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.
30 protocols · click a column to sort
| # | Protocol | Category | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 | MeteoraMET | Dexs | 0.4× | 3.1× | 12% | 56% | $60.2M | $232.4M | $188.0M |
| 2 | LidoLDO | Liquid Staking | 0.5× | 8.5× | 6% | 83% | $38.2M | $23.29B | $323.2M |
| 3 | StonkFunSTONK | Launchpad | 0.5× | 0.6× | 88% | 100% | $161.8M | — | $98.8M |
| 4 | GMXGMX | Derivatives | 1.2× | 1.4× | 84% | 100% | $58.9M | $241.1M | $84.4M |
| 5 | Collector CryptCARDS | Physical TCG | 1.4× | 1.4× | 100% | 45% | $220.7M | — | $309.9M |
| 6 | ORE ProtocolORE | Gamified Mining | 1.5× | 1.5× | 100% | 100% | $44.7M | — | $65.6M |
| 7 | USD AICHIP | RWA | 1.7× | 16.7× | 10% | 20% | $5.5M | $261.7M | $91.4M |
| 8 | JitoJTO | Liquid Staking | 1.8× | 27.4× | 6% | 54% | $9.1M | $1.08B | $248.2M |
| 9 | RaydiumRAY | Dexs | 1.8× | 11.2× | 16% | 49% | $45.2M | $1.18B | $504.5M |
| 10 | ReRE | RWA | 2.6× | 1.4k× | 0% | 16% | $44K | $458.3M | $60.5M |
| 11 | AethirATH | Developer Tools | 3.6× | 17.9× | 20% | 48% | $7.4M | $0 | $132.5M |
| 12 | UniswapUNI | Dexs | 3.7× | 45.4× | 8% | 70% | $99.6M | $4.08B | $4.52B |
| 13 | CoWSwapCOW | DEX Aggregator | 3.8× | 6.7× | 57% | 57% | $11.4M | — | $76.6M |
| 14 | KaminoKMNO | Liquidity Manager | 3.9× | 30.4× | 13% | 58% | $7.5M | $1.36B | $228.0M |
| 15 | PancakeSwapCAKE | Dexs | 4.4× | 13.1× | 33% | 96% | $52.4M | $2.39B | $688.0M |
| 16 | ether.fiETHFI | Liquid Staking | 4.4× | 14.3× | 31% | 100% | $46.1M | $5.48B | $657.4M |
| 17 | SkySKY | CDP | 5.0× | 10.4× | 48% | 100% | $163.3M | $5.77B | $1.70B |
| 18 | AaveAAVE | Lending | 5.0× | 37.9× | 13% | 96% | $61.0M | $17.69B | $2.31B |
| 19 | THORChain DEXRUNE | Dexs | 5.0× | 18.1× | 28% | 93% | $11.7M | $65.0M | $212.2M |
| 20 | JupiterJUP | DEX Aggregator | 5.3× | 19.1× | 28% | 48% | $54.6M | $2.33B | $1.04B |
| 21 | MorphoMORPHO | Lending | 5.9× | — | 0% | 70% | $0 | $11.20B | $1.61B |
| 22 | Compound FinanceCOMP | Lending | 7.6× | 56.3× | 13% | 100% | $4.3M | $1.50B | $244.9M |
| 23 | Convex FinanceCVX | Yield | 7.9× | 20.6× | 39% | 93% | $11.4M | $581.9M | $234.5M |
| 24 | EthenaENA | Basis Trading | 10.6× | 4.0k× | 0% | 89% | $668K | $4.60B | $2.70B |
| 25 | World Liberty FinancialWLFI | Lending | 11.8× | 11.8× | 100% | 32% | $147.3M | — | $1.74B |
| 26 | Curve FinanceCRV | Dexs | 12.4× | 23.3× | 53% | 65% | $24.8M | $1.44B | $577.6M |
| 27 | HyperliquidHYPE | Derivatives | 17.2× | 21.5× | 80% | 23% | $808.8M | $317.5M | $17.42B |
| 28 | Ondo FinanceONDO | RWA | 29.2× | — | 0% | 49% | $0 | — | $2.14B |
| 29 | ChainlinkLINK | Oracle | 139.5× | 142.4× | 98% | 77% | $65.9M | $0 | $9.38B |
| 30 | Tether GoldXAUt | RWA | 236.9× | 236.9× | 100% | 98% | $13.7M | — | $3.25B |
Data: DefiLlama (fees, revenue, TVL) + CoinGecko (market cap, FDV). Annualized = trailing-30d × 12.17. Top 50 fee-generating protocols by P/F. Updated daily.