While thinking about plans for our validator program and wanting to anticipate how much yield would be available for staked TFT, I realized it would be helpful to know how much revenue is flowing through the Grid on a monthly basis. That’s what I’ll show in this post.
What I did to gather the data presented below is as follows:
- Query all
contractBillReportitems from GraphQL for three 30 day periods
- Sum the amounts billed
- Estimate the dollar value of TFT spent based on an approximate average TFT price for the same period
|Period||TFT Billed||$ Value||Average TFT Price|
|Aug 21 - Sept 20||375,494||$2466||$.0064|
|July 22 - Aug 21||450,716||$3380||$.0075|
|June 22 - July 22||439,495||$4658||$.0106|
It should be noted that there is a minimum effective TFT price used for billing, of $.01. This means that while normally more TFT are billed for the same capacity when the TFT price falls, that’s no longer true below this threshold.
There’s also some shifting of the quantity of billing reports that fall under different discount levels from period to period. Notably, it appears that the bulk of grid utilization receives a Gold discount, and this is fairly stable from month to month. That means that monthly fluctuations tend to be in the less discounted tiers, thus a small reduction in utilization from one month to the next causes a disproportionate reduction of grid revenue.
Taken together, these two effects can explain the somewhat unintuitive outcome whereby Grid utilization has been fairly stable for the last 90 days but revenues have reduced by almost 50% in dollar terms.
Since daily TFT pricing data is available, it would be interesting to calculate the dollar value of each billing report against the average daily price, rather than calculating the month’s sum against the month’s average price.