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 2026-10-31 · 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
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
Where the bull case comes from
The same bull number above, split into the three things that produce it. Return = fee torque × multiple re-rate ÷ supply drag, so a segment running right adds to the return and one running left takes it away. The axis is logarithmic — that is what makes the segments add up to the total exactly rather than approximately — and the ticks are relabelled as multiples, so uneven spacing is expected. Read it for the reason, not the size: the tokens at the top of this list are mostly there because their fees sit far below their own last-cycle peak, which is a statement about how far they fell, not about quality.
- Fee torque
- Multiple re-rate
- Supply drag
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 | $21.1B | 25.6x | 3.9%→-0.2% | 80% 0%= 103% of current500% | 0.99x1.06/1.07 | 78% 2x at 156% | 2% -90% $90.04 |
UNIB Uniswap Transitional | $4.4B | 33.1x | 3.0%→1.1% | 80% 0%= 79% of current500% | 1.48x1.53/1.03 | 68% 2x at 137% | 17% -71% $8.32 |
AAVEC Aave Non-accruing | $2.1B | 71.0x | 1.4%→1.0% | 80% 0%= 212% of current500% | 1.14x1.14/1.01 | 33% 2x at 66% | 141% -69% $328 |
PUMPC Pump.fun Cash-flow | $1.9B | 6.1x | 16.4%→5.7% | 80% 0%= 56% of current500% | 1.29x1.53/1.18 | 110% 2x at 221% | -28% -81% $0.00306 |
MORPHOC Morpho Non-accruing | $1.7B | 86.6x | 1.2%→-9.9% | 80% 0%= 78% of current500% | 1.09x1.29/1.18 | 94% 2x at 188% | -15% -91% $2.01 |
SKYB Sky Cash-flow | $1.6B | 29.7x | 3.4%→3.2% | 80% 0%= 107% of current500% | 1.01x1.01/1.00 | 74% 2x at 149% | 8% -50% $0.0735 |
JUP Jupiter Cash-flow | $859.6M | 25.9x | 3.9%→3.9% | 80% 0%= 277% of current500% | 1.13x1.13/1.00 | 25% 2x at 51% | 214% -77% $0.8149 |
LIGHTERC Lighter Transitional | $790.5M | 20.9x | 4.8%→-22.6% | 80% 0%= 183% of current500% | 1.13x1.65/1.46 | 39% 2x at 77% | 107% -93% $6.49 |
CAKE PancakeSwap Cash-flow | $667.3M | 14.4x | 7.0%→5.6% | 80% 0%= 179% of current500% | 1.32x1.35/1.02 | 34% 2x at 68% | 136% -80% $4.55 |
AERO Aerodrome Cash-flow | $519.7M | 4.6x | 21.7%→3.9% | 80% 0%= 220% of current500% | 1.21x1.57/1.30 | 30% 2x at 60% | 166% -71% $1.71 |
PENDLE Pendle Cash-flow | $327.1M | 63.4x | 1.6%→-0.4% | 80% 0%= 581% of current500% | 0.98x1.01/1.03 | 14% 2x at 28% | 471% -79% $10.74 |
LDOC Lido Transitional | $277.1M | 27.7x | 3.6%→3.2% | 80% 0%= 136% of current500% | 1.61x1.62/1.01 | 37% 2x at 73% | 118% -35% $0.7295 |