On today's issue:

• Solana ATH and DeFi

• Fat Wallet Thesis

• Morpho transferable

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This week, the Blockworks research newsletter showed a chart for the two leading DeFi protocols on Solana, Raydium and Kamino. Both Nearing ATHs in TVL, Raydium at 2.6B, and Kamino at 2.4B. 80% of the growth comes from the Solana price itself, but the remaining is from stables and memes, which signals real growth in the ecosystem. Solana is now at $263.

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Over the past couple of years, the share of onchain volume from DEX front-ends has decreased, as other types of products overtake the way users interact onchain. Mostly wallet swaps, aggregators (1inch), solvers (CowSwap), and TG bots!

This creates the "Fat Wallet Thesis", where all platforms want to create the best wallet to own the relationship with the end users, and monetize from sweet transaction fees. It's amazing to see how wallets like Metamask are able to generate fees so easily with such a bad legacy product, based on brand mostly.

Morpho is a leading lending protocol, and has over 2B in TVL, which has grown steadily over this year. The DAO voted to make MORPHO tokens transferable, and freely tradeable. It started trading above $1.2, and now it's at $0.9, representing a 900M FDV.

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On today's issue:

• Memecoin listings

• Gary OUT

• Native L2s

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Main CEX's have decided to list more memecoins as part of their strategy to increase volumes, and thus revenues. And it has had remarkable price increases in these tokens, for example:

• PNUT, it's market cap was around $128 million ahead of the Binance listing announcement, and has since jumped 10 times, achieving a market cap of $1.3 billion on November 13

• PEPE, surged 96.6% in the 7d following the Coinbase listing

• There are also much, much more. Keep them coming

Memecoins are the only cases where buying at listing drives price forward. An analysis of the listing impact on normal tokens is this:

The archnemesis of crypto, behind the lawsuits of our beloved ones like Uniswap Labs, is now hinting at an early resignation before the new chair comes in as trump gets elected.

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During Devcon, one of the spiciest takes was Martin Koeppelmann of Gnosis, stating that: "Native rollups is the most important economic zone in the world.” and "I have the highest respect for Jesse [Pollack] and Coinbase," he remarked, "but bringing people to those L2 ecosystems is quite different from being on Ethereum."

In short, Ethereum is at a crossroads, and it needs to create native rollups if it wants to win as the main base layer for crypto.

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On today's issue:

• Trump and crypto markets

• Maple Finance

• DeFi tokens

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$MAGA has won the elections. Again. It's effects on crypto markets are positive, with major assets moving 10%+ on the 24h. It's also a major win for prediction markets, as Polymarket actually forecasted all states perfectly.

Trump has stated multiple times he wants the US to be the place for crypto innovation to happen, he also wants senator Lumis' crypto treasury bill to be approved, in such case, the US government would buy or hold 1M of Bitcoins as part of a strategic diversification, holding 5% of the total supply, very similar to that of what they hold in gold. Coincidence?

Over this year, Maple's TVL and revenues have grown 6x. This comes largely from the launch of Syrup, which has the goal of making yield accessible to institutions, this yield is coming from overcollateralized loans to institutional borrowers, allowing yields to be stable double digits. In November 13th, Maple will launch $SYRUP the governance token. "Through SYRUP staking, fee revenues generated from Maple’s and Syrup’s lending operations will be used to buy back the SYRUP token and form part of the token emissions that go to stakers. Staking rewards and governance capabilities form the basis for long-term partnership between the Maple protocol and active participants. In the first 90 days after token launch, a fixed amount of SYRUP emissions will go to SYRUP stakers, ensuring that all early stakers are incentivised with a staking yield for participating actively in the growth of the protocol. Existing MPL holders will simply be able to convert 1 MPL to 100 SYRUP."

Outpacing the sector, Maple deposits have grown at an accelerated rate over this year.
"Maple Blue Chip Secured pool provides the security of only accepting BTC and ETH collateral, held in institutional custody, while Maple High Yield Secured generates a higher yield by underwriting loans backed by select digital assets and reinvesting the collateral in staking and/or secured lending opportunities. Syrup yield is derived from a blend of both."

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The total Marketcap of DeFi tokens has grown a LOT from the election results. From 70B to 82B, with major winners being $COW, $LDO, $AAVE, $MRK, $JTO, $MPL and much others. Why? Regulation will come, more users will come. #Bullish

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On today's issue:

• Microsoft Buys BTC?

• Top Developer Countries

• AI Marketing

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Microsoft is going to go through a voting process in December to invest up to 10% of it's 76B cash in BTC.

“Therefore, in inflationary times like these, corporations should—and perhaps have a fiduciary duty to—to diversify their balance sheets with assets that appreciate more than bonds, even if those assets are more volatile in the short-term,” the proposal reads.

The board has advised against this, but the largest investors Blackrock and Vanguard, are actively launching ETFs in the space. So there's a slim change they vote in favour.

Regardless of the outcome, it shows that this is now being taken as a serious matter for companies.

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The recent Electric capital report has shared that the US has been on a downfall on crypto developing, while emerging economies, like India, are taking a lead, it clearly reflects the supply and demand dynamics for remote developers in crypto.

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AI and marketing agents have been a pump, with the recent AETHER, LUNA, GOAT developments, we can ponder what use cases are our there.

Jin shows how to use AI tools to ship great content online.

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On today's issue:

• Stripe Acquires Bridge

• $GOAT memecoin

• SOL Pumps

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So, the tech giant Stripe acquires Bridge, the stablecoin API provider, for 1.1B USD. This is a great outcome for the industry, as one of silicon valley's wonder kids is now endeavoring into the space even more.

Stripe going for a middleware provider instead than a full stablecoin issuer says a lot about their thinking, specially given that Bridge's revenue is in the 15m ballpark. The reason is that now Stripe is going to be able to create deeper stablecoin integrations and cut out VISA/Mastercard from the middle and earn back the 1-3% paid to them. Bridge also provides them with licenses and infra for Stripe to issue their own stablecoin in the future.

Zach Abrams was the CPO at Brex, and the founding team has had great experience in web2 leading teams in companies like Airbnb, they knew the playbook, it was, and is, mostly about them. Word says the seed round led by Sequoia was at 40M, with minimal traction.

Investors are happy as well, 1confirmation, Sequoia, and others who have backed the bridge team in rounds in the past.

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GOAT is a Solana memecoin that has gone from 0 to $900M in 2 weeks, and now is at $600M. All because an AI pumped it and became a millionaire.

Truth Terminal, an AI with a twitter account, which is trained by two Claude Opus models talking with each other, started to become obsessed with a NSFW meme called Goatse. It also lured Marc Andreseen to send him 50k in BTC for a grant.

Then, someone created the $GOAT token and airdropped it to the bot's wallet, which was then pumped by the AI and picked up as a hot fire. And now Truth Terminal is a millionaire. Now there's a couple of spinoffs, the coolest one being FLAVIA, a bot that launched and verified a token by itself completely.

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Solana is up 16% WoW, reaching $170! The SOL/ETH ratio is at an ATH. Solana fees are at an ATH. The active wallets on Solana are at an ATH. New coins launched are at an ATH.

The reason? Memecoins launching on Solana are easier to launch now more than ever.

The result? Solana nearing ATHs.

Keep pumping.

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On today's issue:

• Unichain launches

• Babylon 1.4b in deposits

• Apps accruing more value over time

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Uniswap just launched Unichain. A L2 rollup on the optimisic stack that allows for cheaper transaction fees, and for the app to be able to handle MEV.

For users, transactions are going to be faster and cheaper, also, there's native interop between unichain and other op based chains, like base.

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The restaking protocol Babylon, has reached 1.4b in deposits, giving it close reach to Eigenlayer's 10B. Babylon restaking enables these BTC to serve as security for other platforms building on top.

They help BTC holders stake and earn a yield on top of their coins.

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The latest analysis by Syncracy capital about apps vs. infra is great.

Besides gaining market share over time, crypto apps trade at lower multiples than infra. As infrastructure becomes more commoditized, apps have more ways of earning fees and paying less for blockspace

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On today's issue:

• EIGEN 7b drop

• Aerodrome 1B TVL

• Celestia 100M Raise

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EIGEN is now a liquid token. It’s currently at $3.6, after starting at $4.3

It’s TVL has dropped from $20b in June to $12b now. Attributed to people who received the airdrop.

There’s 60+ AVS building on Eigenlayer, which is used to scale blockchains.

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Aerodrome is the top DEX on Base. It has 1B in deposits, more than half of the networks TVL.

Uniswap and Pancakeswap are still leading in other networks, while Raydium and Orca have similar volumes on Solana (around 9B)

It was a fork from Velodrome, from OP, in Sep 2023.

Users Stake their AERO, to receive votes, and in turn, a share of the revenues.

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Celestia raised 100M from firms like Bain, Placeholder, Robot, 1kx and others

Unlike traditional blockchains, which bundle consensus, execution, and data availability into a single “layer”, Celestia decouples these components. It handles consensus and data availability, leaving execution to the rollups

Celestia's performance comes from "data availability sampling", which allows nodes to verify that data is accessible without needing to download the entire dataset. It does this by only requiring resource-limited light nodes to sample a random number of shares from each block to verify data availability.

TIA is a proof-of-stake token for participating validators. TIA is also used to pay for transaction fees on the network, such as paying for publishing data on-chain. It also acts as a governance token of the network.

Celestia powers over 20 Rollups, and posts 50% of the Rollup data to Ethereum.

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On today's issue:

• Tron's Dominance

• Glow

• ChinaRate Cuts

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Tron is the micropayment chain, leveraging USDT. 30% of transactions are worth less than $10. Growing like crazy.

But WHO is using Tron?

Everyday people. UQUID allows Argentinian's to top up their transportation cards. Oobit allows them to pay on PoS with apple pay using USDT. And much more.

Don't sleep on Tron.

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Glow, the solar DePin project, is killing it.

They shipped one solar farm that is producing 1.6m in onchain revenue and also carbon credits. Don't sleep on glow.

Glow is just one of the many DePin projects taking over crypto. This great report by Blockworks explains how these projects actually work.

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China's rates are going lower. This means that more capital is going to free up and look for riskier assets. Which are? (You know it)

And, as MilkRoad points out, there's a correlation between China's liquidity, and BTC. Right now it's pointing up.

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On today's issue:

• Solana Breakpoint

• Bridges

• Rate Cuts

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Solana's largest conference is happening as we speak. What's new?

1. Solana is launching a new phone, the Seeker. Starting at $450.

2. Solana just launched Firedancer on Testnet, and Frankendancer on Mainnet. This scales solana to even more TPS.

3. Sky, the rebrand of MakerDAO, is launching new tokens and offering good DeFi incentives on Solana.

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So, total volume on bridges is pretty much flat, with some increases lately. Non-canonical bridging leaders are Wormhole, Across, and Synapse.

Zooming in on Synapse:

Recent improvements have made Synapse have way better costs than Across or Stargate. Also, a Synapse user (which are 500 weekly), is making 3x the volume than an Across user.

Synapse is a token with a 80M market cap. Which feels very interesting.

In terms of interop. Layer Zero is decreasing, and Hyperlane is getting it's lion share.

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BTC jumped to 61k after the Fed cut rates even further, 0.5%, now at 4.75%. Which is 2.75% above the inflation of 2%.

So, inflation is controlled, rates are low. We're in soft landing territory. If inflation would go up, we enter recession territory, but that's not the case.

All seems good, it's the groundwork for a very good alt season, as rates go low, investors try to find higher yields on riskier assets. Meaning, crypto, majors and alts.

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On today's issue:

• Fri-end.tech

• O1 Model

• ETH to 22k

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The socialFi platform of 2023 has shut down. The team walked away with 40M in fees, after generating around 100M. The rest is going to... investors.

Even though they airdropped 100% of their token to community 4 months ago, it's trading at a 9M MCAP, and the team didn't care about it.

They also shut down due to... regulatory concerns?

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So, the O1 model is now able to do what sometimes we cannot: "Think hard before responding." This makes it perform better than PhDs at PhDing:

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VanEck Analysts have done it again, now with StoneX. ETH is going to 22k? Yes. But by the end of 2030.

ETH has generated 3B in fees through burning ETH, and 9T in total volume this past year, more than paypal. Wild.

All these tee-up the asset for a massive bull run. Even after the Dencun upgrade that slashed it's revenue by 95%.

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On today's issue:

• Vitalik AMA

• Top Earners

• Gnosis Cashback Card

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Some Ethereum heavyweights took a Reddit AMA this week, including Vitalik, Justin Drake, and Dankrad Feist. The main talking points:

1. Ethereum value will (probably) come from a "sybmiotic" relationship between rollups and mainet. As long as rollups keeps growing, Mainnet will eventually be able to capture value via economic security. As seen in the chart above, rollups like Base, went from paying 4M/mo, to just a couple hundred k's for gas. This is good for innovation, but bad for Ethereum revenue capture, this is why ETH's price hasn't been great. IMO, I have to agree with the heavyweights, value capture will come.

2. Scaling Ethereum will via via SNAKRS and ZK, these technologies will allow Mainnet to process hundreds of thousands of hashes per second. The foundations has been sluggish implementing them because they want to make sure anything they do is secure and careful.

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If we analyze who are the top earners in crypto right now, we can see three big trends:

1. Infra: L1s or L2s

2. Yield: Stables, Lending, Staking

3. Exchanges: DEXs

In short, consumer apps are yet to come to the top earners, we will see this in a year.

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Gnosis Pay is the world’s first on-chain spending account with a Visa® Debit Card linked to a self-custodial blockchain wallet.

It's a credit card tied to a Gnosis Safe account. Depending on your amount of $GNO tokens held, you can earn up to 4% in cashback using the card.

The initiative is funded by the GnosisDAO to around 10,000 GNO ($1.5M), and it aims to incentivize the mainstream usage of Gnosis pay.

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On today's issue:

• TON survives a crazy week

• Crypto’s AirTag Moment

• Elon Musk’s off the DOGE hook

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The founder of Telegram was arrested in France, and being charged on multiple accounts, mostly tied to the fact that he respects user privacy and refuses to share private user data to regulators. Macron has said that they will treat him with special care, he’s off on a 5M bail and but has to remain in France.

Also, TON had a couple of hours of outage this week, the first time ever.

These two news would DESTROY a stock or normal company. But crypto is different, and TON hit an ATH of ~14B after the arrest news. Active wallets chart is also an up only chart.

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Nascent, a crypto fund, has published an article deeming crypto on the verge of an AirTag moment, in this case, Webproofs

A webproof is a verifiable piece of data that a user can stream directly through a website into any other place. In English: you can log-in to any website, and any piece of data that is displayed on screen, can be encrypted and uploaded onchain, so it’s easy to verify

The great thing, these proofs don’t need to be developer by developer of the website where the data came from, anyone can pull this data as long as the user of this data has granted access.

An example: You can log-in to Spotify, and create webproofs of your most listened songs, and stream them encrypted onchain so an external app developer can use to personalize your experience somewhere else

This will revolutionize the incentive/points/aidrops mechanics, where Webproofs can be part of these programs both proactively and retroactively

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So, Elon did not in fact do insider trading on DOGE.

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On today's issue:

• Fed's rate cuts boost crypto

• Aave up 55% MoM

• Maples' USDC Yield

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Jerome Powell spoke at the Jackson Hole Symposium last week. It was pretty clear that they are ready to cut rates. In this economy, it's a good thing for crypto because as MilkRoad stated:

"Lowered rates = lower loan/credit repayments = more money in everyone's pockets / incentive for folks to take out loans and spend on things including (but not limited to) crypto 💸"

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The movements in the market have made Aave generate 2.1M in revenue, and a total of 5m. 12x more times than it's closest competitor, and has a market cap of 2B. Still a 33x rev/ev multiple.

Aave is also #1 in terms of TVL on all L1s/L2s on the EVM.

With their upcoming fee switch, Aave is set to generate even more value to their token holders.

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Maple, the DeFi RWA protocol that tokenized credit from private companies, is having some of the best yields in the market.

Maple has a basket of fixed rate overcollateralized loans. TVL has increased from 100M to over 200M YTD. A similar 2x growth in revenues, now over 100k in monthly revenues, but burning over 400k a month as an org.

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On today's issue:

• Eigen's Fiasco

• RWA's growth

• a16z's Social Media guide

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To surprise of no one, Eigen employees have been receiving airdrops from projects in the ecosystem. Sort of kinda bribes.

Eigen refutes all accusations, stating that they are neutral but employees did receive those airdrops gladly.

We'll see what happens, in web2, this would've been a bigger fiasco.

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Blockworks reported the growth of the crypto RWA space so far, and it's... impressive. It has reached 12B.

As a reminder, these products are mostly aimed towards institutions, and it's because they have better settlement tech than traditional markets.
95% of the private credit loans are generated by Provenance, a traditional L1 blockchain built on the Cosmos SDK.

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a16z released a social media guide for web3 founders and companies on how to grow their social media presence. It's pretty extensive and we are finding it very helpful:

1. Pick 1-2 social media

2. Find your niche

3. High quality, consistent and a good quantity of posts

Bottom line: Engage and be helpful

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On today's issue:

• Maker's revenue

• Japan's markets

• FTX to pay 12b

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In July, Maker was the app that generated most revenue in crypto, mostly through it's holdings of RWAs.

The next is Aerodrome, a dex not was widely known before, that resurrected after it gained market leadership on Base. Uniswap, you took too long.

Then is Ethena, the creator of the yield bearing stablecoin, Lido for staking, and Uniswap for trading.

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On Monday, the market turned down bad, specially in Japan.

The Japan central bank hiked it's rates from 0.1% to 0.25%, which crashed its market by 2%+, and has recovered a bit.

In turn, crypto markets crashed 20%+, but are now back up. BTC reached 50k, but it's now back up to 60k.

This could foreshadow a longer movement in the markets, as the Fed stated that it might start hiking it's rates by September.

Like Buffet said: "Interest rates are to asset prices what gravity is to the apple. When there are low interest rates, there is a very low gravitational pull on asset prices."

In other words, as interest rates go up, the gravity increases, so apples fall harder.

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FTX and Alameda have a ban on digital assets, and will pay back 12b to creditors. After 18 months, the debacle came to an end, way faster than more complex cases like Mt Gox.

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On today's issue:

• Tether's 5.2B profits

• Arweave's AO

• Trump's BTC

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Tether released it's Q1 earnings report, and surprise, it was amazing:

• Printing 5.2B in net profit for H1

• It's U.S. Treasury holdings reached an ATH of $97.6B

• 8.3B in new USDT tokens issued during Q2

• As a comparison, Circle, the USDC issuer is going public soon at an estimated 5B valuation, way less
  
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This week, Arweave announced the creation of the AO supercomputer on the permaweb. It's been 7 years since Sam Williams and the team have been working on decentralized and open storage model on Arweave, now, AO is the next step:

"a decentralized computing system inspired by the actor-oriented paradigm. It establishes a single system image capable of supporting numerous parallel processes without the constraints typical of current decentralized computation models"

Lot's of fancy words there. Check the linked video below to find out how it works in detail.

They did mention that there's going to be a token model, and that minting of these tokens will be available for $AR token holders first in the near future.

They also announced the creation of a venture/ecosystem fund focused on the AO supercomputer.

Since the testnet released, 400 million messages have been sent.

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We all know it. This week during the BTC conference in Nashville, Trump, Senator Lumis, and RFK announced that they want the government to hold BTC to diversify their treasury reserves. For now, the crypto crowd is going wild for them, specially when Trump mentioned kicking out Garry Gensler ASAP.

Is it a campaign strategy? Yes

Is it bullish? Yes

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On today's issue:

• ETH ETF launched

• Maker's Endgame

• Galaxy's 113M fund

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Ethereum ETF's got approved on 23 Jul. $ETHE, which was Grayscale's trust, has been around for a couple of years. It's seeing -1.1B in outflows so far, most flowing into the newly launched ETFs, which are more economic and efficient, which have seen +9B in inflows.

The net flow so far is -179m.

BTC had a similar pattern with $GBTC. In terms of price, when the BTC ETF launched, it dropped 20% in 14 days. Then, it rallied 91% in 51 days.

Expect history to be repeated.

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Maker's endgame was published on it's Forum. It's goal is to scale DAI supply to over 100B. This plan has been in the works and approved by governance of MKR holders two years ago.

Maker wants to be "the best and easiest place to save money while having easy access to new and interesting token rewards with no additional risk." The main components are:

• A new brand reveal will happen soon, driven by the rebranding of DAI and MKR tokens.

• Holders of the stablecoin will receive rewards of governance tokens

• Spark, the lending protocol on top of DAI will launch its native token SPK

• A bridge for all the ecosystem to various L2s will launch

• 6 more subDAOs like Spark will be incubated and launched, with different focuses outside of DeFi

• Years into the future, a new chain hosting everything will be launched

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Galaxy ($GLXY) has been investing into early stage startups out the balance sheet. Backing projects like Axelar, Celestia, Avalanche, Eigenlayer, and others.

The 113M fund will be made up from external capital, and will be focused on three areas:

1. Financialized Apps: Normal apps that leverage crypto rails and stables

2. Software Infra: Tools that support the growth of the space

3. Protocols: Using the latest tech stacks

Some of the latest investments from Galaxy will roll into the fund, including Ethena, MZero, Plume, Monad, and Renzo.

The $GLXY stock and team is also revamping to move from the Canadian stock exchange into the NYSE, this could help them boost their price.

In the last 3 months $BTC is down 6% , $COIN is down 10% and $GLXY is up 25%. They're definitely doing something right.

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Also, make sure to use Tokenpad's mobile app to track all your accounts, both on centralized exchanges, and decentralized wallets, for free.

Join our Telegram, and let us know your wild ideas on how to become the best portfolio tracker out there

Disclosure: All content published is for informational purposes only, and does not constitute any sort of financial advice.

Tokenpad generates and earnings report for each asset you hold, across your crypto wallets.

The app is now live on the App store and Google Play store.

In this article, we’re going deep on how to calculate your crypto earnings. In the first article, we touched on the base concepts and examples of profit and loss, cost basis, and tax lots. 

Today, we’ll introduce the formulas that are needed to actually calculate these metrics 

accurately. But first, we will start with the basics.

All these numbers, why do you need them?

1. You can’t learn to invest better if you don’t know if you’re making money. Understanding PnL is crucial for investors to evaluate their strategies and make informed decisions. Maybe you’re making the same mistakes every time. Maybe you’re selling too early, or too late, or maybe your current portfolio is simply underperforming. You can’t know if you don’t track it.

2. Taxes. Most governments will have a tax on any realized profits you have over the year on your crypto, if you had any profit. You can use Tokenpad to help you understand this amount.

Let’s illustrate what a tax lot is using an example. Bob has bought ETH 4 different times:

Each of the times he has bought, a lot was created with different properties.

Lot Depletion: Selling or Transferring Out

If Bob decides to sell 2 ETH, which lots will be affected?

This is a hard question, as there are different ways of doing tax lot accounting:

• FIFO: First in first out

• LIFO: Last in first out

• HIFO: Highest cost basis first

• LOFO: Lowest cost basis first

• Tax optimized: This selects the tax lots that minimize the capital gains

Let’s assume that today’s ETH price is $1500.

If we sum up all the cost basis, it would be $6900, if we sum up the amount it’s worth today, it would sum to $7500. This means that our unrealized profits (or losses) are +$600.

Upon closer look on a lot by lot basis, you can actually see that the first 3 lots were positive, but the last one had a big loss which offset some of the gains of the previous ones.

What happens if Bob decides to sell a total of 2 ETH? Which lots should be depleted?

This question relates to the tax advantage of each method. The important thing is that once a lot is crossed off and “depleted”, then it cannot be used for tax purposes next time around.

In Bob’s case, it would make most sense to do HIFO, which would mean that the highest average cost basis lot, which is the last lot, would get 100% depleted, and then the 3rd lot would also be 100% depleted. These are the lots with higher cost basis, and they sum exactly the 2 ETH that are being sold. In this case, because the two lots were sold, then profits or losses become realized.

On lot 4, -$3900 in losses are realized, and on lot 3, +$390 gains are realized, for a net of -$3510 in realized losses. Think of it this way. These losses are locked in, no going back.

The rest of the lots (lot 1 and 2), which are totaling 3 ETH, have a total unrealized gain of +$4180. 

If we take a look at the whole, the total profits/losses are the sum of the realized and unrealized PnL: $4180 - $3150 = $1030, still positive. But if the market goes down, then the unrealized and total profits might become losses.

This was an example for only ETH, Bob may have other assets in his portfolio, and the total profits or losses for a tax year might end up on the green or on the red. In most countries, a 15%-30% tax rate of profits only is paid to the government for capital gains. We will touch on taxes in the next article.

We’ll explain the nuances of the Profits and Losses (PnL) of a portfolio. PnL is also known as Earnings Report, or simply Gains and losses.

In short, a portfolio’s total PnL is the sum of both its realized PnL and its unrealized PnL.

• The unrealized PnL is the current gain or loss only of the tokens that the users holds in their portfolio accounts.

• The realized PnL is the past gain or loss that the user has generated by trading or transferring tokens at a past time.

We will introduce two methods for calculating a portfolio PnL, the tax lot method, which is the one the Tokenpad app uses, and the direct method. 

We will dissect method 1 with the formulas used to calculate it. We will go over the formulas that make up the basic building blocks of a portfolio of assets: Lots, Tokens, and then the Portfolio. For both the total and the unrealized PnL.

The Total PnL is the sum of the realized and unrealized PnL.

Every time you buy, you create a distinct lot, and each has different properties:

• Date: The date the lot was created

• Amount: The amount of tokens that the lot comprises

• Avg cost basis: The avg. price of each unit of tokens, usually the price of the token at the time the transaction ocurred

• Cost basis: The total costs that all the Amount of tokens comprise. The multiplication between Amount and Avg Cost Basis.

• Depletion amount: The amount of tokens that have been depleted in that lot. A depletion happens when those tokens are transferred out, sold, or swapped. Put another way, this is the amount of tokens no longer in the user’s possesion

• Avg. realized price: The weighted average (weight based on depletion amount) price at which the tokens were depleted.

• Realized: The dollar equivalent that the depleted amount comprises. The multiplication between Depletion Amount and Average Realized Price.

As you can see, a lot is created by a single incoming transaction, but can be depleted through multiple outgoing transactions.

With the basic 7 properties of each lot defined above, we can calculate the Token PnL through the following definitions:

• Token Holdings: The total amount of tokens the user holds in that moment. In the formula below, l is the lot, and n is the last lot.

  

• Token Total Average Cost Basis: The average cost basis of the acquired token across all lots

  

• Token Total Cost Basis: The total cost basis

  

• Token Avg. Realized price: The average realized price of the depletion amount

• Token Total Realized: The total amount of dollars of what has been depleted

• Token Total Dollar PnL: The amount of dollars that are profit or loss in that specific token

• Token percentage PnL: The percentage of profit or loss relative to the invested cost basis

Now, we will calculate the portfolio total PnL.

• Portfolio Net Worth: In this case, t is the array of Tokens in the user portfolio

• Portfolio Total Cost Basis

• Portfolio Total Realized

• Total Dollar PnL

• Total Percentage PnL

Unrealized PnL only takes into account what is still being held. In this sense, definitions differ for the calculation of such.

We start off with the same lot definitions, the one thing that changes is the definitions of Lot PnL.

• Lot Holdings:

• Lot Dollar PnL:

• Lot Percentage PnL:

• Token Holdings Cost Basis: The total cost basis only of the holdings of the user:

• Token Holdings Avg. Cost Basis: The average cost basis of each unit of the token being held

• Token Unrealized PnL: The amount of dollars that are profit or loss in that specific token, only for the holdings the user is holding

• Token percentage PnL: The percentage of profit or loss relative to the invested cost basis

Now, we will calculate the portfolio unrealized PnL.

• Portfolio Holdings Cost Basis

• Unrealized Dollar PnL

• Total Percentage PnL

We only need to calculate the total and the realized PnL, and total minus realized will give us the unrealized PnL.

This method for calculating the total PnL is more high level, and less specific, but should have the same result. Let’s break it down.

In this case:

• Deposits: This is the amount of fiat used to buy crypto + the amount of incoming crypto within non-connected accounts at the time of the transaction

• Proceeds: This is the dollar amount of crypto that has been sold for fiat + the amount of outgoing crypto within non-connected accounts at the time of the transaction

Using this same formula, we could also calculate the PnL for each token. Differently, this formula does not work for Lots.

We should compare both methods, and check that they should be equal.

Unless you’re a fully fledged investment firm, you probably don’t have access to the tools and software needed to calculate it accurately and without headaches. 

That’s why we’ve built Tokenpad, to help you track your profits and losses, and also discover new opportunities in the market. At our core, we want to help you become a smarter investor.

• We run all the formulas so you don’t have to create complex spreadsheets

• We have an automated transaction sync of Ethereum based chains up to 5k transactions

• We allow for manual edits of transactions and cost basis

• We allow for manual entry of buy and sell transactions on 50k+ tokens, if it’s in Coingecko, it’s in Tokenpad

• You can download it now for free in the App Store.

• Tokenpad uses the tax lots method, and FIFO for lot accounting, which is a standard practice.

We do have some caveats when it comes to connecting multiple wallets or accounts within Tokenpad and transacting between them.

If Bob decides to partially or fully transfer a lot from one connected account to another, then the lot is subdivided into sublots. Sublots have the same properties and are linked to their parent lot, just that they are held on another of the user’s connected account.

It’s important to note that if a sell happens on an account, the only potential lots to select from should be rooted on that account. Meaning, I cannot sell and deplete the balance of one account, and decide that I’m selling the balance from a lot that is held on another account that had no depletion. 

The case is different when Bob transfers with a non-connected account, in this case, we will assume that Bob is not the owner of the non-connected account, and we need to treat these transactions more as buys/sells:

• If Bob transfers out to a non connected account, then we assume it’s a sell at the price of the asset at which the transaction occurs

• If Bob receives a transfers in from a non connected account, then we assume it’s a buy at the price of the asset at which the transaction occurs

Today, we took a detailed look at the formulas for calculating profits and losses when investing in crypto assets, breaking down each component to give you a clearer understanding of your portfolio’s performance. Grasping these concepts is crucial for every investor, as it forms the foundation for informed decision-making and strategic planning.

In the next article, we will help you take this knowledge further by analyzing your profit and loss reports to identify patterns and trends. We'll explore how to use this data to make smarter investment decisions, optimize your portfolio, and maximize returns. Understanding not only how to calculate PnL but also how to interpret it can significantly impact your investment strategy and overall success in the crypto market. Stay tuned as we guide you through leveraging your PnL insights to become a more confident and savvy investor.

On today's issue:

• Trump's $MAGA

• Messari's CEO step down

• Mt. Gox has $6B to go

This issue is brought to you by Tokenpad:

Tokenpad generates an earnings report for each asset you hold, across your crypto wallets.

The app is now live on the App store and Google Play store.

After Trump's attempt, the $MAGA memecoin representing Trump's presidential candidature has soared both in popularity and price. Prediciton market's now estimate Trump winning at 70%+, and Trump's Bitcoin and crypto policies are getting to price the market positively.

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Ryan Selkis, a top thought leader of the crypto space and CEO of the research firm Messari, has stepped down from his CEO role after some heated and controversial tweets around Trump's assassination, and anti-immigrant behaviors.

Another reminder to stay away from tweeting everything that comes to mind (intrusive thoughts), and a cautionary tale to other leaders in the space to act with honor every moment.

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After a decade long dispute of Mt. Gox falling, creditors are getting paid back their BTC reserves. Around ~$9B are to be paid, and this week, $3B were distributed back, so there's $6B to go. A Reddit poll assured that the majority of creditors will HODL on to their Mt. Gox Bitcoins, which honestly, they would've probably sold over these past decade.

Market dropped 3%, but has rebounded. It seems like creditors are bulls in this case.

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Also, make sure to use Tokenpad's mobile app to track all your accounts, both on centralized exchanges, and decentralized wallets, for free.

Join our Telegram, and let us know your wild ideas on how to become the best portfolio tracker out there

Disclosure: All content published is for informational purposes only, and does not constitute any sort of financial advice.

On today's issue:

• Solana Firedancer

• Starknet Staking

• Coinmarketcap research report

This issue is brought to you by Tokenpad:

Tokenpad generates an earnings report for each asset you hold, across your crypto wallets.

The app is now live on the App store and Google Play store.

On Wednesday, Firedancer, the all awaited Solana client built by Jump crypto had it’s first block accepted on Testnet. Even thought it had to shut down due to synchronization issues, it worked.

Firedancer introduces sharding support, which in turn increases network throughput.

Firedancer enhances Solana’s TPS to 1M, from the current 3k. Compared to Ethereum‘s 22.

Anatoly announced there’s a high chance that Firedancer is up on Mainnet before Solana’s breakpoint conference in September. If/when this happens, expect a lot of price action, buckle up.

Over the past few weeks, multiple entities have been on the verge of selling high amounts of BTC, and yesterday it happened. Germany, US and Mt. Gox have all signaled high amounts of selloffs, total 7,000 BTC and triggering a sell pressure that made BTC go to $54k.

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Starknet, the 4th largest L2 roll up with 1.2B in TVL,  is finishing up details on the proposal to allow for native staking on its protocol. This would be up on Testnet, and on Mainnet by Q4. It’s a big step for zk-driven networks as they have higher throughput of transactions and pioneering new technologies.

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One of crypto’s largest consumer apps, Coinmarketcap, has released its H2 research report. There’s a lot of highlights.

Meme coins are #1 in terms of views on the app at 22%, followed by Solana ecosystem at 15%, and then Ethereum ecosystem at 10%

Cross-chain bridging volume is evenly distributed across the top 5 protocols. There’s between 100-400M daily volume. Circle’s CCTP dominates, followed by Across, IBC, Stargate, and others.

The stablecoin market cap grow from 91B at the start of the year to to 112B. The introduction of Ethena’s USDe created a new category of delta neutral yield bearing stablecoins.

So far this year, the L1 competition has been heated. The top losers have been Polygon, Avalanche and Aptos, while top winners include BNB, ETH, SOL and TON. It might be a good idea to bet on the new generation of L1s pioneered by Sui and Aptos, which are nearing all time lows.

Lots of more insights in the report. Highly recommend giving it a read.

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Also, make sure to use Tokenpad's mobile app to track all your accounts, both on centralized exchanges, and decentralized wallets, for free.

Join our Telegram, and let us know your wild ideas on how to become the best portfolio tracker out there

Disclosure: All content published is for informational purposes only, and does not constitute any sort of financial advice.