# Revenue Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Revenue", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

Telegram's 'Crypto Accounting': Surging Revenue Behind Net Losses and the $450 Million Token Sale Controversy

Telegram's recent unaudited financials reveal a paradox: while its H1 2025 revenue surged 65% year-over-year to $870 million, it reported a net loss of $222 million. This was primarily due to a sharp devaluation of its TON token holdings, which fell over 73% during the crypto market downturn. Revenue growth was driven by an 88% increase in premium subscriptions ($223 million), a 5% rise in ads ($125 million), and nearly $300 million from its exclusive partnership with the TON blockchain. However, the company’s significant crypto assets led to major accounting losses. Telegram also sold over $450 million worth of TON tokens, sparking community concerns about potential "dumping." Officials clarified that these sales—mainly to long-term investors like TONStrategy (TONX)—came with four-year vesting periods to avoid immediate sell pressure. Founder Pavel Durov emphasized that the move aimed to decentralize TON ownership and fund development, not just cash out. As Telegram eyes a potential IPO by 2026–2027, its deep ties to TON present both a growth engine and a volatility risk. The company recently raised $1.7 billion in convertible notes from investors like BlackRock, but its IPO plans face regulatory and legal hurdles, including ongoing investigations involving Durov in France.

marsbit01/10 14:55

Telegram's 'Crypto Accounting': Surging Revenue Behind Net Losses and the $450 Million Token Sale Controversy

marsbit01/10 14:55

Telegram's 'Crypto Accounting': Surging Revenue Behind Net Losses and the $450 Million Token Sale Controversy

Telegram's recent unaudited financials reveal a paradox: soaring revenues accompanied by net losses. In H1 2025, revenue surged 65% year-over-year to $870 million, driven by an 88% jump in premium subscriptions ($223 million) and a key partnership with the TON blockchain, which contributed nearly $300 million. Despite an operating profit of nearly $400 million, the company reported a net loss of $222 million. This was primarily due to a significant write-down of its TON token holdings, whose value fell over 73% during the crypto market downturn. A major point of controversy was Telegram's sale of over $450 million worth of TON tokens, representing more than 10% of the token's circulating supply. Community concerns about a cash grab were addressed by TONStrategy Chairman Manuel Stotz, who clarified that the sales were to long-term investors like his NASDAQ-listed firm TONX. The tokens are subject to a four-year vesting period to prevent immediate selling pressure. Founder Pavel Durov framed this as part of a strategy to decentralization, aiming to keep Telegram's ownership of TON below 10% to avoid centralization concerns. Telegram's path to a potential IPO is being watched closely. The company has raised significant capital through bonds, including a recent $1.7 billion convertible note with terms favorable to investors if an IPO occurs before 2030. However, an ongoing legal investigation in France involving Durov presents a potential obstacle. With nearly 1 billion monthly active users, Telegram's deep integration with the volatile crypto ecosystem remains a double-edged sword—a major growth driver but also a source of financial risk—that investors must weigh.

链捕手01/10 14:46

Telegram's 'Crypto Accounting': Surging Revenue Behind Net Losses and the $450 Million Token Sale Controversy

链捕手01/10 14:46

Optimism Proposes Using 50% of Superchain Revenue for OP Token Buybacks

Optimism has proposed a major shift in its tokenomics by allocating 50% of Superchain revenue to monthly OP token buybacks, pending community approval. If passed, the program will begin in February 2026, using sequencer fees to purchase OP tokens via an OTC provider. The purchased tokens will be returned to the treasury, not immediately burned or sold, with future governance deciding their use. This initiative aims to tie OP’s value directly to ecosystem usage and economic activity, reflecting Optimism’s significant role in the L2 space, where it holds 61.4% of the fee market share. The proposal has sparked debate over combining buybacks and expanded treasury discretion in a single vote. A governance call is scheduled for January 12, with a formal vote on January 22.

TheNewsCrypto01/09 07:33

Optimism Proposes Using 50% of Superchain Revenue for OP Token Buybacks

TheNewsCrypto01/09 07:33

Base Contributes 70% of Revenue but Pays Only 2.5% in 'Rent', Superchain May Enter Countdown to 'Breakup'

Base, Coinbase's L2 network, contributes approximately 71% of Superchain's sequencer revenue but pays only 2.5% of its income to Optimism Collective. This revenue concentration is increasing, while OP token prices have plummeted 93% from their peak, despite Base’s TVL growing 48%. The MIT-licensed OP Stack allows Coinbase to fork or renegotiate terms at any time. Base’s minimal governance participation and recent independent infrastructure developments (e.g., a Solana bridge using Chainlink CCIP) suggest reduced reliance on Superchain. Coinbase has begun exploring a native BASE token, which could overlap with or supersede OP governance, potentially leading to renegotiated revenue sharing or full exit. Optimism’s 118M OP token grant to Base offers limited binding value. OP holders face significant asymmetric risk: limited upside from Base’s growth but severe downside if Coinbase reduces payments or exits. Market pricing reflects poor value accrual to OP but not yet the exit risk.

marsbit01/09 04:39

Base Contributes 70% of Revenue but Pays Only 2.5% in 'Rent', Superchain May Enter Countdown to 'Breakup'

marsbit01/09 04:39

How Do 99% of Non-Profit Web3 Projects Survive?

99% of Web3 projects lack cash flow and survive by relying on token sales and external funding rather than actual revenue. These projects often prioritize early token generation events (TGE) and aggressive fundraising over product development, leading to inflated valuations unsupported by real economic activity. The core issue is the "runway period"—the time a project can operate without revenue. Without sustainable income, projects eventually exhaust their resources and fail. Even marketing efforts become short-term fixes that can't compensate for a non-viable product. A comparison with the top 1% of profitable Web3 projects—which maintain reasonable price-to-earnings (P/E) ratios—highlights the unsustainable valuations of the remaining 99%. The system incentivizes founders to exit early via token unlocks and sales, regardless of project success, while investors bear the losses. This creates a distorted cycle where financial engineering outweighs genuine value creation.

marsbit01/09 03:02

How Do 99% of Non-Profit Web3 Projects Survive?

marsbit01/09 03:02

Optimism proposes OP token buybacks using superchain revenue

The Optimism Foundation has proposed a governance plan to allocate 50% of Superchain sequencer revenue to monthly OP token buybacks for an initial 12-month period, starting in February if approved in a vote on 22 January. This marks a shift from OP’s role as a governance token toward one with demand tied to aggregate network activity across OP Stack chains like Base and OP Mainnet. The initiative is designed as a pilot to test whether routing sequencer revenue to buybacks can create sustainable alignment between usage and token economics, without targeting short-term price impact. The outcome may influence how other L2s approach value capture in low-fee environments.

ambcrypto01/08 18:10

Optimism proposes OP token buybacks using superchain revenue

ambcrypto01/08 18:10

DeFi Gold Rush: 6 Metrics to Filter Out 90% of Shitcoins

Title: DeFi Gold Rush: 6 Key Metrics to Filter Out 90% of Low-Quality Projects This article explains how to evaluate crypto projects using on-chain fundamental metrics, a revolutionary advantage DeFi has over traditional finance. Unlike quarterly corporate reports, DeFi data is transparent, real-time, and publicly available on the blockchain. The author, drawing on four years of experience, including work with DefiLlama, outlines six core metrics: 1. **TVL (Total Value Locked):** The total value of assets deposited in a protocol. It's a measure of trust but should be analyzed alongside activity metrics as it's highly correlated with token prices. 2. **Fees, Revenue & Holders' Revenue:** *Fees* are the total amount users pay (gross revenue). *Revenue* is the portion of fees kept by the protocol (gross income). *Holders' Revenue* is the share distributed to token holders via buybacks or dividends. 3. **Volume:** Tracks trading activity on DEXs and perpetual exchanges. Market share trends within a category are often more insightful than absolute numbers. 4. **Open Interest:** The total value of unsettled derivative contracts, indicating liquidity on a platform. It can collapse quickly during market volatility. 5. **Stablecoin Market Cap:** The total value of stablecoins on a blockchain, representing real capital inflows into an ecosystem, unaffected by token price volatility. 6. **App Revenue & Fees:** The total fees and revenue generated by all applications on a blockchain, excluding stablecoins and gas. It acts as a "GDP" for a chain's economic activity. The article provides a three-step framework for analysis: 1. **Focus on sustained, stable growth** over time rather than short-term spikes. 2. **Track both stock metrics** (e.g., TVL, OI) and **flow metrics** (e.g., Fees, Volume) to get a complete picture of capital deposits and actual activity. 3. **Consider token unlocks and incentives**, as they create sell pressure. High revenue is less impressive if it's outweighed by token emissions. The key takeaway is that these on-chain fundamentals provide a powerful filter to identify valuable projects with real traction long before market narratives catch up.

marsbit01/08 13:08

DeFi Gold Rush: 6 Metrics to Filter Out 90% of Shitcoins

marsbit01/08 13:08

Polymarket Introduces Trading Fees on US App and Crypto Markets

Polymarket has introduced its first trading fees, a major shift from its previous zero-fee model. The new taker fee of 0.01% applies to trades on its US app (in private beta) and its short-duration cryptocurrency price markets. This move establishes Polymarket's first direct revenue stream as it expands from niche prediction markets into mainstream crypto trading. The fee is significantly lower than industry averages, aligning with the platform's focus on efficiency. This strategic change reflects a push toward sustainability and monetization, especially as the company targets regulated US markets and competes more directly with conventional crypto exchanges. The limited rollout indicates a cautious approach to avoid disrupting its core user base.

TheNewsCrypto01/08 06:09

Polymarket Introduces Trading Fees on US App and Crypto Markets

TheNewsCrypto01/08 06:09

TVL, Trading Volume, Open Interest: How to Use DeFi Data to Find the Next Breakout Project?

Analyzing DeFi projects requires moving beyond hype and narratives to focus on on-chain fundamentals—a revolutionary advantage over traditional finance due to its real-time, transparent data. Key metrics include: - **TVL (Total Value Locked)**: Reflects assets deposited in a protocol, similar to AUM in TradFi, but should be combined with USD net inflows to distinguish actual deposits from price changes. - **Fees, Revenue, and Holder Revenue**: Fees are total user payments (gross revenue), revenue is the protocol’s share (gross income), and holder revenue is what token holders earn via dividends or buybacks. - **Volume**: Tracks trading activity on DEXs and perpetual exchanges, with market share trends often more meaningful than absolute numbers. - **Open Interest**: Measures active derivative positions, indicating liquidity and platform resilience during volatility. - **Stablecoin Market Cap**: Represents real USD capital flowing into a blockchain, a key indicator of ecosystem growth. - **App Revenue & Fees**: The "GDP" of a chain, showing economic activity excluding stablecoins and gas fees. Effective analysis prioritizes sustained growth over time, combines stock metrics (e.g., TVL) with flow metrics (e.g., fees), and accounts for token unlocks and incentives that may cause sell pressure. Platforms like DefiLlama provide real-time data to identify trends early, as seen with Polymarket and Hyperliquid’s growth before they peaked. Mastering these metrics helps cut through noise and spot genuinely valuable projects.

marsbit01/08 05:02

TVL, Trading Volume, Open Interest: How to Use DeFi Data to Find the Next Breakout Project?

marsbit01/08 05:02

Telegram Financial Report Revealed: Main Revenue Actually Comes from Selling Coins!

Telegram's unaudited financial report for the first half of 2025 reveals a 65% year-on-year revenue increase to $870 million, up from $525 million in the same period of 2024. However, the company reported a net loss of over $220 million, compared to a net profit of $334 million a year earlier. This loss is attributed to a significant decline in the value of its Toncoin (TON) holdings, leading to asset write-downs. Despite its growth in users—now exceeding 900 million monthly active users—Telegram's financial performance is heavily tied to TON. Approximately one-third of its revenue, around $300 million, comes from TON-related exclusive agreements, including wallet integration and payment services. Moreover, Telegram has sold over $450 million worth of TON in 2025 alone, accounting for about 10% of TON's market capitalization, making cryptocurrency sales a major revenue stream. Telegram's planned IPO has been delayed due to ongoing legal investigations involving its founder, Pavel Durov, in France. The company secured $1.7 billion in convertible bonds from institutions like BlackRock and Mubadala in May 2025. Originally launched in 2017, TON faced regulatory challenges from the SEC but was revived as a community-led blockchain. Despite initial growth, TON's ecosystem has struggled recently, with many projects declining significantly in value.

marsbit01/07 13:03

Telegram Financial Report Revealed: Main Revenue Actually Comes from Selling Coins!

marsbit01/07 13:03

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