Nest β Statistical Analysis
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With $4.1M TVL and $2.0M 24h volume (~0.49x daily turnover) but only $1.1K/day fees (~5.5 bps take rate) and 100% single-chain TVL, Nest shows active usage relative to liquidity yet limited scale and diversification.
Updated: Β· Data Window: 24h / 7d / 30d (varies by metric availability)
1. Market Overview
- Size: TVL $4.1M (24h change +3.41%) indicates a small liquidity base.
- Activity: 24h volume $2.0M (reported trading volume $2.6M) with -19.39% 1D volume change suggests short-term cooling.
- Breadth: 13 coins / 20 pairs implies a compact market structure rather than a broad venue.
2. Capital Efficiency
- Turnover: Volume/TVL (24h) = $2.0M / $4.1M = 0.49x; monthly $63.4M / $4.1M = 15.46x (high utilization for a small TVL).
- Fee yield on liquidity: $1.1K / $4.1M = 0.0268% per day (~9.8% annualized if sustained).
- Fee consistency check: Implied fee rate is ~0.055% (24h), ~0.051% (7d), but ~0.186% (30d), pointing to fee-rate volatility or mix/retroactive accounting effects.
3. Liquidity & Pair Spread
- Pair density: 20 pairs / 13 coins = 1.54 pairs per coin, suggesting limited routing optionality and higher likelihood of concentration in top pairs.
- Average liquidity per market: TVL per pair β $4.1M / 20 = $205K (thin depth per book/pool).
- Average flow per market: 24h volume per pair β $2.0M / 20 = $100K, meaning a few pairs can dominate realized liquidity conditions and spread outcomes.
4. Chain Dominance
- TVL deployment is 100% on Hyperliquid L1 (β$4.1M), creating strong chain-specific dependency.
- Implication: zero multi-chain dispersion reduces cross-chain arbitrage venues but increases platform concentration risk (liquidity + execution tied to one base layer).
5. Analyst Verdict
- Traction vs size: 0.49x daily turnover on $4.1M TVL indicates meaningful activity relative to liquidity, but absolute scale remains small.
- Revenue maturity: $390.5K all-time fees and $118.1K (30d) vs $1.1K (24h) show uneven monetization tempo; watch for stabilization of fee rate around ~5 bps.
- Risk signals: 2 audits is a positive baseline, while Trust Score N/A and 100% single-chain TVL keep the protocol in a mid-maturity risk bucket.