DeFi Protocol Fundamentals
Ranked by how cheap each protocol is relative to the fees and revenue it actually generates — the closest thing crypto has to a P/E ratio. CoinGecko shows you the price; this shows you whether the price is justified.
P/F
Price / Fees
Market cap ÷ annualized fees. Lower = cheaper on the fees users pay.
P/S
Price / Sales
Market cap ÷ annualized protocol revenue. Lower = cheaper on revenue the protocol keeps.
Real yield
Revenue / Fees
Share of fees that accrues to the protocol/token (revenue ÷ fees). Higher = more value capture, not just usage.
Float
Mcap / FDV
Circulating mcap ÷ fully-diluted value. Low float = big future token unlocks = dilution overhang.
Valuation multiples are a research lens, not price targets. Low fees revenue (or an idle fee switch) can make a token look cheap that isn't. Crypto is highly volatile and largely unregulated.
29 protocols · click a column to sort
| # | Protocol | Category | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 | MeteoraMET | Dexs | 0.3× | 2.4× | 13% | 53% | $22.4M | $221.6M | $53.2M |
| 2 | LidoLDO | Liquid Staking | 0.5× | 5.4× | 8% | 84% | $41.6M | $14.71B | $225.5M |
| 3 | BankrBNKR | Interface | 0.5× | 1.3× | 40% | 100% | $40.2M | — | $53.5M |
| 4 | KaminoKMNO | Liquidity Manager | 1.1× | 7.5× | 15% | 48% | $9.5M | $1.47B | $71.4M |
| 5 | ether.fiETHFI | Onchain Capital Allocator | 1.7× | 6.7× | 26% | 88% | $39.4M | $456.8M | $262.1M |
| 6 | AaveAAVE | Lending | 1.8× | 14.0× | 13% | 95% | $68.0M | $11.95B | $950.2M |
| 7 | AethirATH | Developer Tools | 2.1× | 10.5× | 20% | 48% | $8.5M | $0 | $89.3M |
| 8 | GMXGMX | Derivatives | 2.3× | 6.1× | 37% | 100% | $9.7M | $168.4M | $59.2M |
| 9 | RaydiumRAY | Dexs | 2.5× | 15.8× | 16% | 48% | $9.9M | $812.9M | $156.3M |
| 10 | UniswapUNI | Dexs | 2.5× | 35.1× | 7% | 70% | $45.0M | $2.82B | $1.58B |
| 11 | JupiterJUP | DEX Aggregator | 2.6× | 9.0× | 29% | 48% | $57.8M | $1.86B | $517.1M |
| 12 | AerodromeAERO | Dexs | 2.7× | 6.0× | 45% | 50% | $53.3M | $265.5M | $317.2M |
| 13 | JitoJTO | Liquid Staking | 3.3× | 52.4× | 6% | 48% | $5.5M | $641.9M | $290.4M |
| 14 | SkySKY | CDP | 3.4× | 7.9× | 43% | 99% | $168.2M | $5.80B | $1.34B |
| 15 | CoWSwapCOW | DEX Aggregator | 3.8× | 5.5× | 70% | 58% | $14.7M | — | $80.0M |
| 16 | PancakeSwapCAKE | Dexs | 4.1× | 11.9× | 34% | 97% | $40.5M | $2.18B | $482.8M |
| 17 | EthenaENA | Basis Trading | 4.3× | 112.2× | 4% | 62% | $7.3M | $4.50B | $815.5M |
| 18 | MorphoMORPHO | Lending | 4.6× | — | 0% | 65% | $0 | $6.52B | $1.10B |
| 19 | Curve FinanceCRV | Dexs | 4.7× | 26.7× | 18% | 64% | $11.3M | $1.57B | $300.4M |
| 20 | Helium NetworkHNT | DePIN | 5.1× | 5.1× | 100% | 100% | $16.1M | — | $82.5M |
| 21 | Compound FinanceCOMP | Lending | 7.4× | 162.2× | 5% | 97% | $981K | $1.12B | $159.0M |
| 22 | EigenCloudEIGEN | Restaking | 10.7× | — | 0% | 41% | $0 | $4.64B | $136.7M |
| 23 | World Liberty FinancialWLFI | Lending | 12.5× | 12.5× | 100% | 32% | $141.3M | — | $1.77B |
| 24 | PendlePENDLE | Yield | 14.9× | 15.1× | 98% | 61% | $14.1M | $1.15B | $213.8M |
| 25 | HyperliquidHYPE | Derivatives | 15.2× | 19.0× | 80% | 23% | $737.9M | $515.2M | $14.03B |
| 26 | SecuritizeBUIDL | RWA | 34.6× | 73.0× | 47% | 100% | $33.0M | $4.30B | $2.41B |
| 27 | Ondo FinanceONDO | RWA | 35.3× | — | 0% | 49% | $0 | $2.64B | $1.73B |
| 28 | JustLendJST | Lending | 39.3× | 1.4k× | 3% | 100% | $479K | $3.04B | $679.5M |
| 29 | ChainlinkLINK | Oracle | 97.1× | 100.4× | 97% | 73% | $56.6M | $0 | $5.69B |
Data: DefiLlama (fees, revenue, TVL) + CoinGecko (market cap, FDV). Annualized = trailing-30d × 12.17. Top 50 fee-generating protocols by P/F. Updated daily.