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.
26 protocols · click a column to sort
| # | Protocol | Category | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 | MeteoraMET | Dexs | 0.5× | 3.9× | 14% | 54% | $22.8M | $232.9M | $87.7M |
| 2 | LidoLDO | Liquid Staking | 0.8× | 12.6× | 6% | 84% | $24.9M | $17.36B | $313.9M |
| 3 | KaminoKMNO | Liquidity Manager | 1.6× | 11.6× | 14% | 51% | $7.8M | $1.13B | $90.0M |
| 4 | UniswapUNI | Dexs | 2.1× | 53.1× | 4% | 70% | $43.2M | $3.15B | $2.29B |
| 5 | AethirATH | Developer Tools | 2.8× | 14.1× | 20% | 48% | $6.1M | $0 | $86.9M |
| 6 | ether.fiETHFI | Onchain Capital Allocator | 3.0× | 11.5× | 26% | 97% | $35.0M | $508.7M | $402.6M |
| 7 | GMXGMX | Derivatives | 3.4× | 9.1× | 37% | 100% | $7.6M | $178.8M | $69.5M |
| 8 | CoWSwapCOW | DEX Aggregator | 3.5× | 6.3× | 56% | 58% | $12.0M | — | $75.4M |
| 9 | USD AICHIP | RWA Lending | 3.5× | 35.3× | 10% | 20% | $1.7M | $157.9M | $58.6M |
| 10 | JupiterJUP | DEX Aggregator | 3.7× | 11.4× | 32% | 48% | $54.2M | $2.04B | $615.3M |
| 11 | JitoJTO | Liquid Staking | 3.8× | 70.0× | 5% | 50% | $4.3M | $743.0M | $299.5M |
| 12 | RaydiumRAY | Dexs | 3.8× | 24.3× | 16% | 49% | $6.9M | $819.5M | $167.8M |
| 13 | SkySKY | CDP | 3.8× | 8.2× | 47% | 100% | $166.3M | $5.95B | $1.36B |
| 14 | EthenaENA | Basis Trading | 3.9× | 1.3k× | 0% | 64% | $660K | $3.98B | $829.3M |
| 15 | MorphoMORPHO | Lending | 3.9× | — | 0% | 66% | $0 | $7.46B | $1.25B |
| 16 | AaveAAVE | Lending | 4.1× | 30.5× | 13% | 96% | $46.1M | $13.95B | $1.41B |
| 17 | AerodromeAERO | Dexs | 5.1× | 7.7× | 67% | 50% | $53.2M | $281.1M | $407.8M |
| 18 | PancakeSwapCAKE | Dexs | 5.9× | 16.8× | 35% | 96% | $26.7M | $2.05B | $449.1M |
| 19 | ReRE | RWA | 6.5× | 324.1× | 2% | 16% | $269K | $256.8M | $87.2M |
| 20 | Compound FinanceCOMP | Lending | 8.0× | 100.0× | 8% | 100% | $1.7M | $1.22B | $172.6M |
| 21 | Curve FinanceCRV | Dexs | 11.6× | 32.9× | 35% | 64% | $9.5M | $1.40B | $311.8M |
| 22 | World Liberty FinancialWLFI | Lending | 12.8× | 12.8× | 100% | 32% | $140.7M | — | $1.81B |
| 23 | Virtuals ProtocolVIRTUAL | AI Agents | 15.2× | 15.2× | 100% | 66% | $25.0M | $0 | $380.6M |
| 24 | HyperliquidHYPE | Derivatives | 18.9× | 26.8× | 71% | 22% | $474.4M | $381.7M | $12.73B |
| 25 | Ondo FinanceONDO | RWA | 22.5× | — | 0% | 49% | $0 | $2.57B | $1.83B |
| 26 | ChainlinkLINK | Oracle | 85.1× | 89.1× | 96% | 75% | $69.7M | $0 | $6.21B |
Data: DefiLlama (fees, revenue, TVL) + CoinGecko (market cap, FDV). Annualized = trailing-30d × 12.17. Top 50 fee-generating protocols by P/F. Updated daily.