I saw that MM launched missions in their wallet to try and promote their swap feature (for a chance to win $5k in weekly rewards lmao)
So I wanted to dig onchain to see how much they've made from their 0.825% in-wallet swap fees has made over the years
The results I found were alarming:
Since there are literally ERC20 token txns coming in every minute 24/7
you will have to filter by internal txns to see the multisig being called to see what actually is going in and out
From here there are 2 notable addresses
Since dust ETH is literally coming into the
MM DS proxy contract every second well have to use some advanced filters to see what is coming OUT of this CA
Here we can find offramps to various places
1.1M USDC -->
0xDa12b368a93007Ef2446717765917933cEBC6080
1.2M USDC -->
0xbF4A0388B7278a4EAB5D594c62BdA6FFe4c81387
1.3M USDC -->
0xFcaA0e18d691dD1D468626d32e5378Df6BB0d118 (another fee multisig)
2/ 0x193b6c6a31B43c07dee3bA903c30A6281Df92da9
= the main offramp wallet for ETH and ERC20 tokens that then gets sent to the publicly labeled Galaxy Digital OTC
Here we can see they have offramps a total from other various fee multisigs
~$108M in USDC
~900k USDT
~$6.4M in matic / pol
~159,207 ETH has been offramped since 2022
or ~$593.64M (at current ETH price of ~$3.8k /ETH)
add in the ~$122M mentioned in the previous tweets brings the total to ~$725M
This is prolly just the tip of the iceberg as it doesnt include bridging fees from their in-wallet bridge feature they launch years later or all the other ERC20 tokens they get from fees that are not USDC or USDT
According to Delphi digital they made 200M in 2021 alone from the wallet swap feature
MM and founder has "teased" and hinted at possible token since 2021 (likely to capitalize / ride the hype / attention recent large drop that happened at the time like DYDX and ENS)
so this is just a reminder that MM will never have a token, because they have already won and don't need to
and comes full circle as they continue to keep milking fees to this day with a meager $5k in weekly rewards
Hope you found this @info_insightful
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