### PIO Report: Onchain Derivative Market Analysis of Revenue Streams
**In Daily Revenue in MM$, (Revenues for Holders, Not fees)*
## Crypto Industry Revenues
### Top 50 Crypto Centralized Derivatives Revenue:
Exchange 50, Estimated Combined revenue 25-100
### Top 50 Crypto Revenue:
Total Protocols: 50, Combined revenue: 2.5
DEX protocols: 14, Combined revenue: 1.379
Telegram Bot protocols: 3, Combined revenue: 0.438
Derivative protocols: 9, Combined revenue: 0.313
Lending protocols: 5, Combined revenue: 0.113
Liquid Staking protocols: 2, Combined revenue: 0.70
Yield protocols: 6, Combined revenue: 0.109
Launchpad protocols: 2, Combined revenue: 0.061
Infra protocols: 1, Combined revenue: 0.029
Gaming protocols: 0, Combined revenue: 0
:::info
A difference of x25-100 in Revenues between crypto Derivs CEX and crypto Derivs DEX.
:::
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## Non-Crypto Asset Classes:
### Total Retail Stock & FX Trading Revenue (CeFi without banks):
RobinHood, Webull, eToro ...: Combined revenue: 60

### Major Stock Exchanges (Daily Revenue):
- NYSE: 10
- NASDAQ: 8
- LSE: 6
- CME: 15
:::info
Revenues are less than 10x away from DeFi, this is due to fees being optimized, killing revenue streams of each actor.
:::
### Estimated Total Revenue of Broker-Dealers/Issuers by Asset class:
ETF: 49
IRDs: 82
FX: 55
Equity: 15
Credit Derivs: 14
Vol Derivs: 5.5
Weather Derivs: 1.4
Inflation Derivs: 2.7
Exotic Derivs: 8.2
Insurance Linked Derivs: 0.5
Real Estate: 0.5
:::info
IRDs represent the most important asset class importable with DeFi Derivatives by revenue stream.
:::warning
Importance of Listing all Assets to reach a critical size. The fastest growth way is by using liquidity from centralized venues using bilateral intents.
:::
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## Asset Management
:::info
Disclaimer: Onchain Asset Management requires IRDs and other asset classes to work, as asset classes are too limited in Crypto.
Disclaimer 2: Onchain Asset Management Requires Privacy, this will be reached with a SNARK infrastructure optimized for Bilateral Derivatives.
:::
Estimated Total Revenue by Asset Management Type:
401(k): 20
IRAs: 41
Mutual Funds: 192
Pension Funds: 82
Hedge Funds: 164
Private Equity: 137
529 College: 2.7
Robo-Advisors: 5.5
REITs: 13.7
Prop firms: 55
Estimated Total Revenue by DeFi Asset Management:
0.1
:::warning
Fund Management Revenues represent 10x more growth potential than any previously presented niche.
:::success
Management Funds Fee Represent The biggest growth axis for Derivatives Protocols.
:::
:::info
As competition for crypto fees will drop, and extreme Crypto revenues will drop too. Meanwhile asset management which is a convenience for users rather than a cost will continue to rise.
:::
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## Market Revenue Growth and Projections

### DeFi Growth vs Traditional Sectors (Daily Revenue in MM$)

| Sector | Current | 5-Year Projection | Growth Rate |
|--------|---------|-------------------|-------------|
| DeFi Total | 2.5 | 80 | 3100% |
| CEX Crypto Derivatives | 62.5 | 200 | 220% |
| Asset Class Brokerage* | 233.8 | 304 | 30% |
| Stock Brokers** | 99 | 148.5 | 50% |
| Investment Funds*** | 713.4 | 927.4 | 30% |

*Asset Class Brokerage: Sum of ETF, IRDs, FX, Equity, Credit Derivs, Vol Derivs, Weather Derivs, Inflation Derivs, Exotic Derivs, Insurance Linked Derivs, Real Estate
**Stock Brokers: Sum of RobinHood et al., NYSE, NASDAQ, LSE, CME
***Investment Funds: Sum of all Asset Management Types

:::info
DeFi shows potential for exponential growth, projected to increase by 3100% over 5 years. Traditional sectors, while starting from a much larger base, show more modest growth projections.
:::

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*Sources: DeFiLlama, CoinGecko, VettaFi, Company Financial Reports, Industry Analysts