Thursday, September 21, 2023
HomeOpenseaLooksRare Hits $307M in Protocol Revenue in 30 Days and Leapfrogs OpenSea

LooksRare Hits $307M in Protocol Revenue in 30 Days and Leapfrogs OpenSea

Maybe it’s a decentralized architecture? Or is it liquidity mining?

Whatever the cause, the newly launched NFT marketplace, LooksRare, outperformed centralized market leader OpenSea in terms of protocol revenue, according to data site TokenTerminal.

In the last 30 days, LooksRare has generated $ 307 million in protocol revenue, compared to $ 110 million in OpenSea.

LooksRare launched in Airdrop By providing that LOOKS token to past OpenSea users and offering LOOKS to everyone who trades on the platform (also known as liquidity mining), it has been hacking market share and growing since then. ..Much of that volume has come From disguise transactions This was done to increase LOOKS rewards.

LOOKS is currently trading at $ 3.44. According to CoinMarketCap, the highest price so far was $ 7.07 on January 20th.As a context, LOOKS’daily rewards are worth it About the same As transaction revenue.


Looks rare released In January. Ten.. By the next day, TokenTerminal data had already generated more protocol revenue than OpenSea.Daily LOOKS rewards Drop in half However, after the platform has been up and running for 30 days, transactions may also respond at that point.

OpenSea charges 2.5% for all transactions sent to the company. LookRare charges a 2% fee and looks like the person who bet LOOKS.

OpenSea’s total revenue has generally been higher than LooksRare’s total revenue since its launch, but it has been around. January was the largest opensea trading volume to date Just below $ 5 billion. LooksRare has totaled more than $ 15 billion since its launch, according to the company. This dune analysis dashboard..

Looking Rare is just one of a few More decentralized alternatives Popped up to steal OpenSea thunder.

Representatives from OpenSea and LooksRare did not immediately respond to requests for comment from The Defiant.

This is not the only upset that TokenTerminal data shows.

Throughout most of 2021 Axie InfinityPlayer-v-player NFT game platform, Dominant Protocol Revenue Statistics, but late in the last 30 days Looks rare, High seasDyDx (Derivative exchange) When Pancake Swap (Decentralized exchange running on Binance SmartChain).

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