Nest β Statistical Analysis
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With $3.8M TVL and $3.0M 24h volume (~0.79x daily turnover) but a -7.01% TVL drawdown and N/A trust score, Nest shows strong short-term activity relative to liquidity but limited scale and higher concentration risk.
1. Market Overview
- TVL is $3.8M, down -7.01% in 24h (implying ~$4.09M prior day; ~-$0.29M net outflow).
- Trading activity is mid-small cap: $3.0M volume (24h), $17.3M (7d), $68.0M (30d).
- 24h volume surged +126.46% (prior day implied ~$1.33M), signaling demand is bursty rather than consistently deep.
2. Capital Efficiency
- 24h turnover (Volume/TVL) = $3.0M / $3.8M = 0.79x; weekly turnover = 4.55x; 30d turnover = 17.89x.
- Fees (24h) $1.6K imply an effective fee take rate of ~0.053% (5.3 bps) on 24h volume.
- Fees-to-TVL (24h) = $1.6K / $3.8M = 0.042% per day (mechanically ~15.3% annualized if sustained), but the short history and volatility make this a sensitivity metric rather than a stable yield proxy.
3. Liquidity & Pair Spread
- Asset surface area: 13 listed coins across 20 pairs β 1.54 pairs/coin, indicating a relatively narrow market map.
- Average liquidity per pair (TVL/pairs) β $3.8M / 20 = $0.19M; average 24h volume per pair β $3.0M / 20 = $0.15M.
- With sub-$0.2M average liquidity per pair, liquidity is likely concentrated in a small set of pairs; this typically widens effective spreads for tail pairs and increases slippage sensitivity on larger orders.
4. Chain Dominance
- TVL deployment is 100% on Hyperliquid L1 ( $3.8M of $3.8M ).
- This single-chain profile simplifies execution and liquidity aggregation but creates concentration risk: chain-specific market conditions can directly drive TVL volatility (consistent with the -7.01% 24h TVL move).
5. Analyst Verdict
- Maturity/traction: Strong relative activity (0.79x daily turnover) on a small base ($3.8M TVL) suggests active flow but not yet deep liquidity.
- Monetization: Fees are measurable ($380.9K all-time; $1.6K 24h), but implied take rates vary materially (~5.3 bps using 24h vs ~52.5 bps using 7d fees/volume), indicating fee accrual is uneven and likely event-driven.
- Risk posture: 2 audits are a positive control, while Trust Score: N/A and 100% TVL on one chain keep operational and concentration risk elevated versus more diversified DEXs.