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 | Collector CryptCARDS | Physical TCG | 0.4× | 0.4× | 100% | 13% | $163.6M | — | $72.1M |
| 2 | MeteoraMET | Dexs | 0.5× | 3.4× | 14% | 53% | $22.3M | $249.6M | $76.4M |
| 3 | LidoLDO | Liquid Staking | 0.5× | 7.7× | 7% | 84% | $30.4M | $15.40B | $234.7M |
| 4 | USD AICHIP | RWA Lending | 1.3× | 1.8× | 70% | 20% | $37.6M | $194.3M | $66.8M |
| 5 | KaminoKMNO | Liquidity Manager | 1.7× | 11.1× | 15% | 49% | $8.2M | $1.22B | $91.5M |
| 6 | AethirATH | Developer Tools | 2.2× | 10.8× | 20% | 48% | $8.8M | $0 | $94.9M |
| 7 | AaveAAVE | Lending | 2.3× | 17.7× | 13% | 95% | $63.8M | $12.59B | $1.13B |
| 8 | ether.fiETHFI | Onchain Capital Allocator | 2.3× | 9.3× | 25% | 93% | $34.7M | $454.2M | $322.3M |
| 9 | GMXGMX | Derivatives | 2.6× | 7.0× | 37% | 100% | $9.2M | $176.3M | $64.1M |
| 10 | UniswapUNI | Dexs | 2.9× | 31.2× | 9% | 70% | $60.6M | $3.11B | $1.89B |
| 11 | RaydiumRAY | Dexs | 3.0× | 20.2× | 15% | 48% | $8.3M | $834.9M | $168.1M |
| 12 | JupiterJUP | DEX Aggregator | 3.2× | 11.2× | 29% | 48% | $58.9M | $1.95B | $661.7M |
| 13 | PancakeSwapCAKE | Dexs | 3.5× | 10.2× | 34% | 96% | $43.9M | $2.10B | $445.6M |
| 14 | EthenaENA | Basis Trading | 3.5× | 571.4× | 1% | 62% | $1.4M | $4.50B | $827.7M |
| 15 | SkySKY | CDP | 3.6× | 8.8× | 41% | 99% | $154.2M | $5.75B | $1.35B |
| 16 | CoWSwapCOW | DEX Aggregator | 3.7× | 5.2× | 71% | 58% | $17.5M | — | $91.3M |
| 17 | AerodromeAERO | Dexs | 4.0× | 7.6× | 52% | 50% | $61.3M | $288.1M | $468.5M |
| 18 | JitoJTO | Liquid Staking | 4.7× | 86.7× | 5% | 49% | $4.1M | $704.6M | $354.3M |
| 19 | Curve FinanceCRV | Dexs | 4.9× | 29.7× | 17% | 64% | $10.9M | $1.55B | $324.6M |
| 20 | MorphoMORPHO | Lending | 5.1× | — | 0% | 65% | $0 | $6.94B | $1.22B |
| 21 | Compound FinanceCOMP | Lending | 8.3× | 131.4× | 6% | 97% | $1.3M | $1.16B | $171.5M |
| 22 | World Liberty FinancialWLFI | Lending | 13.1× | 13.1× | 100% | 32% | $142.3M | — | $1.86B |
| 23 | HyperliquidHYPE | Derivatives | 15.8× | 19.9× | 79% | 23% | $787.3M | $453.4M | $15.70B |
| 24 | SecuritizeBUIDL | RWA | 29.1× | 73.2× | 40% | 100% | $32.6M | $4.41B | $2.38B |
| 25 | Ondo FinanceONDO | RWA | 31.7× | — | 0% | 49% | $0 | $2.64B | $1.71B |
| 26 | ChainlinkLINK | Oracle | 81.2× | 83.4× | 97% | 75% | $71.6M | $0 | $5.97B |
Data: DefiLlama (fees, revenue, TVL) + CoinGecko (market cap, FDV). Annualized = trailing-30d × 12.17. Top 50 fee-generating protocols by P/F. Updated daily.