DeFi Token Valuation
Protocol revenue only matters to a token holder if a mechanism routes it to them. Every multiple here is paired with that check, valued on circulating market cap, and annualized from a trailing window rather than a single day of fees.
Snapshot 2026-08-07 · fees and unlocks from DefiLlama, price and supply from CoinGecko
Read the methodology: how every metric here is calculatedRevenue reaches holders today. Multiples carry a claim, so it prices like equity.
Capture is live but young, capped, or governance-revocable. Discount the multiple.
No mechanism routes revenue to the token. Price is a reference, not a claim.
Net holder yield
What holders are paid, minus the assumed sell-through on next year of unlocks and emissions, over circulating market cap. Negative means dilution outruns the payout.
Outcome range
One row per token, both cases measured from 0% — today's price. Blue runs right for the bull case, red runs left for the bear case; they are two independent returns, not the two ends of one distribution. The blue leg follows your peak-fee slider; the red leg is measured, not assumed — 80% of the worst quarter this protocol actually had. A blue bar that also points left means even the optimistic case loses money. These are brackets, not a confidence interval — the bull case compounds two separate 90th-percentile outcomes, so its joint likelihood is far below 10%.
- Bull case
- Bear case
Screener
Price is decomposed, not forecast: return = fee torque × multiple re-rate ÷ supply drag. That is an identity — the only judgement is the fee assumption, so it is yours to set per token.
| Token | Next-cycle fees, vs last peak | Re-rate ÷ drag | ||||
|---|---|---|---|---|---|---|
HYPE Hyperliquid Cash-flow | $12.1B | 21.4x | 4.7%→0.3% | 80% 0%= 143% of current500% | 1.05x1.13/1.07 | 51% -82% $81.62 |
UNIB Uniswap Transitional | $2.5B | 44.4x | 2.3%→0.3% | 80% 0%= 146% of current500% | 1.56x1.61/1.03 | 128% -50% $9.15 |
AAVEC Aave Non-accruing | $1.4B | 51.2x | 2.0%→1.6% | 80% 0%= 232% of current500% | 1.31x1.31/1.01 | 203% -56% $272 |
SKYB Sky Cash-flow | $1.3B | 93.6x | 1.1%→0.9% | 80% 0%= 98% of current500% | 1.26x1.27/1.00 | 23% -47% $0.0670 |
MORPHOC Morpho Non-accruing | $1.2B | 65.3x | 1.5%→-10.3% | 80% 0%= 78% of current500% | 1.13x1.36/1.20 | -12% -92% $1.65 |
PUMPC Pump.fun Cash-flow | $898.0M | 5.1x | 19.5%→6.9% | 80% 0%= 105% of current500% | 1.63x1.97/1.21 | 70% -81% $0.00388 |
JUP Jupiter Cash-flow | $605.9M | 22.0x | 4.5%→4.5% | 80% 0%= 326% of current500% | 1.07x1.07/1.00 | 247% -67% $0.6312 |
LIGHTERC Lighter Transitional | $586.4M | 21.2x | 4.7%→-23.0% | 80% 0%= 325% of current500% | 0.64x0.93/1.46 | 107% -90% $4.86 |
CAKE PancakeSwap Cash-flow | $453.2M | 18.4x | 5.4%→4.0% | 80% 0%= 309% of current500% | 0.89x0.91/1.02 | 174% -75% $3.86 |
AERO Aerodrome Cash-flow | $431.2M | 7.3x | 13.7%→-1.0% | 80% 0%= 309% of current500% | 0.87x1.08/1.25 | 168% -65% $1.18 |
LDOC Lido Transitional | $240.8M | 24.1x | 4.2%→3.7% | 80% 0%= 192% of current500% | 2.06x2.07/1.01 | 296% -20% $1.14 |
PENDLEB Pendle Cash-flow | $237.2M | 31.6x | 3.2%→1.2% | 80% 0%= 414% of current500% | 1.01x1.04/1.03 | 318% -66% $5.75 |