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 | 0.5× | 4.1× | 12% | 55% | $26.3M | $271.7M | $108.8M |
| 2 | LidoLDO | Liquid Staking | 0.6× | 9.8× | 6% | 83% | $32.9M | $24.03B | $324.4M |
| 3 | Collector CryptCARDS | Physical TCG | 1.0× | 1.0× | 100% | 48% | $117.9M | — | $122.9M |
| 4 | AethirATH | Developer Tools | 1.6× | 7.9× | 20% | 48% | $12.3M | $0 | $96.3M |
| 5 | RaydiumRAY | Dexs | 1.8× | 11.0× | 16% | 49% | $26.8M | $1.14B | $295.3M |
| 6 | JitoJTO | Liquid Staking | 2.2× | 34.6× | 6% | 52% | $6.5M | $1.06B | $223.4M |
| 7 | UniswapUNI | Dexs | 2.4× | 29.4× | 8% | 70% | $148.6M | $3.58B | $4.37B |
| 8 | KaminoKMNO | Liquidity Manager | 2.6× | 19.1× | 14% | 55% | $7.1M | $1.41B | $135.9M |
| 9 | Ansem.ioANSEM | Launchpad | 3.0× | 3.0× | 100% | 42% | $24.8M | — | $74.5M |
| 10 | PancakeSwapCAKE | Dexs | 3.1× | 9.4× | 33% | 96% | $78.3M | $2.31B | $734.3M |
| 11 | ether.fiETHFI | Liquid Staking | 3.4× | 13.5× | 25% | 100% | $41.5M | $5.43B | $558.8M |
| 12 | JupiterJUP | DEX Aggregator | 3.6× | 10.5× | 35% | 48% | $77.7M | $2.39B | $813.0M |
| 13 | GMXGMX | Derivatives | 3.7× | 10.1× | 37% | 100% | $8.7M | $208.0M | $87.7M |
| 14 | CoWSwapCOW | DEX Aggregator | 4.5× | 6.7× | 67% | 57% | $11.7M | — | $78.2M |
| 15 | ReRE | RWA | 4.6× | 994.6× | 0% | 16% | $72K | $345.4M | $72.0M |
| 16 | SkySKY | CDP | 4.8× | 9.7× | 50% | 100% | $164.3M | $5.62B | $1.59B |
| 17 | USD AICHIP | RWA Lending | 4.9× | 48.7× | 10% | 20% | $2.1M | $284.9M | $101.8M |
| 18 | AaveAAVE | Lending | 5.0× | 35.9× | 14% | 96% | $56.2M | $17.98B | $2.02B |
| 19 | SushiSUSHI | Dexs | 5.5× | 13.6× | 40% | 98% | $5.0M | $85.1M | $67.6M |
| 20 | AerodromeAERO | Dexs | 6.9× | 9.9× | 69% | 50% | $62.8M | $318.8M | $622.3M |
| 21 | MorphoMORPHO | Lending | 7.4× | — | 0% | 69% | $0 | $9.67B | $1.65B |
| 22 | Compound FinanceCOMP | Lending | 7.5× | 70.5× | 11% | 100% | $3.0M | $1.53B | $210.7M |
| 23 | EthenaENA | Basis Trading | 8.2× | 9.5k× | 0% | 67% | $173K | $4.39B | $1.64B |
| 24 | Convex FinanceCVX | Yield | 8.9× | 18.0× | 49% | 93% | $11.6M | $592.3M | $208.7M |
| 25 | Curve FinanceCRV | Dexs | 10.8× | 40.3× | 27% | 64% | $14.0M | $1.52B | $563.4M |
| 26 | World Liberty FinancialWLFI | Lending | 13.8× | 13.8× | 100% | 32% | $128.9M | — | $1.78B |
| 27 | Ondo FinanceONDO | RWA | 20.4× | — | 0% | 49% | $0 | $2.55B | $1.82B |
| 28 | HyperliquidHYPE | Derivatives | 21.0× | 27.1× | 78% | 23% | $688.2M | $344.8M | $18.66B |
| 29 | ChainlinkLINK | Oracle | 162.7× | 173.5× | 94% | 75% | $54.4M | $0 | $9.43B |
Data: DefiLlama (fees, revenue, TVL) + CoinGecko (market cap, FDV). Annualized = trailing-30d × 12.17. Top 50 fee-generating protocols by P/F. Updated daily.