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 2026-08-01 · fees and unlocks from DefiLlama, price and supply from CoinGecko
Revenue 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
Each bar spans the bear case to the bull case at your assumptions. 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 peak fees | Re-rate ÷ drag | ||||
|---|---|---|---|---|---|---|
HYPE Hyperliquid Cash-flow | $11.7B | 20.5x | 4.9%→4.9% | 175% | 1.23x1.23/1.00 | 115% -85% $113 |
UNIB Uniswap Transitional | $2.7B | 51.4x | 1.9%→-0.3% | 182% | 1.42x1.47/1.04 | 158% -44% $11.24 |
AAVEB Aave Transitional | $1.4B | 48.0x | 2.1%→-1.9% | 230% | 1.45x1.55/1.07 | 234% -49% $312 |
SKY Sky Cash-flow | $1.3B | 99.6x | 1.0%→-0.7% | 120% | 1.19x1.22/1.03 | 43% -40% $0.0808 |
MORPHOB Morpho Non-accruing | $1.3B | 70.7x | 1.4%→-8.3% | 94% | 1.01x1.17/1.16 | -5% -91% $1.90 |
PUMPC Pump.fun Cash-flow | $818.1M | 4.8x | 20.8%→-8.8% | 133% | 1.46x2.18/1.49 | 95% -85% $0.00403 |
JUP Jupiter Cash-flow | $641.2M | 23.5x | 4.3%→4.3% | 406% | 1.00x1.00/1.00 | 306% -62% $0.7841 |
LIGHTERC Lighter Transitional | $517.5M | 18.8x | 5.3%→-18.2% | 394% | 0.75x1.04/1.39 | 195% -86% $6.11 |
CAKE PancakeSwap Cash-flow | $470.7M | 20.8x | 4.8%→4.8% | 390% | 0.79x0.79/1.00 | 206% -70% $4.47 |
AERO Aerodrome Cash-flow | $407.1M | 6.4x | 15.7%→3.3% | 342% | 1.02x1.23/1.21 | 249% -51% $1.45 |
LDOB Lido Transitional | $288.5M | 28.8x | 3.5%→3.5% | 236% | 1.74x1.74/1.00 | 309% -16% $1.41 |
PENDLEB Pendle Cash-flow | $247.4M | 28.6x | 3.5%→0.6% | 426% | 1.10x1.15/1.05 | 367% -60% $6.72 |