--- title: “That’s Our Two Satoshis” — Revenue Producing Digital Assets Soar description: The best performing digital assets YTD are those issued by real crypto investment firms with growing revenues and cash flows. image: https://www.ar.ca/hubfs/That%E2%80%99s%20Our%20Two%20Satoshis%E2%80%8A%E2%80%94_7-12-21.png --- [![email-sig-logowhite](https://www.ar.ca/hs-fs/hubfs/email-sig-logowhite.png?width=102&height=96&name=email-sig-logowhite.png "email-sig-logowhite")](https://www.ar.ca/) [![Get in Touch](https://no-cache.hubspot.com/cta/default/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3) ** ** ** [![Arca](https://www.ar.ca/hs-fs/hubfs/arca_square_576x576.png?width=60&height=30&name=arca_square_576x576.png "Arca")](https://www.ar.ca/) [![Get in Touch](https://no-cache.hubspot.com/cta/default/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3) ** ** ** Search **Menu** ** ** [![Data Room](https://no-cache.hubspot.com/cta/default/4536350/72e2934a-0f70-4634-897e-b99fd4807a9b.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/72e2934a-0f70-4634-897e-b99fd4807a9b) [![Get in Touch](https://no-cache.hubspot.com/cta/default/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3) ![](https://www.ar.ca/hubfs/2-Sats-Header.png) [Market Recap](https://www.ar.ca/blog/tag/market-recap) | # “That’s Our Two Satoshis” — Revenue Producing Digital Assets Soar [![Jeff Dorman, CFA](https://www.ar.ca/hubfs/Jeff%20Dorman.png)](https://www.ar.ca/blog/author/jeff-dorman-cfa) Written by [Jeff Dorman, CFA](https://www.ar.ca/blog/author/jeff-dorman-cfa) Jul 12, 2021 ****![Thats Our 2 Satoshis Logo](https://www.ar.ca/hs-fs/hubfs/Thats%20Our%202%20Satoshis%20Logo.png?width=300&name=Thats%20Our%202%20Satoshis%20Logo.png)**What happened this week in the Digital Assets market ****Week-over-Week Price Changes (as of Sunday, 7/11/21****)** ![Screen Shot 2021-07-12 at 6.34.03 AM](https://www.ar.ca/hs-fs/hubfs/Blog%20Images/Screen%20Shot%202021-07-12%20at%206.34.03%20AM.png?width=711&name=Screen%20Shot%202021-07-12%20at%206.34.03%20AM.png)   **Everyone Hates Banks** Of all of the egregious fees that the banking industry extracts from customers, overdraft fees may be the most absurd.  Banks can borrow for basically free, and all transactions are just electronic records which means there is no actual cost incurred if a balance briefly dips below $0.  But given the profitability of this business line, there is very little being done to protect consumers from incurring overdraft fees. In 2020, banks collected [$31 billion in overdraft fees](https://www.wsj.com/articles/overdraft-fees-fell-in-the-covid-19-economy-11622367000). But banks don’t receive any revenue from digital assets.  In fact, if digital assets ultimately succeed, the ability to combine your investment vehicles and your payment vehicles into one freely sendable asset will ultimately compete with many revenue lines of banks and brokerages.  So naturally, the banks are now stepping up their efforts to “protect consumers from digital assets”.  Last week Barclay’s announced that [customers would no longer be able to send funds to Binance](https://decrypt.co/75252/barclays-stops-binance-payments-in-effort-to-protect-customer-funds), for their protection. Needless to say, those customers that were affected [were furious](https://twitter.com/mattysino/status/1412355812761214976?s=20).   ![unnamed - 2021-07-12T063524.174](https://www.ar.ca/hs-fs/hubfs/Blog%20Images/unnamed%20-%202021-07-12T063524.174.png?width=801&name=unnamed%20-%202021-07-12T063524.174.png) | ![unnamed - 2021-07-12T063518.487](https://www.ar.ca/hs-fs/hubfs/Blog%20Images/unnamed%20-%202021-07-12T063518.487.png?width=512&name=unnamed%20-%202021-07-12T063518.487.png) | ![unnamed - 2021-07-12T063947.302](https://www.ar.ca/hs-fs/hubfs/Blog%20Images/unnamed%20-%202021-07-12T063947.302.png?width=391&name=unnamed%20-%202021-07-12T063947.302.png) | | --- | --- |   Barclays has had 40 violations since 2000, [accruing fines totaling almost $6 billion](https://violationtracker.goodjobsfirst.org/parent/barclays). Barclays has also been accused multiple times of [abetting money laundering](https://www.thisismoney.co.uk/money/markets/article-8755205/Banks-shares-fall-fresh-allegations-money-laundering.html).  Their stock is -87% since 2007.  Meanwhile, the digital assets industry passed major stress tests in March 2020 and again in May 2021, without any government assistance or bailouts, and continues to grow despite so many efforts to thwart its success.  Many of the exchanges, including Binance, have generated tremendous gains for both customers and shareholders.    Barclay’s Stock Price (2006 -2021) ![Screen Shot 2021-07-11 at 9.45.12 PM](https://www.ar.ca/hs-fs/hubfs/Screen%20Shot%202021-07-11%20at%209.45.12%20PM.png?width=780&name=Screen%20Shot%202021-07-11%20at%209.45.12%20PM.png) *Source: TradingView* The banks are simply focused in the wrong place.  Current Binance US CEO and former Comptroller of the United States, Brian Brooks, may have [summarized it best](https://twitter.com/BrianBrooksUS/status/1351548093058072576) on his way out of Washington.  We now have a solution to putting power back in the hands of the people, instead of governments and banks trying to “protect us” from our own success.   ![unnamed - 2021-07-12T063504.827](https://www.ar.ca/hs-fs/hubfs/Blog%20Images/unnamed%20-%202021-07-12T063504.827.png?width=632&name=unnamed%20-%202021-07-12T063504.827.png)   **Axie Infinity grows revenues -- AXS token skyrockets** One of the tokens that is no longer available to Barclays’ customers is Axie Infinity (AXS), a gaming token which was first listed by Binance in November 2020.  The AXS token rose +123% last week, and has [gained over 14,000% since it was listed on Binance nine months ago](https://www.coingecko.com/en/coins/axie-infinity). This is not a decentralized cryptocurrency.  This is a company, with a CEO, a [parent company](https://www.crunchbase.com/organization/sky-mavis) with privately owned equity, a real business model, and rapidly growing revenues, all of which existed prior to Axie issuing its AXS token. The token was issued to help bootstrap the growth of the company, and almost every customer and fan of the game had a chance to buy this token in the early days of its growth.  Axie also popularized the newfound “play-to-earn” gaming model, and it has been a [wild success](https://www.tokenterminal.com/terminal/projects/axie-infinity).  Arca portfolio manager and NFT expert, Sasha Fleyshman, [pointed out](https://twitter.com/ArcaChemist/status/1413945586881990656), “play-to-earn turns sweat equity into actual equity. It aligns players with games in a way that has never been done before.”    As we discussed last week, [Bitcoin is one of the worst performing digital assets YTD](https://www.ar.ca/blog/crypto-market-recap-07-04-21).  What we didn’t mention was that some of the best performing digital assets YTD are all similar to Axie Infinity - real companies, with real cash flows, a token that accrues economic value, and a [way to measure its success](https://www.tokenterminal.com/terminal/metrics/protocol_revenue).  These companies also align their customers, employees and other stakeholders with their success.    Top dapps and blockchains based on cumulative protocol revenue in the past 180 days ![Screen Shot 2021-07-11 at 10.10.25 PM](https://www.ar.ca/hs-fs/hubfs/Screen%20Shot%202021-07-11%20at%2010.10.25%20PM.png?width=697&name=Screen%20Shot%202021-07-11%20at%2010.10.25%20PM.png) [Source: TokenTerminal](https://www.tokenterminal.com/terminal/metrics/protocol_revenue)   These off-the-run small caps may not be as exciting for the media to talk about, and certainly aren’t profitable enough for the largest asset managers, OTC shops and exchanges to focus on, but they are doing exactly what we expect digital assets to do --- turning customers into equity owners.  In a world where employee and customer alignment has never been further away from company profits, it’s refreshing to see [digital assets figure out the model for success](https://variant.fund/the-ownership-economy-crypto-and-consumer-software/).    ![Screen Shot 2021-07-11 at 10.27.39 PM](https://www.ar.ca/hs-fs/hubfs/Screen%20Shot%202021-07-11%20at%2010.27.39%20PM.png?width=662&name=Screen%20Shot%202021-07-11%20at%2010.27.39%20PM.png) [Source: Twitter](https://twitter.com/IlhanMN/status/1397340848325529600?s=20)   **What’s Driving Token Prices?** - Axie Infinity (AXS) rose +123%. Axie's outperformance can be attributed to continued revenue growth, with weekly revenue at ~$2.93mm, +140% WoW. By all accounts, the revenue and volume growth indicates that Axie is seeing actual adoption and usage of its product. - Aave (AAVE) gained +20%, but revenues and TVL have remained fairly flat over the last week. Aave Pro for institutional investors will be released this month, which will allow institutional investors to use a KYC'd version of Aave. - Synthetic (SNX) jumped +58%, as Synthetix surpassed $1B in TVL this week.  Decentralized derivative volumes were relatively flat around $1 billion on the week with Synthetix gaining market share after another strong week of trading. Synthetix staking also nearly doubled as people rushed to claim the four airdrops that reportedly will go to Synthetix stakers: Lyra, Thales, Kwenta and Aedlin.  - Sushiswap (SUSHI) rose +11% after releasing their Q2 review which included the Q3 roadmap. The main product update is the V3 version releasing on July 20. They also announced their ongoing fundraise which will be approved via a governance vote.  They are looking to raise $60m out of the treasury which should significantly help to diversify the investor base. Additionally, they partnered with ArcherDAO to provide an option for MEV shielded transactions and with Harmony, another L1 where they will be launching all product lines, furthering their multi-chain growth.   **What We’re Reading This Week** [USDC Stablecoin Backer Circle to Go Public in $4.5B SPAC Deal](https://www.coindesk.com/usdc-backer-circle-to-go-public-in-spac-deal) [Visa: More Than $1 Billion Spent Using Crypto-Linked Cards in 2021](https://decrypt.co/75403/visa-more-than-1-billion-spent-using-crypto-linked-cards-in-2021) [Bank of America Launches Cryptocurrency Research Effort](https://blockworks.co/bank-of-america-launches-cryptocurrency-research-effort/) [Ex-NYSE President Tom Farley’s SPAC to Merge with Bullish to Bring Planned Crypto Exchange Public](https://www.cnbc.com/2021/07/09/ex-nyse-president-tom-farleys-spac-to-merge-with-bullish-to-bring-planned-crypto-exchange-public.html) [Sen. Warren Warns of Cryptocurrency Risks, Presses SEC on Oversight Authority](https://www.reuters.com/technology/sen-warren-warns-cryptocurrency-risks-presses-sec-oversight-authority-2021-07-08/)   ***And That’s Our Two Satoshis!***  *Thanks for reading everyone!   * *Questions or comments, just let us know.*     **The Arca Portfolio Management Team** *Jeff Dorman, CFA - Chief Investment Officer* *Katie Talati - Head of Research* *Hassan Bassiri, CFA - PM / Analyst* *Sasha Fleyshman -  Trader*   *Wes Hansen -  Head of Trading & Operations* *Alex Woodard- Analyst* *Mike Geraci- Trader* *Andew Stein, VP of Research* * * * * * * * *    **To learn more or talk to us about investing in digital assets and cryptocurrency ** **call us now at [(424) 289-8068](tel:+14242898068).**           ### Subscribe For the Latest Blockchain News & Analysis     Disclaimer: This commentary is provided as general information only and is in no way intended as investment advice, investment research, legal advice, tax advice, a research report, or a recommendation. Any decision to invest or take any other action with respect to any investments discussed in this commentary may involve risks not discussed, and therefore, such decisions should not be based solely on the information contained in this document. Please consult your own financial/legal/tax professional. Statements in this communication may include forward-looking information and/or may be based on various assumptions. The forward-looking statements and other views or opinions expressed are those of the author, and are made as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated and there is no guarantee that any particular outcome will come to pass. The statements made herein are subject to change at any time. Arca disclaims any obligation to update or revise any statements or views expressed herein. Past performance is not a guarantee of future results and there can be no assurance that any future results will be realized. Some or all of the information provided herein may be or be based on statements of opinion. In addition, certain information provided herein may be based on third-party sources, which is believed to be accurate, but has not been independently verified. Arca and/or certain of its affiliates and/or clients may now, or in the future, hold a financial interest in investments that are the same as or substantially similar to the investments discussed in this commentary. No claims are made as to the profitability of such financial interests, now, in the past or in the future and Arca and/or its clients may sell such financial interests at any time. The information provided herein is not intended to be, nor should it be construed as an offer to sell or a solicitation of any offer to buy any securities, or a solicitation to provide investment advisory services. Previous Story [← “That’s Our Two Satoshis” — We Should Appreciate Bitcoin More, but it’s Not Defensive](https://www.ar.ca/blog/crypto-market-recap-07-04-21) [** ](https://www.ar.ca/blog) Next Story [ArCoin Integrates with MetaMask: Bridging ArCoin to dApps →](https://www.ar.ca/blog/arca-labs-arcoin-integrates-with-metamask) ## You May Also Like These Stories on Market Recap [![](https://www.ar.ca/hubfs/Two%20sats%20July%206%202026.png) ](https://www.ar.ca/blog/crypto-green-shoots-are-sprouting) [Market Recap](https://www.ar.ca/blog/tag/market-recap) ### [Crypto Green Shoots Are Sprouting](https://www.ar.ca/blog/crypto-green-shoots-are-sprouting) Jul 6, 2026 | 1 min read [![](https://www.ar.ca/hubfs/Two%20sats%20June%2029%202026%20%281%29.png) ](https://www.ar.ca/blog/securitize-the-most-important-rwa-stock-no-one-has-heard-about-yet) [Market Recap](https://www.ar.ca/blog/tag/market-recap) ### [Securitize - The Most Important RWA Stock No One Has Heard About Yet](https://www.ar.ca/blog/securitize-the-most-important-rwa-stock-no-one-has-heard-about-yet) Jun 29, 2026 | 1 min read [![](https://www.ar.ca/hubfs/_Two%20sats%20June%2022%202026.png) ](https://www.ar.ca/blog/galaxy-digital-glxy-how-a-distressed-mining-site-buyout-became-both-a-pot-of-gold-and-an-identity-crisis) [Market Recap](https://www.ar.ca/blog/tag/market-recap) ### [Galaxy Digital (GLXY): How a Distressed Mining Site Buyout Became Both a Pot of Gold and an Identity Crisis](https://www.ar.ca/blog/galaxy-digital-glxy-how-a-distressed-mining-site-buyout-became-both-a-pot-of-gold-and-an-identity-crisis) Jun 22, 2026 | 1 min read ### Arca Los Angeles I New York (424) 400-7444 info@ar.ca [![LinkedIn](https://www.ar.ca/hubfs/LinkedIn.png "LinkedIn")](https://www.linkedin.com/company/arcafinance/mycompany/) [![Twitter](https://www.ar.ca/hubfs/Twitter.png "Twitter")](https://twitter.com/arca) [![Youtube](https://www.ar.ca/hubfs/Youtube.png "Youtube")](https://www.youtube.com/c/Arcafinance) ### Contact Us Copyright © 2025 Arca Holdings. All Rights Reserved.  |  [Important Disclosures](https://www.ar.ca/important-disclosures) ```json { "@context" : "http://schema.org", "@type" : "VideoObject", "contentUrl" : "https://youtu.be/hHdcrzD7_0w", "description" : "Meet the founders of Arca and learn about what inspired them to join the digital asset ecosystem. Rayne Steinberg – Co-Founder & Chief Executive Officer Jeff Dorman – Co-Founder & Chief Investment Officer Phil Liu – Co-Founder & Chief Legal Officer.", "duration" : "PT4M13S", "embedUrl" : "https://www.youtube.com/embed/hHdcrzD7_0w", "name" : "Meet the Founders of Arca", "thumbnailUrl" : "https://i.ytimg.com/vi/hHdcrzD7_0w/default.jpg", "uploadDate" : "2022-02-15T15:49:56Z" } ``` ```json { "@context" : "https://schema.org", "@type" : "SiteNavigationElement", "Name" : [ "HOME", "Hedge-Funds", "Bitcoin-Fund", "Blog", "About", "Team", "Careers", "Data Room", "Get in Touch" ], "Url" : [ "https://www.ar.ca/", "https://www.ar.ca/arca-hedge-funds", "https://www.ar.ca/ai-bitcoin-fund", "https://www.ar.ca/blog", "https://www.ar.ca/about", "https://www.ar.ca/arca-team", "https://www.ar.ca/careers", "https://arcafunds.hvstprivate.com/", "https://www.ar.ca/contact?hsCtaTracking=28ac2c2f-186c-436f-9682-1169cf946ad3%7C63e370f0-aacd-4463-8bce-3616a7b4b7f3" ] } ``` ```json { "@context" : "https://schema.org/", "@type" : "WebSite", "name" : "Ar", "potentialAction" : { "@type" : "SearchAction", "query-input" : "required name=search_term_string", "target" : "https://www.ar.ca/search?q={search_term_string}" }, "url" : "https://www.ar.ca/" } ``` ```json { "@context" : "https://schema.org/", "@type" : "WebPage", "name" : "Ar", "speakable" : { "@type" : "SpeakableSpecification", "xpath" : [ "/html/head/title", "/html/head/meta[@name='description']/@content" ] }, "url" : "https://www.ar.ca/" } ``` ```json { "@context" : "https://schema.org", "@type" : "Organization", "alternateName" : "Ar", "logo" : "https://www.ar.ca/Logo.png", "name" : "Ar", "url" : "https://www.ar.ca/" } ``` ```json { "@context" : "https://schema.org", "@id" : "", "@type" : "LocalBusiness", "address" : { "@type" : "PostalAddress", "addressCountry" : "US", "addressLocality" : "New York", "addressRegion" : "CA", "postalCode" : "90066", "streetAddress" : "Los Angeles" }, "geo" : { "@type" : "GeoCoordinates", "latitude" : 33.9697897, "longitude" : -118.2468148 }, "image" : "https://www.ar.ca/hs-fs/hubfs/email-sig-logowhite.png?width=102&name=email-sig-logowhite.png", "name" : "Arca", "openingHoursSpecification" : { "@type" : "OpeningHoursSpecification", "closes" : "23:59", "dayOfWeek" : [ "Monday", "Tuesday", "Wednesday", "Thursday", "Friday", "Saturday", "Sunday" ], "opens" : "00:00" }, "priceRange" : "$", "sameAs" : [ "https://twitter.com/arca", "https://www.linkedin.com/company/arcafinance" ], "telephone" : "(424) 400 7444", "url" : "https://www.ar.ca/" } ``` ```json { "@context" : "http://schema.org", "@type" : "VideoObject", "description" : "Rebecca Rettig, General Counsel of Aave Marc Boiron, General Counsel of dYdX Colleen Sullivan, Co-founder and CEO of CMT Digital Marvin Ammori, CLO at Uniswap Phil Liu, Co-founder and CLO of Arca", "duration" : "PT50M59S", "embedUrl" : "https://www.youtube.com/embed/hTc-kWa9hM8", "interactionCount" : "121", "name" : "Regulation: Clarity on the Horizon", "thumbnailUrl" : "https://i.ytimg.com/vi/hTc-kWa9hM8/default.jpg", "uploadDate" : "2021-05-26T13:29:46Z" } ``` ```json { "@context" : "http://schema.org", "@type" : "VideoObject", "description" : "Andrew Peel, Head of Digital Asset Markets at Morgan Stanley Jennifer Murphy, COO of Western Asset Management Tom Jessop, President of Fidelity Digital Assets Tim Davis, Principal of Deloitte Subhanker Sinha, Head of Blockchain, Digital at BNY Mellon", "duration" : "PT47M54S", "embedUrl" : "https://www.youtube.com/embed/Wx1LEII47iM", "interactionCount" : "242", "name" : "The Current Institutional Adoption Wave", "thumbnailUrl" : "https://i.ytimg.com/vi/Wx1LEII47iM/default.jpg", "uploadDate" : "2021-05-26T15:15:41Z" } ``` ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Organization", "name" : "Ar" }, "dateModified" : "2021-07-12", "datePublished" : "2021-06-28", "description" : "Blockchain commentary and analysis written for sophisticated investors - by professional investors", "headline" : "We Should Appreciate Bitcoin More, but it’s Not Defensive", "image" : "https://f.hubspotusercontent00.net/hub/4536350/hubfs/Thats%20Our%20Two%20Sathoshis%20%2812%29-2.png?width=380&name=Thats%20Our%20Two%20Sathoshis%20%2812%29-2.png", "mainEntityOfPage" : { "@id" : "https://www.ar.ca/blog", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://www.ar.ca/hs-fs/hubfs/email-sig-logowhite.png?width=102&name=email-sig-logowhite.png" }, "name" : "Market Recap" } } ```