Layer by Layer Issue 33: Ethereum, Cosmos and Polkadot

Ongoing instability in the crypto markets has brought a wave of reckoning to projects building in the space, many of which reached valuations - both public and private - multitudes higher than their current revenue over the past few months. DeFi protocols across L1s recently saw their revenues drop to their lowest point since January 2021, recording total revenues of about $144 million in the past month.

This revenue drop has been especially pronounced for DEXs on non-Ethereum L1s, while Uniswap, as the most dominant DEX on Ethereum, has been able to maintain the most consistent revenue among DeFi protocols since the start of the year.