tools and blockchain analytics with 700,000+ dashboards covering DeFi, NFTs, and onchain data. Track meme coin metrics, DEX analys...

dune.com

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Eric Wallach

@ejwallach

1 year

@_DR_NS_ Great idea. I'll try to create this query in the near future

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Eric Wallach

@ejwallach

2 years

Chainlink Node Operators' LTM gas cost is $48mm

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Eric Wallach

@ejwallach

2 years

Note on Discount Rate: I use a 20% discount rate, which is common for early-stage startups, speculative investments, or distressed assets. I also provide a sensitivity table given the challenge of determining a required rate of return for a high-risk crypto asset like LINK.

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Eric Wallach

@ejwallach

2 years

Feel free to check out my substack for more in-depth analysis and/or skip to the end of it for a guide to all my queries/dashboards and spreadsheet models . Thanks for reading!

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Eric Wallach

@ejwallach

2 years

A few (mildly) bearish trends to highlight • Transaction Value Enabled (TVE) down 21% Q/Q to $0.59T (but now accelerating). • Price Feed TXs lost mild TX count share on Arbitrum (-0.44%) and Polygon (-0.14%).

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