Analysis of 10 Web3 Companies with Gross Profits Exceeding $5 Million: Where Do Their Revenues Come From?
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Analysis of 10 Web3 Companies with Gross Profits Exceeding $5 Million: Where Do Their Revenues Come From?
Considering salaries and other operating costs, net profit will be significantly reduced.
Navigating Web3 tides with focused insightsAuthor: Marco Manoppo
Compiled by: TechFlow
The snapshot above is dated October 22, 2022. Let's break down their business models.
*Note: These are revenues, not fees or returns. Nor is it "net profit" — net profit would be significantly lower after accounting for salaries and other operating costs.
(1) OpenSea — Revenue $850 million
- OS charges a 2.5% fee on each NFT sale.
- Nothing complicated here — this is the oldest game in the book. Any dominant marketplace earns the most money. Higher trading volume → more dollars.
- At its peak, OS consistently had monthly trading volumes exceeding $2 billion.
- This brought OS over $50 million per month in gross profit.
(2) MetaMask — Revenue $320 million
- 0.875% swap fee.
- MetaMask charges a 0.875% fee on every swap transaction conducted within its wallet.
- It routes trades to multiple liquidity sources, including Uniswap, 1inch, etc.
(3) MakerDAO — Revenue $142 million
- Fees generated from stablecoin issuance (varies depending on vault type).
- Stablecoin providers charge fees to $DAI minters (similar to borrowing interest).
- If demand for $DAI increases, Maker earns more dollars.
(4) PancakeSwap — Revenue $89 million
- 0.25% swap fee (0.0225% goes to treasury).
- 3% prediction market fee.
- Other product fees.
- Pancake is a platform featuring AMMs, prediction markets, lottery, and an upcoming NFT marketplace. It earns revenue from trading and marketplace fees.
(5) Ethereum Name Service — Revenue $72 million
- .eth domain sales fees.
- $5/year domain renewal fees.
- They sell .eth domains and profit from annual renewals — a very simple recurring revenue stream.
(6) Perp Protocol — Revenue $39 million
- 0.1% transaction fee.
- Derivatives platform charges a 0.1% fee on every trade.
(7) Decentral Games — Revenue $35 million
- $20 million from NFT minting revenue.
- $3.1 million from NFT activation revenue.
- In-game upgrades and secondary sales.
(8) 1inch — Revenue $32 million
1inch is a fee-free aggregator; they profit from swap surplus. Swap surplus refers simply to price movements between quote time and execution time.
(9) Foundation — Revenue $26 million
- 5% marketplace fee.
- Reserves the right to collect up to 15% of total sale price.
- Foundation charges a 5% fee on every NFT sale on its marketplace.
(10) DeFiSaver — Revenue $12 million
- 0.1% equivalent asset swap fee.
- 0.25% swap fee.
- 0.25% premium service fee.
- DeFi management platforms essentially charge fees to simplify users’ operations.
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@ManoppoMarco
