Ekubo β Statistical Analysis
Ekubo shows strong usage with $62.4M 24h volume on $41.2M TVL (1.51x daily turnover), but monetization is thin at ~0.7β1.3 bps fees and the token trades at 0.25x MCap/TVL after an ~86% drawdown from ATH.
Updated: Β· Data Window: 24h / 7d / 30d (varies by metric availability)
1. Market Overview
TVL sits at $41.2M with a +1.90% 24h change, while trading activity is elevated: $62.4M (24h), $455.0M (7d), $2.23B (30d). The 1d volume change is -14.15%, indicating short-term cooling despite sizable absolute flow. Market breadth is moderate with 22 listed coins and 90 pairs.
2. Capital Efficiency
Capital turnover is high: Volume/TVL = 62.4/41.2 = 1.51x per day, implying liquidity recycles more than once daily. Over longer windows, 7d Volume/TVL = 455.0/41.2 = 11.0x and 30d Volume/TVL = 2.23B/41.2M = 54.1x (~1.80x/day equivalent), consistent with sustained utilization rather than a single-day spike.
3. Liquidity & Pair Spread
Pairing density is 90 pairs / 22 coins = 4.09 pairs per coin, suggesting a meaningful but not exhaustive routing graph. GeckoTerminal pool reserves show $16.9M versus protocol TVL $41.2M (~41%), indicating a large share of liquidity may sit outside tracked GT pools or in non-spot deployments. On GT, activity intensity is high: 10.7M 24h volume across 25,612 transactions and 6,868 active users β $418/tx, 3.73 tx/user, and $1,558 volume/user. Top flow concentrates in blue-chip/stable routes (USDC/ETH, USDC/WBTC, USDC/STRK, ETH/USDC) at 0.05% fee tiers, pointing to competitive pricing and tighter spreads on core pairs.
4. Chain Dominance
TVL is Starknet-dominant: $33.3M on Starknet (80.8%) vs $7.9M on Ethereum (19.2%). This skew implies the protocolβs liquidity and routing depth primarily depend on Starknet market conditions; the Ethereum slice is meaningful but secondary, likely serving as an access/bridging corridor rather than the main venue.
5. Analyst Verdict
Monetization is light relative to flow: $8.0K fees on $62.4M 24h volume implies a 1.28 bps effective fee rate; over 30d, $156.2K / $2.23B = 0.70 bps, suggesting either heavy share of low-fee tiers or strong incentives/competition compressing take-rate. Protocol revenue capture is small: $608 revenue/day equals 7.6% of fees (30d: $17.8K, 11.4% of fees), limiting value accrual. Risk/credibility signals are mixed: 2 audits but Trust Score: N/A. Token metrics show weak sentiment: price $1.042, -10.71% (24h), -37.33% (7d), and ~86.4% below ATH ($7.64), while valuation remains low versus TVL (MCap/TVL = 0.25), consistent with strong usage but uncertain capture/discounted risk pricing.