In the fast-paced world of cryptocurrency, the way we measure success is constantly changing. Just like how internet companies shifted from counting page views to focusing on daily active users and eventually revenue, crypto is undergoing a similar transformation. A recent Hunter Horsleyのツイート, CEO of Bitwise Invest, highlights this shift for layer-1 and layer-2 blockchains—from specs and speeds, to apps and developers, to total value locked (TVL) and transactions. Now, the conversation is turning toward revenue as the true north star.

Horsley's post quotes a clip from the Unchained podcast hosted by Laura Shin, featuring Lily Liu, President of the Solana Foundation. For those new to the term, TVL refers to the total amount of assets locked in a protocol or blockchain, often seen as a sign of trust and liquidity. But as Liu explains in the podcast, TVL can be easily manipulated—think incentives that inflate numbers without real activity. Instead, she argues that revenue, derived from actual transaction fees, better reflects genuine utility and value creation in the ecosystem.

収益がTVLに勝る理由

Liu draws parallels to the early internet days, where metrics like app downloads and monthly active users were initial indicators, but real maturity came with revenue streams. In crypto, we've been stuck on TVL since the DeFi summer of 2020, when decentralized finance exploded. It's a useful starting point, showing market depth, but it doesn't tell the full story. For instance, you could lock $100 million in a protocol and touch it only twice a year—paying fees just on entry and exit. That's liquidity, sure, but not ongoing economic activity.

Revenue, on the other hand, comes from sources like base fees (fixed costs per transaction) and priority fees (extra tips for faster processing). On Solana, for example, inflation rewards stakers, but the real juice is in these fees from high-volume usage. Liu points out that architectures like Ethereum's layer-2 scaling solutions can fragment this value capture, distributing execution across multiple environments and reducing what flows back to token holders.

She also addresses gaming concerns: Yes, revenue can be inflated through wash trading or incentives, but it's costlier than gaming TVL because you're actually paying fees. Over time, sticking with a protocol despite better yields elsewhere signals real confidence—though Liu emphasizes that crypto is maturing beyond "seed-stage" metrics like TVL to "Series B" ones like revenue.

ミームトークンへの影響

At Meme Insider, we're all about meme tokens, those viral, community-driven assets that often launch on chains like Solana. Meme coins have been kings of hype, driving massive TVL spikes in liquidity pools during pumps. But if revenue becomes the go-to metric, how does that change the game?

For starters, meme tokens thrive on transaction volume—every trade generates fees for the underlying blockchain. Solana, with its low-cost, high-speed transactions, has become a hotspot for meme trading, contributing significantly to its revenue. Think about it: A hot meme like Dogecoin or a Solana-based one like Bonk can rack up millions in trades, translating to real fees that benefit stakers and validators.

However, most pure meme tokens lack built-in revenue models themselves—they're speculative bets on community and virality. As the industry shifts, successful memes might need to evolve. Projects that incorporate utility, like integrating with DeFi protocols, NFTs, or even simple revenue-sharing mechanisms (e.g., a cut from trading fees going back to holders), could stand out. Liu mentions ecosystems in three layers: the network (like Solana), applications, and assets. Meme tokens sit in the asset layer, where revenue might come from yields or tokenization plays.

This metric evolution could weed out short-lived hype from sustainable projects. Investors might start asking: Does this meme drive real chain revenue, or is it just locked value waiting to evaporate? For blockchain practitioners, it's a call to focus on building apps that generate ongoing fees, not just initial locks.

見通し

Horsley's observation that "the revenue as a key metric in focus conversation for crypto is beginning" feels spot on. With leaders like Liu pushing for this, expect more dashboards and analyses prioritizing revenue over TVL. Tools like DeFi Llama are already aggregating these figures, breaking them down by protocol, app, and asset.

If you're diving into meme tokens, keep an eye on how they contribute to ecosystem revenue—it's a sign of lasting impact. As crypto matures, these "sanity metrics," as one reply to Horsley's tweet put it, will guide us from vanity to value.

Stay tuned to Meme Insider for more insights on meme tokens and blockchain trends. What's your take on this shift? Drop a comment below!