While looking into the momentum, I also took a look at the data from @WalrusProtocol in the SUI ecosystem on DefilLama.
Yesterday, I found that most of the related data was staked concerning the $WAL token. This could be seen as an induced environment due to the rewards from staking (such as airdrops), and since it is being utilized in PoS, the streaming of rewards cannot be overlooked.
So, how much money does this Walrus make as a service in the cloud?
Overall, the fees and revenue were high in June, but since June 15, it has hit a bottom and is moving at a similar level.
Looking at the monthly fee income and revenue, it can be seen that the fees and revenue are being equated, and it has dropped to about 1/8 of the level since May.
This seems to be one reason for the decrease in income, either because more incentives were distributed to users or because there are fewer projects storing data.
Is there anyone who knows why the fee income has decreased so significantly since June 15?
Charizard withdrew BTC from @MMTFinance and did the bridging, but I still haven't received it. Wouldn't it be better to just cancel the bridging and put it back into Momentum to at least mine it?
I often use DefilLama, one of the sites I frequently visit, if the project has on-chain data. I search for the project there and look at both TVL and Volume together.
Looking at Momentum, you can see that it peaked in TVL in July and has been fluctuating around a similar level since then. (The chart itself was created based on SUI.)
As for the volume, it has maintained a similar level since May, when the TVL wasn't high, with occasional peaks appearing in between.
Regarding the Fee section right below, which is the platform's revenue part, there were no fees in Q1 since it hadn't started yet, and you can see that the fees have grown in Q3 compared to Q2.
For reference, the revenue part doesn't all go to the platform as fees; it is given to liquidity providers, which is why there is a difference in the actual revenue part.
In terms of competing projects within Sui, the largest one, Cetus, has about a 60M difference in TVL, yet you can see that Cetus's volume is significantly higher compared to its TVL than Momentum's. This indicates that there is a difference in quarterly fee revenue or sales. This shows that Momentum still needs to pay more attention to trading activation.
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