{ "api_version": "1.0.0", "dataset": "protocol-fundamentals", "as_of": "2026-09-24T06:21:45Z", "generated_at": "2026-09-24T06:21:45Z", "methodology_version": "2026-08-14", "canonical_url": "https://cryptovaluelab.com/api/v1/protocol-fundamentals.json", "license": "Copyright Crypto Value Lab. Public read-only access with attribution.", "disclaimer": "Research data only. Not investment advice, a trading signal, or a recommendation. Null means unavailable or not applicable, never zero.", "null_semantics": "A null value means unavailable or not applicable; it must not be interpreted as zero.", "data": { "report": "Crypto Valuation Radar", "generatedAtUtc": "2026-09-24T06:21:45Z", "generatedAtLisbon": "24 Sep 2026, 07:21 Lisbon", "enabledSymbolCount": 21, "qualityCounts": { "OK": 20, "PARTIAL": 1, "STALE": 0, "MISSING": 0 }, "revenueMultipleQualityCounts": { "OK": 20, "PARTIAL": 1, "MANUAL_OVERRIDE": 0, "STALE": 0, "MISSING": 0 }, "scenarioOptions": [ { "label": "Down 75%", "short_label": "-75%", "multiplier": 0.25 }, { "label": "Down 50%", "short_label": "-50%", "multiplier": 0.5 }, { "label": "Down 25%", "short_label": "-25%", "multiplier": 0.75 }, { "label": "Flat", "short_label": "Flat", "multiplier": 1 }, { "label": "Up 50%", "short_label": "+50%", "multiplier": 1.5 }, { "label": "Up 100%", "short_label": "+100%", "multiplier": 2 }, { "label": "Up 200%", "short_label": "+200%", "multiplier": 3 }, { "label": "Up 300%", "short_label": "+300%", "multiplier": 4 } ], "scenarioDefaultMultiplier": 1, "valuationSummary": { "cheapest_last6m": [ { "rank": 1, "name": "Collector Crypt", "ticker": "CARDS", "symbol": "CARDS", "crypto_sector": "Consumer", "revenue_12m_usd": 86976707, "circulating_mcap_usd": 155030223.26981577, "revenue_multiple": 1.7824338103512676, "notes_caveats": "Collector Crypt fees, protocol revenue, price, market cap, FDV, and volume use the DeFiLlama Collector Crypt (collector-crypt) protocol page and public APIs. DeFiLlama does not publish TVL for this protocol, so TVL remains unavailable and is not treated as a CARDS fundamentals data failure. Holders revenue remains zero until DeFiLlama's buyback-wallet tracking is officially enabled.", "data_caveat": "TVL not published by DeFiLlama for Collector Crypt.", "value_capture": "unclear", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 16, "trend_label": "Acceleration", "trend_ratio_runrate_to_last6m": 1.2734207313437156, "scenario_multiple": 1.0096830389815883, "scenario_revenue_12m_usd": 153543456, "scenario_default_multiplier": 1, "multiple_runrate_12m": 1.0096830389815883, "multiple_last6m_annualized": 1.2857513139252794, "revenue_ttm_calendar_usd": 83102263, "multiple_ttm_calendar": 1.8655355182062343, "revenue_runrate_12m_usd": 153543456, "revenue_3m_avg_monthly_usd": 12795288, "revenue_last6m_calendar_usd": 60287795, "revenue_last6m_annualized_usd": 120575590, "revenue_1d_usd": 528103, "revenue_7d_usd": 2935440, "revenue_30d_usd": 10168090, "tvl_7d_pct": null, "tvl_30d_pct": null, "revenue_7d_pct": 87.18825764557428, "revenue_30d_pct": 117.03338703314046, "price_7d_pct": 22.877323034549956, "revenue_surprise_z": null, "tvl_usd": null, "data_quality": "COMPLETE", "market_cap_source": null, "source_errors": "", "native_source_status": "active", "primary_source": "defillama", "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Collector Crypt fees, protocol revenue, price, market cap, FDV, and volume use the DeFiLlama Collector Crypt (collector-crypt) protocol page and public APIs. DeFiLlama does not publish TVL for this protocol, so TVL remains unavailable and is not treated as a CARDS fundamentals data failure. Holders revenue remains zero until DeFiLlama's buyback-wallet tracking is officially enabled.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 2, "name": "pump.fun", "ticker": "PUMP", "symbol": "PUMP", "crypto_sector": "Launchpad", "revenue_12m_usd": 457035713, "circulating_mcap_usd": 1854550052.3368208, "revenue_multiple": 4.0577792929210785, "notes_caveats": "Fill only from a reviewed public source when DeFiLlama revenue or market-cap coverage is incomplete.", "data_caveat": "", "value_capture": "unclear", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 31, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 1.077959609794928, "scenario_multiple": 3.914652527292721, "scenario_revenue_12m_usd": 473745764, "scenario_default_multiplier": 1, "multiple_runrate_12m": 3.914652527292721, "multiple_last6m_annualized": 4.21983731080319, "revenue_ttm_calendar_usd": 467414282, "multiple_ttm_calendar": 3.967679473552802, "revenue_runrate_12m_usd": 473745764, "revenue_3m_avg_monthly_usd": 39478813.666666664, "revenue_last6m_calendar_usd": 219741890, "revenue_last6m_annualized_usd": 439483780, "revenue_1d_usd": 1828535, "revenue_7d_usd": 12849821, "revenue_30d_usd": 54138791, "tvl_7d_pct": 16.592998602349272, "tvl_30d_pct": 12.362089823407494, "revenue_7d_pct": -3.303227553266818, "revenue_30d_pct": -23.882908886859326, "price_7d_pct": 2.6143175844231026, "revenue_surprise_z": null, "tvl_usd": 374154342, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Fill only from a reviewed public source when DeFiLlama revenue or market-cap coverage is incomplete.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 3, "name": "GMX V1 Perps", "ticker": "GMX", "symbol": "GMX", "crypto_sector": "Derivatives", "revenue_12m_usd": 14986569, "circulating_mcap_usd": 84264852.79258563, "revenue_multiple": 5.6226914107282076, "notes_caveats": "GMX protocol revenue mapped to GMX; staking and distribution mechanics need separate validation.", "data_caveat": "", "value_capture": "partial", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 61, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 0.9926833879477005, "scenario_multiple": 4.8690568853250955, "scenario_revenue_12m_usd": 17306196, "scenario_default_multiplier": 1, "multiple_runrate_12m": 4.8690568853250955, "multiple_last6m_annualized": 4.833431885034594, "revenue_ttm_calendar_usd": 15394232, "multiple_ttm_calendar": 5.473793872444278, "revenue_runrate_12m_usd": 17306196, "revenue_3m_avg_monthly_usd": 1442183, "revenue_last6m_calendar_usd": 8716876, "revenue_last6m_annualized_usd": 17433752, "revenue_1d_usd": 35314, "revenue_7d_usd": 253641, "revenue_30d_usd": 1290388, "tvl_7d_pct": 2.982230788238842, "tvl_30d_pct": 0.24150935326648026, "revenue_7d_pct": -14.801322106685324, "revenue_30d_pct": -48.29878191613961, "price_7d_pct": 11.683751935916579, "revenue_surprise_z": null, "tvl_usd": 241317833, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "GMX protocol revenue mapped to GMX; staking and distribution mechanics need separate validation.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null } ], "cheapest_runrate": [ { "rank": 1, "name": "Collector Crypt", "ticker": "CARDS", "symbol": "CARDS", "crypto_sector": "Consumer", "revenue_12m_usd": 86976707, "circulating_mcap_usd": 155030223.26981577, "revenue_multiple": 1.7824338103512676, "notes_caveats": "Collector Crypt fees, protocol revenue, price, market cap, FDV, and volume use the DeFiLlama Collector Crypt (collector-crypt) protocol page and public APIs. DeFiLlama does not publish TVL for this protocol, so TVL remains unavailable and is not treated as a CARDS fundamentals data failure. Holders revenue remains zero until DeFiLlama's buyback-wallet tracking is officially enabled.", "data_caveat": "TVL not published by DeFiLlama for Collector Crypt.", "value_capture": "unclear", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 16, "trend_label": "Acceleration", "trend_ratio_runrate_to_last6m": 1.2734207313437156, "scenario_multiple": 1.0096830389815883, "scenario_revenue_12m_usd": 153543456, "scenario_default_multiplier": 1, "multiple_runrate_12m": 1.0096830389815883, "multiple_last6m_annualized": 1.2857513139252794, "revenue_ttm_calendar_usd": 83102263, "multiple_ttm_calendar": 1.8655355182062343, "revenue_runrate_12m_usd": 153543456, "revenue_3m_avg_monthly_usd": 12795288, "revenue_last6m_calendar_usd": 60287795, "revenue_last6m_annualized_usd": 120575590, "revenue_1d_usd": 528103, "revenue_7d_usd": 2935440, "revenue_30d_usd": 10168090, "tvl_7d_pct": null, "tvl_30d_pct": null, "revenue_7d_pct": 87.18825764557428, "revenue_30d_pct": 117.03338703314046, "price_7d_pct": 22.877323034549956, "revenue_surprise_z": null, "tvl_usd": null, "data_quality": "COMPLETE", "market_cap_source": null, "source_errors": "", "native_source_status": "active", "primary_source": "defillama", "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Collector Crypt fees, protocol revenue, price, market cap, FDV, and volume use the DeFiLlama Collector Crypt (collector-crypt) protocol page and public APIs. DeFiLlama does not publish TVL for this protocol, so TVL remains unavailable and is not treated as a CARDS fundamentals data failure. Holders revenue remains zero until DeFiLlama's buyback-wallet tracking is officially enabled.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 2, "name": "pump.fun", "ticker": "PUMP", "symbol": "PUMP", "crypto_sector": "Launchpad", "revenue_12m_usd": 457035713, "circulating_mcap_usd": 1854550052.3368208, "revenue_multiple": 4.0577792929210785, "notes_caveats": "Fill only from a reviewed public source when DeFiLlama revenue or market-cap coverage is incomplete.", "data_caveat": "", "value_capture": "unclear", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 31, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 1.077959609794928, "scenario_multiple": 3.914652527292721, "scenario_revenue_12m_usd": 473745764, "scenario_default_multiplier": 1, "multiple_runrate_12m": 3.914652527292721, "multiple_last6m_annualized": 4.21983731080319, "revenue_ttm_calendar_usd": 467414282, "multiple_ttm_calendar": 3.967679473552802, "revenue_runrate_12m_usd": 473745764, "revenue_3m_avg_monthly_usd": 39478813.666666664, "revenue_last6m_calendar_usd": 219741890, "revenue_last6m_annualized_usd": 439483780, "revenue_1d_usd": 1828535, "revenue_7d_usd": 12849821, "revenue_30d_usd": 54138791, "tvl_7d_pct": 16.592998602349272, "tvl_30d_pct": 12.362089823407494, "revenue_7d_pct": -3.303227553266818, "revenue_30d_pct": -23.882908886859326, "price_7d_pct": 2.6143175844231026, "revenue_surprise_z": null, "tvl_usd": 374154342, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Fill only from a reviewed public source when DeFiLlama revenue or market-cap coverage is incomplete.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 3, "name": "GMX V1 Perps", "ticker": "GMX", "symbol": "GMX", "crypto_sector": "Derivatives", "revenue_12m_usd": 14986569, "circulating_mcap_usd": 84264852.79258563, "revenue_multiple": 5.6226914107282076, "notes_caveats": "GMX protocol revenue mapped to GMX; staking and distribution mechanics need separate validation.", "data_caveat": "", "value_capture": "partial", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 61, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 0.9926833879477005, "scenario_multiple": 4.8690568853250955, "scenario_revenue_12m_usd": 17306196, "scenario_default_multiplier": 1, "multiple_runrate_12m": 4.8690568853250955, "multiple_last6m_annualized": 4.833431885034594, "revenue_ttm_calendar_usd": 15394232, "multiple_ttm_calendar": 5.473793872444278, "revenue_runrate_12m_usd": 17306196, "revenue_3m_avg_monthly_usd": 1442183, "revenue_last6m_calendar_usd": 8716876, "revenue_last6m_annualized_usd": 17433752, "revenue_1d_usd": 35314, "revenue_7d_usd": 253641, "revenue_30d_usd": 1290388, "tvl_7d_pct": 2.982230788238842, "tvl_30d_pct": 0.24150935326648026, "revenue_7d_pct": -14.801322106685324, "revenue_30d_pct": -48.29878191613961, "price_7d_pct": 11.683751935916579, "revenue_surprise_z": null, "tvl_usd": 241317833, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "GMX protocol revenue mapped to GMX; staking and distribution mechanics need separate validation.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null } ], "cheapest_scenario": [ { "rank": 1, "name": "Collector Crypt", "ticker": "CARDS", "symbol": "CARDS", "crypto_sector": "Consumer", "revenue_12m_usd": 86976707, "circulating_mcap_usd": 155030223.26981577, "revenue_multiple": 1.7824338103512676, "notes_caveats": "Collector Crypt fees, protocol revenue, price, market cap, FDV, and volume use the DeFiLlama Collector Crypt (collector-crypt) protocol page and public APIs. DeFiLlama does not publish TVL for this protocol, so TVL remains unavailable and is not treated as a CARDS fundamentals data failure. Holders revenue remains zero until DeFiLlama's buyback-wallet tracking is officially enabled.", "data_caveat": "TVL not published by DeFiLlama for Collector Crypt.", "value_capture": "unclear", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 16, "trend_label": "Acceleration", "trend_ratio_runrate_to_last6m": 1.2734207313437156, "scenario_multiple": 1.0096830389815883, "scenario_revenue_12m_usd": 153543456, "scenario_default_multiplier": 1, "multiple_runrate_12m": 1.0096830389815883, "multiple_last6m_annualized": 1.2857513139252794, "revenue_ttm_calendar_usd": 83102263, "multiple_ttm_calendar": 1.8655355182062343, "revenue_runrate_12m_usd": 153543456, "revenue_3m_avg_monthly_usd": 12795288, "revenue_last6m_calendar_usd": 60287795, "revenue_last6m_annualized_usd": 120575590, "revenue_1d_usd": 528103, "revenue_7d_usd": 2935440, "revenue_30d_usd": 10168090, "tvl_7d_pct": null, "tvl_30d_pct": null, "revenue_7d_pct": 87.18825764557428, "revenue_30d_pct": 117.03338703314046, "price_7d_pct": 22.877323034549956, "revenue_surprise_z": null, "tvl_usd": null, "data_quality": "COMPLETE", "market_cap_source": null, "source_errors": "", "native_source_status": "active", "primary_source": "defillama", "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Collector Crypt fees, protocol revenue, price, market cap, FDV, and volume use the DeFiLlama Collector Crypt (collector-crypt) protocol page and public APIs. DeFiLlama does not publish TVL for this protocol, so TVL remains unavailable and is not treated as a CARDS fundamentals data failure. Holders revenue remains zero until DeFiLlama's buyback-wallet tracking is officially enabled.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 2, "name": "pump.fun", "ticker": "PUMP", "symbol": "PUMP", "crypto_sector": "Launchpad", "revenue_12m_usd": 457035713, "circulating_mcap_usd": 1854550052.3368208, "revenue_multiple": 4.0577792929210785, "notes_caveats": "Fill only from a reviewed public source when DeFiLlama revenue or market-cap coverage is incomplete.", "data_caveat": "", "value_capture": "unclear", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 31, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 1.077959609794928, "scenario_multiple": 3.914652527292721, "scenario_revenue_12m_usd": 473745764, "scenario_default_multiplier": 1, "multiple_runrate_12m": 3.914652527292721, "multiple_last6m_annualized": 4.21983731080319, "revenue_ttm_calendar_usd": 467414282, "multiple_ttm_calendar": 3.967679473552802, "revenue_runrate_12m_usd": 473745764, "revenue_3m_avg_monthly_usd": 39478813.666666664, "revenue_last6m_calendar_usd": 219741890, "revenue_last6m_annualized_usd": 439483780, "revenue_1d_usd": 1828535, "revenue_7d_usd": 12849821, "revenue_30d_usd": 54138791, "tvl_7d_pct": 16.592998602349272, "tvl_30d_pct": 12.362089823407494, "revenue_7d_pct": -3.303227553266818, "revenue_30d_pct": -23.882908886859326, "price_7d_pct": 2.6143175844231026, "revenue_surprise_z": null, "tvl_usd": 374154342, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Fill only from a reviewed public source when DeFiLlama revenue or market-cap coverage is incomplete.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 3, "name": "GMX V1 Perps", "ticker": "GMX", "symbol": "GMX", "crypto_sector": "Derivatives", "revenue_12m_usd": 14986569, "circulating_mcap_usd": 84264852.79258563, "revenue_multiple": 5.6226914107282076, "notes_caveats": "GMX protocol revenue mapped to GMX; staking and distribution mechanics need separate validation.", "data_caveat": "", "value_capture": "partial", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 61, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 0.9926833879477005, "scenario_multiple": 4.8690568853250955, "scenario_revenue_12m_usd": 17306196, "scenario_default_multiplier": 1, "multiple_runrate_12m": 4.8690568853250955, "multiple_last6m_annualized": 4.833431885034594, "revenue_ttm_calendar_usd": 15394232, "multiple_ttm_calendar": 5.473793872444278, "revenue_runrate_12m_usd": 17306196, "revenue_3m_avg_monthly_usd": 1442183, "revenue_last6m_calendar_usd": 8716876, "revenue_last6m_annualized_usd": 17433752, "revenue_1d_usd": 35314, "revenue_7d_usd": 253641, "revenue_30d_usd": 1290388, "tvl_7d_pct": 2.982230788238842, "tvl_30d_pct": 0.24150935326648026, "revenue_7d_pct": -14.801322106685324, "revenue_30d_pct": -48.29878191613961, "price_7d_pct": 11.683751935916579, "revenue_surprise_z": null, "tvl_usd": 241317833, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "GMX protocol revenue mapped to GMX; staking and distribution mechanics need separate validation.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null } ], "biggest_acceleration": [ { "rank": 7, "name": "Venice", "ticker": "VVV", "symbol": "VVV", "crypto_sector": "AI", "revenue_12m_usd": 128895030.33817035, "circulating_mcap_usd": 1474351126.5751035, "revenue_multiple": 11.438386124794574, "notes_caveats": "Venice VVV revenue windows use VeniceStats modeled subscription ARR as the sole revenue basis: observed 30d tier mix, current programmatic burns/day, 8% monthly churn, and 12-month retained cohort. Daily/7D/30D fields are recognized ARR equivalents, not new-signup burn flow.", "data_caveat": "", "value_capture": "unclear", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 12, "trend_label": "VeniceStats modeled ARR", "trend_ratio_runrate_to_last6m": 1, "scenario_multiple": 11.438386124794574, "scenario_revenue_12m_usd": 128895030.33817035, "scenario_default_multiplier": 1, "multiple_runrate_12m": 11.438386124794574, "multiple_last6m_annualized": 11.438386124794574, "revenue_ttm_calendar_usd": 128895030.33817035, "multiple_ttm_calendar": 11.438386124794574, "revenue_runrate_12m_usd": 128895030.33817035, "revenue_3m_avg_monthly_usd": 10741252.528180862, "revenue_last6m_calendar_usd": 64447515.169085175, "revenue_last6m_annualized_usd": 128895030.33817035, "revenue_1d_usd": 353137.0694196448, "revenue_7d_usd": 2471959.4859375134, "revenue_30d_usd": 10594112.082589343, "tvl_7d_pct": 0, "tvl_30d_pct": 0, "revenue_7d_pct": null, "revenue_30d_pct": null, "price_7d_pct": 22.54147101208657, "revenue_surprise_z": null, "tvl_usd": 0, "data_quality": "OK", "market_cap_source": null, "source_errors": "VeniceStats subscription ARR is modeled from new observed programmatic subscription burns, 30d tier mix, 8% monthly churn, and 12-month retained cohort. It is a lower-bound/floor estimate and is not DeFiLlama trailing protocol revenue.", "native_source_status": "active", "primary_source": "venicestats", "source": "venicestats_public_api; mcap:venicestats_public_api; subscription_arr:venicestats_30d_tier_mix_8pct_churn; all_vvv_revenue_windows:venicestats_arr_recognition", "notes": "Venice VVV revenue windows use VeniceStats modeled subscription ARR as the sole revenue basis: observed 30d tier mix, current programmatic burns/day, 8% monthly churn, and 12-month retained cohort. Daily/7D/30D fields are recognized ARR equivalents, not new-signup burn flow.", "venicestats_subscription_arr_usd": 128895030.33817035, "venicestats_subscription_mrr_usd": 10741252.528180862, "venicestats_programmatic_burns_per_day": 1913.857142857143, "venicestats_weighted_avg_sub_value_usd": 23.326226092133663, "venicestats_active_subs_12m": 460479.65434936556, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": 10594112.082589343, "fees_1d_usd": 353137.0694196448, "fees_7d_usd": 2471959.4859375134, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 1, "name": "Collector Crypt", "ticker": "CARDS", "symbol": "CARDS", "crypto_sector": "Consumer", "revenue_12m_usd": 86976707, "circulating_mcap_usd": 155030223.26981577, "revenue_multiple": 1.7824338103512676, "notes_caveats": "Collector Crypt fees, protocol revenue, price, market cap, FDV, and volume use the DeFiLlama Collector Crypt (collector-crypt) protocol page and public APIs. DeFiLlama does not publish TVL for this protocol, so TVL remains unavailable and is not treated as a CARDS fundamentals data failure. Holders revenue remains zero until DeFiLlama's buyback-wallet tracking is officially enabled.", "data_caveat": "TVL not published by DeFiLlama for Collector Crypt.", "value_capture": "unclear", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 16, "trend_label": "Acceleration", "trend_ratio_runrate_to_last6m": 1.2734207313437156, "scenario_multiple": 1.0096830389815883, "scenario_revenue_12m_usd": 153543456, "scenario_default_multiplier": 1, "multiple_runrate_12m": 1.0096830389815883, "multiple_last6m_annualized": 1.2857513139252794, "revenue_ttm_calendar_usd": 83102263, "multiple_ttm_calendar": 1.8655355182062343, "revenue_runrate_12m_usd": 153543456, "revenue_3m_avg_monthly_usd": 12795288, "revenue_last6m_calendar_usd": 60287795, "revenue_last6m_annualized_usd": 120575590, "revenue_1d_usd": 528103, "revenue_7d_usd": 2935440, "revenue_30d_usd": 10168090, "tvl_7d_pct": null, "tvl_30d_pct": null, "revenue_7d_pct": 87.18825764557428, "revenue_30d_pct": 117.03338703314046, "price_7d_pct": 22.877323034549956, "revenue_surprise_z": null, "tvl_usd": null, "data_quality": "COMPLETE", "market_cap_source": null, "source_errors": "", "native_source_status": "active", "primary_source": "defillama", "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Collector Crypt fees, protocol revenue, price, market cap, FDV, and volume use the DeFiLlama Collector Crypt (collector-crypt) protocol page and public APIs. DeFiLlama does not publish TVL for this protocol, so TVL remains unavailable and is not treated as a CARDS fundamentals data failure. Holders revenue remains zero until DeFiLlama's buyback-wallet tracking is officially enabled.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 20, "name": "Uniswap V3", "ticker": "UNI", "symbol": "UNI", "crypto_sector": "Dexs", "revenue_12m_usd": 51097213, "circulating_mcap_usd": 5767193120.887456, "revenue_multiple": 112.86707791455193, "notes_caveats": "Uniswap fees are mapped to UNI with weak direct value capture unless fee switch economics change.", "data_caveat": "", "value_capture": "weak", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 43, "trend_label": "Acceleration", "trend_ratio_runrate_to_last6m": 1.186363038524631, "scenario_multiple": 76.4068231099842, "scenario_revenue_12m_usd": 75480080, "scenario_default_multiplier": 1, "multiple_runrate_12m": 76.4068231099842, "multiple_last6m_annualized": 90.64623082877486, "revenue_ttm_calendar_usd": 38049851, "multiple_ttm_calendar": 151.56940091269888, "revenue_runrate_12m_usd": 75480080, "revenue_3m_avg_monthly_usd": 6290006.666666667, "revenue_last6m_calendar_usd": 31811544, "revenue_last6m_annualized_usd": 63623088, "revenue_1d_usd": 518745, "revenue_7d_usd": 3143895, "revenue_30d_usd": 16085092, "tvl_7d_pct": 8.448168861212062, "tvl_30d_pct": 12.186276061022527, "revenue_7d_pct": -4.887936282095475, "revenue_30d_pct": 29.25679430093514, "price_7d_pct": 37.863567204794066, "revenue_surprise_z": null, "tvl_usd": 3926015948, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Uniswap fees are mapped to UNI with weak direct value capture unless fee switch economics change.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null } ], "biggest_deceleration": [ { "rank": 21, "name": "Ethena USDe", "ticker": "ENA", "symbol": "ENA", "crypto_sector": "Basis Trading", "revenue_12m_usd": 2892667, "circulating_mcap_usd": 2129907611.5320427, "revenue_multiple": 736.312756197669, "notes_caveats": "Ethena fundamentals mapped to ENA; token value capture remains unclear.", "data_caveat": "", "value_capture": "unclear", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 35, "trend_label": "Revenue cliff", "trend_ratio_runrate_to_last6m": 0.20746010442379728, "scenario_multiple": 4101.581144410116, "scenario_revenue_12m_usd": 519289.4, "scenario_default_multiplier": 1, "multiple_runrate_12m": 4101.581144410116, "multiple_last6m_annualized": 850.9144525220007, "revenue_ttm_calendar_usd": 5151451.39, "multiple_ttm_calendar": 413.45777146740056, "revenue_runrate_12m_usd": 519289.4, "revenue_3m_avg_monthly_usd": 43274.11666666667, "revenue_last6m_calendar_usd": 1251540.3900000001, "revenue_last6m_annualized_usd": 2503080.7800000003, "revenue_1d_usd": 35.12, "revenue_7d_usd": 11577.970000000001, "revenue_30d_usd": 14573.410000000002, "tvl_7d_pct": 3.3583217700671333, "tvl_30d_pct": 21.863316193634812, "revenue_7d_pct": -99.18760120286838, "revenue_30d_pct": -33.371276797571625, "price_7d_pct": 39.101545072383956, "revenue_surprise_z": null, "tvl_usd": 5318759589.7323, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Ethena fundamentals mapped to ENA; token value capture remains unclear.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 15, "name": "Curve DEX", "ticker": "CRV", "symbol": "CRV", "crypto_sector": "Dexs", "revenue_12m_usd": 28925860, "circulating_mcap_usd": 529072804.15283394, "revenue_multiple": 18.29065079319453, "notes_caveats": "Curve DEX revenue mapped to CRV; veCRV mechanics imply partial linkage.", "data_caveat": "", "value_capture": "partial", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 71, "trend_label": "Deceleration", "trend_ratio_runrate_to_last6m": 0.7378947002929158, "scenario_multiple": 36.82779411076067, "scenario_revenue_12m_usd": 14366128, "scenario_default_multiplier": 1, "multiple_runrate_12m": 36.82779411076067, "multiple_last6m_annualized": 27.175034097808954, "revenue_ttm_calendar_usd": 31293833, "multiple_ttm_calendar": 16.906615567125765, "revenue_runrate_12m_usd": 14366128, "revenue_3m_avg_monthly_usd": 1197177.3333333333, "revenue_last6m_calendar_usd": 9734538, "revenue_last6m_annualized_usd": 19469076, "revenue_1d_usd": 144910, "revenue_7d_usd": 234572, "revenue_30d_usd": 1066589, "tvl_7d_pct": 3.35773677519854, "tvl_30d_pct": -2.6730571578347826, "revenue_7d_pct": 1254.9322113136982, "revenue_30d_pct": 669.0389003874118, "price_7d_pct": 6.628223191063769, "revenue_surprise_z": null, "tvl_usd": 1304910118, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Curve DEX revenue mapped to CRV; veCRV mechanics imply partial linkage.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 16, "name": "Aave V3", "ticker": "AAVE", "symbol": "AAVE", "crypto_sector": "Lending", "revenue_12m_usd": 97137634, "circulating_mcap_usd": 2153787867.159181, "revenue_multiple": 22.17253785653438, "notes_caveats": "Aave protocol fundamentals mapped to AAVE governance token; value capture is indirect.", "data_caveat": "", "value_capture": "partial", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 70, "trend_label": "Deceleration", "trend_ratio_runrate_to_last6m": 0.7755227117352131, "scenario_multiple": 39.61276796997014, "scenario_revenue_12m_usd": 54371052, "scenario_default_multiplier": 1, "multiple_runrate_12m": 39.61276796997014, "multiple_last6m_annualized": 30.72060123540904, "revenue_ttm_calendar_usd": 105276471, "multiple_ttm_calendar": 20.458397272446387, "revenue_runrate_12m_usd": 54371052, "revenue_3m_avg_monthly_usd": 4530921, "revenue_last6m_calendar_usd": 35054455, "revenue_last6m_annualized_usd": 70108910, "revenue_1d_usd": 162707, "revenue_7d_usd": 1141617, "revenue_30d_usd": 5139342, "tvl_7d_pct": 8.169491877504324, "tvl_30d_pct": 7.105323333646563, "revenue_7d_pct": 6.646959348740873, "revenue_30d_pct": -42.76281537141008, "price_7d_pct": 14.47524803843725, "revenue_surprise_z": null, "tvl_usd": 19207770573, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Aave protocol fundamentals mapped to AAVE governance token; value capture is indirect.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null } ], "sharpest_revenue_move": { "date": "2026-09-24", "tvl_usd": 0, "tvl_usd_source_key": "", "enabled": true, "symbol": "VVV", "venue_symbols": "{\"hyper\": \"VVV\", \"lighter\": \"VVV\"}", "venues": "both", "protocol_slug": "venice", "protocol_name": "Venice", "crypto_sector": "AI", "token_symbol": "VVV", "defillama_coin_id": "coingecko:venice-token", "market_cap_usd": 1474351126.5751035, "market_cap_source": "venicestats_public_api", "market_cap_fetched_at_utc": "2026-09-24T06:18:10Z", "revenue_1d_usd": 353137.0694196448, "revenue_7d_usd": 2471959.4859375134, "revenue_30d_usd": 10594112.082589343, "revenue_1y_usd": 128895030.33817035, "revenue_1d_change_pct": 3.69, "fees_1d_usd": 353137.0694196448, "fees_7d_usd": 2471959.4859375134, "fees_30d_usd": 10594112.082589343, "fees_1y_usd": 128895030.33817035, "fees_1d_change_pct": 3.69, "value_capture_quality": "unclear", "primary_source": "venicestats", "native_source_status": "active", "notes": "Venice VVV revenue windows use VeniceStats modeled subscription ARR as the sole revenue basis: observed 30d tier mix, current programmatic burns/day, 8% monthly churn, and 12-month retained cohort. Daily/7D/30D fields are recognized ARR equivalents, not new-signup burn flow.", "source": "venicestats_public_api; all_vvv_revenue_windows:venicestats_arr_recognition", "source_data_status": "OK", "source_fetched_at_utc": "2026-09-24T06:18:10Z", "source_errors": "VeniceStats subscription ARR is modeled from new observed programmatic subscription burns, 30d tier mix, 8% monthly churn, and 12-month retained cohort. It is a lower-bound/floor estimate and is not DeFiLlama trailing protocol revenue.", "stale_cache_keys": "", "research_only": true, "fees_usd": 353137.0694196448, "fees_usd_source_key": "venicestats_subscription_arr_estimator", "revenue_usd": 353137.0694196448, "revenue_usd_source_key": "venicestats_subscription_arr_estimator", "holders_revenue_usd": 353137.0694196448, "holders_revenue_usd_source_key": "venicestats_subscription_arr_estimator", "price_usd": 30.44283629, "price_source_key": "venicestats_metrics", "venicestats_subscription_arr_usd": 128895030.33817035, "venicestats_subscription_mrr_usd": 10741252.528180862, "venicestats_daily_new_mrr_usd": 44643.064422330666, "venicestats_weighted_avg_sub_value_usd": 23.326226092133663, "venicestats_programmatic_burns_per_day": 1913.857142857143, "venicestats_monthly_new_subs": 58257.81142857143, "venicestats_active_subs_12m": 460479.65434936556, "venicestats_steady_state_subs": 728222.6428571428, "venicestats_monthly_churn": 0.08, "venicestats_tier_mix_pro_pct": 91.96063109324997, "venicestats_tier_mix_pro_plus_pct": 7.049564634963161, "venicestats_tier_mix_max_pct": 0.9898042717868571, "venicestats_tier_count_30d": 53748, "venicestats_tier_count_pro_30d": 49427, "venicestats_tier_count_pro_plus_30d": 3789, "venicestats_tier_count_max_30d": 532, "tvl_1d_pct": 0, "tvl_7d_pct": 0, "tvl_30d_pct": 0, "fees_1d_pct": 2193.6936179504078, "fees_7d_pct": 2360.7140228530748, "fees_30d_pct": 2624.6128340378427, "revenue_1d_pct": 2193.6936179504078, "revenue_7d_pct": null, "revenue_30d_pct": null, "price_1d_pct": -5.342999230113265, "price_7d_pct": 22.54147101208657, "price_30d_pct": 78.29268834426477, "revenue_surprise_z": null, "tvl_surprise_z": null, "revenue_vs_30d_median": 24.380342394949412, "tvl_vs_30d_median": null, "positive_revenue_cluster_count_7d": 1, "negative_revenue_cluster_count_7d": 0, "data_freshness_hours": 6.362222222222222, "data_quality": "OK", "labels": "[\"REV_POSITIVE_SURPRISE\", \"REV_STRONG_POSITIVE_SURPRISE\"]", "label": "REV_POSITIVE_SURPRISE; REV_STRONG_POSITIVE_SURPRISE", "dashboard_only": true, "created_at_utc": "2026-09-24T06:21:44Z", "revenue_12m_usd": 128895030.33817035, "revenue_runrate_12m_usd": 128895030.33817035, "revenue_3m_avg_monthly_usd": 10741252.528180862, "revenue_last6m_calendar_usd": 64447515.169085175, "revenue_last6m_annualized_usd": 128895030.33817035, "scenario_revenue_12m_usd": 128895030.33817035, "trend_ratio_runrate_to_last6m": 1, "weekly_revenue_pulse_ratio": 1, "trend_label": "VeniceStats modeled ARR", "revenue_months_available": 12, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "notes_caveats": "Venice VVV revenue windows use VeniceStats modeled subscription ARR as the sole revenue basis: observed 30d tier mix, current programmatic burns/day, 8% monthly churn, and 12-month retained cohort. Daily/7D/30D fields are recognized ARR equivalents, not new-signup burn flow.", "data_caveat": "", "revenue_multiple": 11.438386124794574, "multiple_runrate_12m": 11.438386124794574, "multiple_last6m_annualized": 11.438386124794574, "scenario_multiple": 11.438386124794574 }, "sharpest_tvl_move": { "date": "2026-09-24", "tvl_usd": 7607039100, "tvl_usd_source_key": "", "enabled": true, "symbol": "HYPE", "venue_symbols": "{\"hyper\": \"HYPE\", \"lighter\": \"HYPE\"}", "venues": "both", "protocol_slug": "hyperliquid", "protocol_name": "Hyperliquid Bridge", "crypto_sector": "Bridge", "token_symbol": "HYPE", "defillama_coin_id": "coingecko:hyperliquid", "market_cap_usd": 20635155982.024933, "market_cap_source": "coingecko_simple_price_free_api", "market_cap_fetched_at_utc": "2026-09-24T06:18:07Z", "revenue_1d_usd": 2117271, "revenue_7d_usd": 16427633, "revenue_30d_usd": 59333337, "revenue_1y_usd": 693657862, "revenue_1d_change_pct": -10.84, "fees_1d_usd": 2746603, "fees_7d_usd": 21049341, "fees_30d_usd": 76131974, "fees_1y_usd": 918259415, "fees_1d_change_pct": -10.87, "value_capture_quality": "partial", "primary_source": "defillama", "native_source_status": "unavailable", "notes": "Hyperliquid protocol data is diagnostic only and does not affect Hyperliquid runtime routing.", "source": "defillama_public_api", "source_data_status": "OK", "source_fetched_at_utc": "2026-09-24T06:18:43Z", "source_errors": "", "stale_cache_keys": "", "research_only": true, "fees_usd": 2746603, "fees_usd_source_key": "total24h", "revenue_usd": 2117271, "revenue_usd_source_key": "total24h", "holders_revenue_usd": null, "holders_revenue_usd_source_key": null, "price_usd": 92.83809635393703, "price_source_key": "chart", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_daily_new_mrr_usd": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_monthly_new_subs": null, "venicestats_active_subs_12m": null, "venicestats_steady_state_subs": null, "venicestats_monthly_churn": null, "venicestats_tier_mix_pro_pct": null, "venicestats_tier_mix_pro_plus_pct": null, "venicestats_tier_mix_max_pct": null, "venicestats_tier_count_30d": null, "venicestats_tier_count_pro_30d": null, "venicestats_tier_count_pro_plus_30d": null, "venicestats_tier_count_max_30d": null, "tvl_1d_pct": -0.3165546394585104, "tvl_7d_pct": 14.114314202390258, "tvl_30d_pct": 13.34586774841762, "fees_1d_pct": 0, "fees_7d_pct": 9.794773620980989, "fees_30d_pct": -36.11989612110088, "revenue_1d_pct": 0, "revenue_7d_pct": 9.040836411784792, "revenue_30d_pct": -38.138177007352056, "price_1d_pct": -4.64056704086468, "price_7d_pct": 17.548031482276475, "price_30d_pct": 14.629191636308715, "revenue_surprise_z": 0.3490263508657438, "tvl_surprise_z": 3.244049782969192, "revenue_vs_30d_median": 1.0796899947424756, "tvl_vs_30d_median": 1.126369964516892, "positive_revenue_cluster_count_7d": 1, "negative_revenue_cluster_count_7d": 0, "data_freshness_hours": 6.362222222222222, "data_quality": "OK", "labels": "[\"TVL_POSITIVE_SURPRISE\", \"TVL_STRONG_POSITIVE_SURPRISE\"]", "label": "TVL_POSITIVE_SURPRISE; TVL_STRONG_POSITIVE_SURPRISE", "dashboard_only": true, "created_at_utc": "2026-09-24T06:21:44Z" }, "universe_quality": { "OK": 20, "PARTIAL": 1, "MANUAL_OVERRIDE": 0, "STALE": 0, "MISSING": 0 } }, "xPostText": "CVL Protocol Fundamentals Radar, 24 Sep 2026. On Last6Months annualized revenue, the cheapest names are CARDS (1.3x), PUMP (4.2x), GMX (4.8x), and most expensive are ENA (> 500x), UNI (90.6x), RAY (48.5x). On 3M annualized run-rate revenue, the cheapest names are CARDS (1.0x), PUMP (3.9x), GMX (4.9x), and most expensive are ENA (> 500x), UNI (76.4x), RAY (52.9x). 7D revenue pulse vs Last6Months annualized revenue (latest 7D annualized / Last6Months annualized): strongest are RAY (10.18x), UNI (2.58x), MET (2.56x); weakest are VVV (0.13x), ENA (0.24x), CVX (0.31x). Revenue run-rate acceleration vs Last6Months annualized revenue (latest 3 full months annualized / Last6Months annualized): VVV (1.47x), CARDS (1.27x). Revenue run-rate deceleration vs Last6Months annualized revenue (same measure): ENA (0.21x), CRV (0.74x). @CryptoValueLabs", "sourceFreshness": { "max_data_freshness_hours": 6.362222222222222, "min_data_freshness_hours": 6.362222222222222, "latest_source_fetched_at_utc": "2026-09-24T06:21:43Z" }, "tradeEligibilityEffect": "none", "researchOnly": true, "dashboardOnly": true, "sourcePath": "C:\\trading-lab\\cvl-trade-idea-agent\\reports\\protocol_fundamentals_radar.json", "watchlistPath": "C:\\trading-lab\\cvl-trade-idea-agent\\config\\protocol_fundamentals_watchlist.json", "operatingRows": [ { "rank": null, "name": "Robinhood Chain", "ticker": "RH-CHAIN", "symbol": "RH-CHAIN", "crypto_sector": "Layer 2", "revenue_12m_usd": null, "circulating_mcap_usd": null, "revenue_multiple": null, "notes_caveats": "Operating view only. Fees are user-paid; retained chain revenue is reported separately. No independent chain market cap or token exists, so this row is excluded from crypto valuation ranks and the peer regression.", "data_caveat": "Chain metrics can include app activity and are not additive to constituent protocol rows without parent/child reconciliation.", "value_capture": "sequencer/operator economics; no chain token", "is_rankable_scenario": false, "is_rankable_runrate": false, "is_rankable_last6m": false, "has_market_cap": false, "has_3m_runrate_revenue": false, "has_last6m_calendar_revenue": false, "revenue_runrate_month_end": null, "revenue_runrate_month_start": null, "revenue_last6m_month_end": null, "revenue_last6m_month_start": null, "revenue_months_available": null, "trend_label": null, "trend_ratio_runrate_to_last6m": null, "scenario_multiple": null, "scenario_revenue_12m_usd": null, "scenario_default_multiplier": null, "multiple_runrate_12m": null, "multiple_last6m_annualized": null, "revenue_ttm_calendar_usd": null, "multiple_ttm_calendar": null, "revenue_runrate_12m_usd": null, "revenue_3m_avg_monthly_usd": null, "revenue_last6m_calendar_usd": null, "revenue_last6m_annualized_usd": null, "revenue_1d_usd": 203300, "revenue_7d_usd": 1807181, "revenue_30d_usd": 35587294, "tvl_7d_pct": 7.779450582443848, "tvl_30d_pct": 66.27968703892722, "revenue_7d_pct": null, "revenue_30d_pct": null, "price_7d_pct": null, "revenue_surprise_z": null, "tvl_usd": 1000850880, "data_quality": "OK", "market_cap_source": null, "source_errors": null, "native_source_status": "OK", "primary_source": "https://defillama.com/chain/robinhood-chain", "source": "DeFiLlama chain fees, revenue, TVL, stablecoins and DEX volume APIs", "notes": null, "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": "chain", "entity_id": "robinhood-chain", "economic_parent": "Robinhood Markets, Inc.", "chain": "Robinhood Chain", "chain_id": 4663, "contract_address": null, "valuation_basis": "chain_operating_metrics_no_token_market_cap", "revenue_30d_multiple": null, "fees_30d_usd": 39560921, "fees_1d_usd": 226883, "fees_7d_usd": 2013354, "holders_revenue_30d_usd": null, "observation_window_days": 142, "coverage_start_utc": "2026-05-05T00:00:00Z", "coverage_end_utc": "2026-09-23T00:00:00Z", "is_benchmark": false, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": 1046984956.4130733, "dex_volume_24h_usd": 1507326371.9299998, "dex_volume_7d_usd": 10498620079.78, "dex_volume_30d_usd": 54283350187.76999 }, { "rank": null, "name": "Pons", "ticker": "PONS", "symbol": "PONS", "crypto_sector": "Launchpad", "revenue_12m_usd": null, "circulating_mcap_usd": 432253677.8150402, "revenue_multiple": null, "notes_caveats": "Rolling 30D view only; Pons V1 and V2 are represented by the parent protocol. Fees, retained revenue, and holder distributions are separate metrics. Not eligible for the core 3M/6M ranks until complete calendar-month coverage is available.", "data_caveat": "Short history; rolling 30D multiple is provisional.", "value_capture": "protocol-retained revenue; holder capture requires separate verification", "is_rankable_scenario": false, "is_rankable_runrate": false, "is_rankable_last6m": false, "has_market_cap": true, "has_3m_runrate_revenue": false, "has_last6m_calendar_revenue": false, "revenue_runrate_month_end": null, "revenue_runrate_month_start": null, "revenue_last6m_month_end": null, "revenue_last6m_month_start": null, "revenue_months_available": null, "trend_label": null, "trend_ratio_runrate_to_last6m": null, "scenario_multiple": null, "scenario_revenue_12m_usd": null, "scenario_default_multiplier": 1, "multiple_runrate_12m": null, "multiple_last6m_annualized": null, "revenue_ttm_calendar_usd": null, "multiple_ttm_calendar": null, "revenue_runrate_12m_usd": null, "revenue_3m_avg_monthly_usd": null, "revenue_last6m_calendar_usd": null, "revenue_last6m_annualized_usd": null, "revenue_1d_usd": 354875, "revenue_7d_usd": 2963347, "revenue_30d_usd": 25506845, "tvl_7d_pct": null, "tvl_30d_pct": null, "revenue_7d_pct": null, "revenue_30d_pct": null, "price_7d_pct": null, "revenue_surprise_z": null, "tvl_usd": null, "data_quality": "PARTIAL", "market_cap_source": "DeFiLlama protocol API", "source_errors": null, "native_source_status": "OK", "primary_source": "https://defillama.com/protocol/pons", "source": "DeFiLlama fees/revenue + token price APIs", "notes": null, "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": "protocol", "entity_id": "pons", "economic_parent": "Pons", "chain": "Robinhood Chain", "chain_id": 4663, "contract_address": "0x39dbed3a2bd333467115de45665cc57f813c4571", "valuation_basis": "rolling_30d_retained_protocol_revenue", "revenue_30d_multiple": 1.392869229669199, "fees_30d_usd": 146966144, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": 15824634, "observation_window_days": 73, "coverage_start_utc": "2026-07-14T00:00:00Z", "coverage_end_utc": "2026-09-24T00:00:00Z", "is_benchmark": false, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null } ], "benchmarkRows": [ { "rank": null, "name": "Robinhood Markets (equity benchmark)", "ticker": "HOOD", "symbol": "HOOD", "crypto_sector": "Listed equity benchmark", "revenue_12m_usd": null, "circulating_mcap_usd": 111710972419, "revenue_multiple": null, "notes_caveats": "Company benchmark only. Revenue includes brokerage, options, crypto, net interest, Gold, credit and other businesses; it is not Robinhood Chain revenue. Excluded from the crypto peer regression and ranks.", "data_caveat": "Latest quote and market cap can have different observation timestamps; both are retained explicitly.", "value_capture": "equity shareholders; consolidated company revenue", "is_rankable_scenario": null, "is_rankable_runrate": null, "is_rankable_last6m": null, "has_market_cap": true, "has_3m_runrate_revenue": null, "has_last6m_calendar_revenue": null, "revenue_runrate_month_end": null, "revenue_runrate_month_start": null, "revenue_last6m_month_end": null, "revenue_last6m_month_start": null, "revenue_months_available": null, "trend_label": null, "trend_ratio_runrate_to_last6m": null, "scenario_multiple": null, "scenario_revenue_12m_usd": null, "scenario_default_multiplier": null, "multiple_runrate_12m": 21.351485554090214, "multiple_last6m_annualized": null, "revenue_ttm_calendar_usd": 4932000000, "multiple_ttm_calendar": 22.65023771674777, "revenue_runrate_12m_usd": 5232000000, "revenue_3m_avg_monthly_usd": null, "revenue_last6m_calendar_usd": null, "revenue_last6m_annualized_usd": null, "revenue_1d_usd": null, "revenue_7d_usd": null, "revenue_30d_usd": null, "tvl_7d_pct": null, "tvl_30d_pct": null, "revenue_7d_pct": null, "revenue_30d_pct": null, "price_7d_pct": null, "revenue_surprise_z": null, "tvl_usd": null, "data_quality": "OK", "market_cap_source": null, "source_errors": null, "native_source_status": null, "primary_source": "https://investors.robinhood.com/financials/quarterly-results", "source": "Yahoo Finance chart/fundamentals API + Robinhood IR", "notes": null, "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": "equity_benchmark", "entity_id": "hood", "economic_parent": "Robinhood Markets, Inc.", "chain": "Robinhood Chain (parent company)", "chain_id": 4663, "contract_address": null, "valuation_basis": "equity_market_cap_over_consolidated_revenue", "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": true, "benchmark_type": "listed_equity", "quote_usd": 122.7, "quote_timestamp_utc": "2026-09-23T20:00:01Z", "quote_change_1d_pct": null, "financial_period_end": "2026-06-30", "latest_quarter_period_end": "2026-06-30", "latest_quarter_revenue_usd": 1308000000, "previous_quarter_period_end": "2026-03-31", "previous_quarter_revenue_usd": 1067000000, "market_cap_timestamp_utc": "2026-09-22", "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null } ], "quarterlyComparison": { "period_label": "Q2 2026", "period_start": "2026-04-01", "period_end": "2026-06-30", "previous_period_label": "Q1 2026", "previous_period_start": "2026-01-01", "previous_period_end": "2026-03-31", "annualization_method": "reported quarter multiplied by four", "market_cap_basis": "current", "market_cap_as_of_utc": "2026-09-24T06:21:45Z", "fdv_as_of_utc": "2026-09-24T06:30:22.659504+00:00", "hood_market_cap_as_of_utc": "2026-09-22", "rows": [ { "name": "Collector Crypt", "symbol": "CARDS", "crypto_sector": "Consumer", "entity_type": "crypto_protocol", "quarter_revenue_usd": 32753756, "previous_quarter_revenue_usd": 12676636, "qoq_revenue_growth": 1.5837892639656137, "annualized_quarter_revenue_usd": 131015024, "market_cap_usd": 155030223.26981577, "fully_diluted_valuation_usd": 323741408, "market_cap_over_annualized_quarter_revenue": 1.1833011095721035, "fdv_over_annualized_quarter_revenue": 2.4710250635072204, "days_observed": 91, "expected_days": 91, "previous_days_observed": 90, "previous_expected_days": 90, "coverage_status": "complete", "growth_coverage_status": "complete", "metric_basis": "DeFiLlama protocol revenue retained by the protocol" }, { "name": "pump.fun", "symbol": "PUMP", "crypto_sector": "Launchpad", "entity_type": "crypto_protocol", "quarter_revenue_usd": 91640645, "previous_quarter_revenue_usd": 122158127, "qoq_revenue_growth": -0.2498194982966626, "annualized_quarter_revenue_usd": 366562580, "market_cap_usd": 1854550052.3368208, "fully_diluted_valuation_usd": 3313380649, "market_cap_over_annualized_quarter_revenue": 5.059299976382807, "fdv_over_annualized_quarter_revenue": 9.03905862131372, "days_observed": 91, "expected_days": 91, "previous_days_observed": 90, "previous_expected_days": 90, "coverage_status": "complete", "growth_coverage_status": "complete", "metric_basis": "DeFiLlama protocol revenue retained by the protocol" }, { "name": "GMX V1 Perps", "symbol": "GMX", "crypto_sector": "Derivatives", "entity_type": "crypto_protocol", "quarter_revenue_usd": 4251577, "previous_quarter_revenue_usd": 3703407, "qoq_revenue_growth": 0.14801775770256964, "annualized_quarter_revenue_usd": 17006308, "market_cap_usd": 84264852.79258563, "fully_diluted_valuation_usd": 84290537, "market_cap_over_annualized_quarter_revenue": 4.9549174807715834, "fdv_over_annualized_quarter_revenue": 4.956427756100854, "days_observed": 91, "expected_days": 91, "previous_days_observed": 90, "previous_expected_days": 90, "coverage_status": "complete", "growth_coverage_status": "complete", "metric_basis": "DeFiLlama protocol revenue retained by the protocol" }, { "name": "Meteora", "symbol": "MET", "crypto_sector": "Dexs", "entity_type": "crypto_protocol", "quarter_revenue_usd": 5186456, "previous_quarter_revenue_usd": 17628443, "qoq_revenue_growth": -0.705790466009959, "annualized_quarter_revenue_usd": 20745824, "market_cap_usd": 191258479.3160333, "fully_diluted_valuation_usd": 347253003, "market_cap_over_annualized_quarter_revenue": 9.219131489596812, "fdv_over_annualized_quarter_revenue": 16.738453146040378, "days_observed": 91, "expected_days": 91, "previous_days_observed": 90, "previous_expected_days": 90, 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"previous_quarter_revenue_usd": 52290533, "qoq_revenue_growth": -0.18589110575713585, "annualized_quarter_revenue_usd": 170280752, "market_cap_usd": 1662744806.672047, "fully_diluted_valuation_usd": 1666079530, "market_cap_over_annualized_quarter_revenue": 9.764725532055714, "fdv_over_annualized_quarter_revenue": 9.784309209534147, "days_observed": 91, "expected_days": 91, "previous_days_observed": 90, "previous_expected_days": 90, "coverage_status": "complete", "growth_coverage_status": "complete", "metric_basis": "DeFiLlama protocol revenue retained by the protocol" }, { "name": "Venice", "symbol": "VVV", "crypto_sector": "AI", "entity_type": "crypto_protocol", "quarter_revenue_usd": 623924.03, "previous_quarter_revenue_usd": 275087.4, "qoq_revenue_growth": 1.268093813093584, "annualized_quarter_revenue_usd": 2495696.12, "market_cap_usd": 1474351126.5751035, "fully_diluted_valuation_usd": 2474462022, "market_cap_over_annualized_quarter_revenue": 590.7574703346108, "fdv_over_annualized_quarter_revenue": 991.4917133420875, "days_observed": 91, "expected_days": 91, "previous_days_observed": 90, "previous_expected_days": 90, "coverage_status": "complete", "growth_coverage_status": "complete", "metric_basis": "DeFiLlama protocol revenue retained by the protocol" }, { "name": "Lido", "symbol": "LDO", "crypto_sector": "Liquid Staking", "entity_type": "crypto_protocol", "quarter_revenue_usd": 7687848, "previous_quarter_revenue_usd": 9299811, "qoq_revenue_growth": -0.1733328774100893, "annualized_quarter_revenue_usd": 30751392, "market_cap_usd": 330097980.07159466, "fully_diluted_valuation_usd": 396815851, "market_cap_over_annualized_quarter_revenue": 10.734407732553851, "fdv_over_annualized_quarter_revenue": 12.903996378440365, "days_observed": 91, "expected_days": 91, "previous_days_observed": 90, "previous_expected_days": 90, "coverage_status": "complete", "growth_coverage_status": "complete", "metric_basis": "DeFiLlama protocol revenue retained by the protocol" }, { "name": "Aerodrome V1", "symbol": "AERO", "crypto_sector": "Dexs", "entity_type": "crypto_protocol", "quarter_revenue_usd": 16104542, "previous_quarter_revenue_usd": 18314068, "qoq_revenue_growth": -0.12064637960282776, "annualized_quarter_revenue_usd": 64418168, "market_cap_usd": 676741931.3666459, "fully_diluted_valuation_usd": 1351696222, "market_cap_over_annualized_quarter_revenue": 10.505451371523728, "fdv_over_annualized_quarter_revenue": 20.983152175330414, "days_observed": 91, "expected_days": 91, "previous_days_observed": 90, "previous_expected_days": 90, "coverage_status": "complete", "growth_coverage_status": "complete", "metric_basis": "DeFiLlama protocol revenue retained by the protocol" }, { "name": "World Liberty Financial", "symbol": "WLFI", "crypto_sector": "DeFi", "entity_type": "crypto_protocol", "quarter_revenue_usd": 34448978, "previous_quarter_revenue_usd": 32823804, "qoq_revenue_growth": 0.049512055336425886, "annualized_quarter_revenue_usd": 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"previous_days_observed": 90, "previous_expected_days": 90, "coverage_status": "complete", "growth_coverage_status": "complete", "metric_basis": "DeFiLlama protocol revenue retained by the protocol" }, { "name": "PancakeSwap AMM", "symbol": "CAKE", "crypto_sector": "Dexs", "entity_type": "crypto_protocol", "quarter_revenue_usd": 10629198.81, "previous_quarter_revenue_usd": 14026233.87, "qoq_revenue_growth": -0.24219153134653948, "annualized_quarter_revenue_usd": 42516795.24, "market_cap_usd": 838664224.3258001, "fully_diluted_valuation_usd": 868677285, "market_cap_over_annualized_quarter_revenue": 19.725480709251123, "fdv_over_annualized_quarter_revenue": 20.431391408888324, "days_observed": 91, "expected_days": 91, "previous_days_observed": 90, "previous_expected_days": 90, "coverage_status": "complete", "growth_coverage_status": "complete", "metric_basis": "DeFiLlama protocol revenue retained by the protocol" }, { "name": "Convex Finance", "symbol": "CVX", "crypto_sector": "Yield", "entity_type": "crypto_protocol", "quarter_revenue_usd": 2712556, "previous_quarter_revenue_usd": 3791378, "qoq_revenue_growth": -0.2845461465461898, "annualized_quarter_revenue_usd": 10850224, "market_cap_usd": 182392668.76547348, "fully_diluted_valuation_usd": 196266906, "market_cap_over_annualized_quarter_revenue": 16.810037172087274, "fdv_over_annualized_quarter_revenue": 18.088742315366023, "days_observed": 91, "expected_days": 91, "previous_days_observed": 90, "previous_expected_days": 90, "coverage_status": "complete", "growth_coverage_status": "complete", "metric_basis": "DeFiLlama protocol revenue retained by the protocol" }, { "name": "Hyperliquid", "symbol": "HYPE", "crypto_sector": "Derivatives", "entity_type": "crypto_protocol", "quarter_revenue_usd": 148645779, "previous_quarter_revenue_usd": 165348415, "qoq_revenue_growth": -0.10101479351949039, "annualized_quarter_revenue_usd": 594583116, "market_cap_usd": 20635155982.024933, "fully_diluted_valuation_usd": 88789234748, "market_cap_over_annualized_quarter_revenue": 34.70525049692957, "fdv_over_annualized_quarter_revenue": 149.33023215546538, "days_observed": 91, "expected_days": 91, "previous_days_observed": 90, "previous_expected_days": 90, "coverage_status": "complete", "growth_coverage_status": "complete", "metric_basis": "DeFiLlama protocol revenue retained by the protocol" }, { "name": "Curve DEX", "symbol": "CRV", "crypto_sector": "Dexs", "entity_type": "crypto_protocol", "quarter_revenue_usd": 5060773, "previous_quarter_revenue_usd": 8225165, "qoq_revenue_growth": -0.3847207928351589, "annualized_quarter_revenue_usd": 20243092, "market_cap_usd": 529072804.15283394, "fully_diluted_valuation_usd": 821813960, "market_cap_over_annualized_quarter_revenue": 26.13596797133728, "fdv_over_annualized_quarter_revenue": 40.597254609127894, "days_observed": 91, "expected_days": 91, "previous_days_observed": 90, "previous_expected_days": 90, "coverage_status": "complete", "growth_coverage_status": "complete", "metric_basis": "DeFiLlama protocol revenue retained by the protocol" }, { "name": "Aave V3", "symbol": "AAVE", "crypto_sector": "Lending", "entity_type": "crypto_protocol", "quarter_revenue_usd": 20168161, "previous_quarter_revenue_usd": 25371103, "qoq_revenue_growth": -0.20507354370836772, "annualized_quarter_revenue_usd": 80672644, "market_cap_usd": 2153787867.159181, "fully_diluted_valuation_usd": 2234585911, "market_cap_over_annualized_quarter_revenue": 26.69787130268324, "fdv_over_annualized_quarter_revenue": 27.69942573098261, "days_observed": 91, "expected_days": 91, "previous_days_observed": 90, "previous_expected_days": 90, "coverage_status": "complete", "growth_coverage_status": "complete", "metric_basis": "DeFiLlama protocol revenue retained by the protocol" }, { "name": "Lighter DEX", "symbol": "LIT", "crypto_sector": "Derivatives", "entity_type": "crypto_protocol", "quarter_revenue_usd": 7231861, "previous_quarter_revenue_usd": 14655979, "qoq_revenue_growth": 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"expected_days": 91, "previous_days_observed": 90, "previous_expected_days": 90, "coverage_status": "complete", "growth_coverage_status": "complete", "metric_basis": "DeFiLlama protocol revenue retained by the protocol" }, { "name": "Raydium AMM", "symbol": "RAY", "crypto_sector": "Dexs", "entity_type": "crypto_protocol", "quarter_revenue_usd": 2608267, "previous_quarter_revenue_usd": 5602694, "qoq_revenue_growth": -0.5344619927484885, "annualized_quarter_revenue_usd": 10433068, "market_cap_usd": 563933147.6189619, "fully_diluted_valuation_usd": 1165892506, "market_cap_over_annualized_quarter_revenue": 54.052475036006854, "fdv_over_annualized_quarter_revenue": 111.74972750105722, "days_observed": 91, "expected_days": 91, "previous_days_observed": 90, "previous_expected_days": 90, "coverage_status": "complete", "growth_coverage_status": "complete", "metric_basis": "DeFiLlama protocol revenue retained by the protocol" }, { "name": "Uniswap V3", "symbol": "UNI", "crypto_sector": "Dexs", "entity_type": "crypto_protocol", "quarter_revenue_usd": 13478534, "previous_quarter_revenue_usd": 10662302, "qoq_revenue_growth": 0.26412982862425016, "annualized_quarter_revenue_usd": 53914136, "market_cap_usd": 5767193120.887456, "fully_diluted_valuation_usd": 8284637808, "market_cap_over_annualized_quarter_revenue": 106.96996277353783, "fdv_over_annualized_quarter_revenue": 153.66355510176405, "days_observed": 91, "expected_days": 91, "previous_days_observed": 90, "previous_expected_days": 90, "coverage_status": "complete", "growth_coverage_status": "complete", "metric_basis": "DeFiLlama protocol revenue retained by the protocol" }, { "name": "Ethena USDe", "symbol": "ENA", "crypto_sector": "Basis Trading", "entity_type": "crypto_protocol", "quarter_revenue_usd": 1105945.02, "previous_quarter_revenue_usd": 655422, "qoq_revenue_growth": 0.6873785438999607, "annualized_quarter_revenue_usd": 4423780.08, "market_cap_usd": 2129907611.5320427, "fully_diluted_valuation_usd": 3168479799, "market_cap_over_annualized_quarter_revenue": 481.46778841050406, "fdv_over_annualized_quarter_revenue": 716.2380908862901, "days_observed": 91, "expected_days": 91, "previous_days_observed": 90, "previous_expected_days": 90, "coverage_status": "complete", "growth_coverage_status": "complete", "metric_basis": "DeFiLlama protocol revenue retained by the protocol" }, { "name": "Robinhood Markets", "symbol": "HOOD", "crypto_sector": "Listed equity benchmark", "entity_type": "listed_equity", "quarter_revenue_usd": 1308000000, "previous_quarter_revenue_usd": 1067000000, "qoq_revenue_growth": 0.22586691658856606, "annualized_quarter_revenue_usd": 5232000000, "market_cap_usd": 111710972419, "fully_diluted_valuation_usd": null, "market_cap_over_annualized_quarter_revenue": 21.351485554090214, "fdv_over_annualized_quarter_revenue": null, "days_observed": 91, "expected_days": 91, "previous_days_observed": 90, "previous_expected_days": 90, "coverage_status": "complete", "growth_coverage_status": "complete", "metric_basis": "GAAP consolidated total net revenue" } ], "sources": [ "https://investors.robinhood.com/news-releases/news-release-details/robinhood-reports-second-quarter-2026-results", "https://investors.robinhood.com/news-releases/news-release-details/robinhood-reports-first-quarter-2026-results", "https://defillama.com/data-definitions" ], "methodology_note": "The default numerator is current circulating market cap for crypto. The FDV view uses current fully diluted valuation for crypto. HOOD uses current equity market cap in both views because token-style FDV has no listed-equity equivalent. Every denominator uses the same reported calendar quarter. Crypto rows use observed protocol revenue and HOOD uses consolidated GAAP total net revenue, so the comparison is illustrative rather than accounting-equivalent." }, "revenueMultipleRows": [ { "rank": 1, "name": "Collector Crypt", "ticker": "CARDS", "symbol": "CARDS", "crypto_sector": "Consumer", "revenue_12m_usd": 86976707, "circulating_mcap_usd": 155030223.26981577, "revenue_multiple": 1.7824338103512676, "notes_caveats": "Collector Crypt fees, protocol revenue, price, market cap, FDV, and volume use the DeFiLlama Collector Crypt (collector-crypt) protocol page and public APIs. DeFiLlama does not publish TVL for this protocol, so TVL remains unavailable and is not treated as a CARDS fundamentals data failure. 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DeFiLlama does not publish TVL for this protocol, so TVL remains unavailable and is not treated as a CARDS fundamentals data failure. Holders revenue remains zero until DeFiLlama's buyback-wallet tracking is officially enabled.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 2, "name": "pump.fun", "ticker": "PUMP", "symbol": "PUMP", "crypto_sector": "Launchpad", "revenue_12m_usd": 457035713, "circulating_mcap_usd": 1854550052.3368208, "revenue_multiple": 4.0577792929210785, "notes_caveats": "Fill only from a reviewed public source when DeFiLlama revenue or market-cap coverage is incomplete.", "data_caveat": "", "value_capture": "unclear", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 31, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 1.077959609794928, "scenario_multiple": 3.914652527292721, "scenario_revenue_12m_usd": 473745764, "scenario_default_multiplier": 1, "multiple_runrate_12m": 3.914652527292721, "multiple_last6m_annualized": 4.21983731080319, "revenue_ttm_calendar_usd": 467414282, "multiple_ttm_calendar": 3.967679473552802, "revenue_runrate_12m_usd": 473745764, "revenue_3m_avg_monthly_usd": 39478813.666666664, "revenue_last6m_calendar_usd": 219741890, "revenue_last6m_annualized_usd": 439483780, "revenue_1d_usd": 1828535, "revenue_7d_usd": 12849821, "revenue_30d_usd": 54138791, "tvl_7d_pct": 16.592998602349272, "tvl_30d_pct": 12.362089823407494, "revenue_7d_pct": -3.303227553266818, "revenue_30d_pct": -23.882908886859326, "price_7d_pct": 2.6143175844231026, "revenue_surprise_z": null, "tvl_usd": 374154342, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Fill only from a reviewed public source when DeFiLlama revenue or market-cap coverage is incomplete.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 3, "name": "GMX V1 Perps", "ticker": "GMX", "symbol": "GMX", "crypto_sector": "Derivatives", "revenue_12m_usd": 14986569, "circulating_mcap_usd": 84264852.79258563, "revenue_multiple": 5.6226914107282076, "notes_caveats": "GMX protocol revenue mapped to GMX; staking and distribution mechanics need separate validation.", "data_caveat": "", "value_capture": "partial", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 61, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 0.9926833879477005, "scenario_multiple": 4.8690568853250955, "scenario_revenue_12m_usd": 17306196, "scenario_default_multiplier": 1, "multiple_runrate_12m": 4.8690568853250955, "multiple_last6m_annualized": 4.833431885034594, "revenue_ttm_calendar_usd": 15394232, "multiple_ttm_calendar": 5.473793872444278, "revenue_runrate_12m_usd": 17306196, "revenue_3m_avg_monthly_usd": 1442183, "revenue_last6m_calendar_usd": 8716876, "revenue_last6m_annualized_usd": 17433752, "revenue_1d_usd": 35314, "revenue_7d_usd": 253641, "revenue_30d_usd": 1290388, "tvl_7d_pct": 2.982230788238842, "tvl_30d_pct": 0.24150935326648026, "revenue_7d_pct": -14.801322106685324, "revenue_30d_pct": -48.29878191613961, "price_7d_pct": 11.683751935916579, "revenue_surprise_z": null, "tvl_usd": 241317833, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "GMX protocol revenue mapped to GMX; staking and distribution mechanics need separate validation.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 4, "name": "Meteora", "ticker": "MET", "symbol": "MET", "crypto_sector": "Dexs", "revenue_12m_usd": 47589136, "circulating_mcap_usd": 191258479.3160333, "revenue_multiple": 4.018952546565109, "notes_caveats": "Meteora aggregate protocol revenue from DeFiLlama parent meteora; market cap from DexScreener Solana MET token stable quote pair.", "data_caveat": "", "value_capture": "unclear", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 18, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 1.127224056196588, "scenario_multiple": 8.35043423459158, "scenario_revenue_12m_usd": 22904016, "scenario_default_multiplier": 1, "multiple_runrate_12m": 8.35043423459158, "multiple_last6m_annualized": 9.412810348919171, "revenue_ttm_calendar_usd": 48577458, "multiple_ttm_calendar": 3.93718583043257, "revenue_runrate_12m_usd": 22904016, "revenue_3m_avg_monthly_usd": 1908668, "revenue_last6m_calendar_usd": 10159478, "revenue_last6m_annualized_usd": 20318956, "revenue_1d_usd": 151090, "revenue_7d_usd": 996989, "revenue_30d_usd": 3300287, "tvl_7d_pct": 6.099675965234126, "tvl_30d_pct": -6.452130952336834, "revenue_7d_pct": 8.634536708824355, "revenue_30d_pct": 77.31278825503749, "price_7d_pct": 67.93022137731454, "revenue_surprise_z": null, "tvl_usd": 316534394, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Meteora aggregate protocol revenue from DeFiLlama parent meteora; market cap from DexScreener Solana MET token stable quote pair.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 5, "name": "Morpho Blue", "ticker": "MORPHO", "symbol": "MORPHO", "crypto_sector": "Lending", "revenue_12m_usd": 198723704, "circulating_mcap_usd": 1882375466.9945033, "revenue_multiple": 9.47232478614883, "notes_caveats": "Morpho Blue revenue from DeFiLlama fees endpoint; MORPHO mcap from token market data.", "data_caveat": "", "value_capture": "unclear", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 32, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 1.1168818818644923, "scenario_multiple": 9.036652046698283, "scenario_revenue_12m_usd": 208304520, "scenario_default_multiplier": 1, "multiple_runrate_12m": 9.036652046698283, "multiple_last6m_annualized": 10.092872943670994, "revenue_ttm_calendar_usd": 208780310, "multiple_ttm_calendar": 9.016058396476677, "revenue_runrate_12m_usd": 208304520, "revenue_3m_avg_monthly_usd": 17358710, "revenue_last6m_calendar_usd": 93252708, "revenue_last6m_annualized_usd": 186505416, "revenue_1d_usd": 713001, "revenue_7d_usd": 1416967, "revenue_30d_usd": 13296506, "tvl_7d_pct": 5.817046876057748, "tvl_30d_pct": 14.177617845113557, "revenue_7d_pct": null, "revenue_30d_pct": -53.53310810282398, "price_7d_pct": 26.207695211155084, "revenue_surprise_z": null, "tvl_usd": 10799909493, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Morpho Blue revenue from DeFiLlama fees endpoint; MORPHO mcap from token market data.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 6, "name": "Sky Lending", "ticker": "SKY", "symbol": "SKY", "crypto_sector": "CDP", "revenue_12m_usd": 207838171, "circulating_mcap_usd": 1662744806.672047, "revenue_multiple": 8.00018975663545, "notes_caveats": "Sky Lending mapped to SKY; legacy Maker/MKR row intentionally excluded from this dashboard.", "data_caveat": "", "value_capture": "unclear", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 83, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 0.9498257288991198, "scenario_multiple": 10.12943547096644, "scenario_revenue_12m_usd": 164149800, "scenario_default_multiplier": 1, "multiple_runrate_12m": 10.12943547096644, "multiple_last6m_annualized": 9.621198429547297, "revenue_ttm_calendar_usd": 219733439, "multiple_ttm_calendar": 7.567099546792452, "revenue_runrate_12m_usd": 164149800, "revenue_3m_avg_monthly_usd": 13679150, "revenue_last6m_calendar_usd": 86410483, "revenue_last6m_annualized_usd": 172820966, "revenue_1d_usd": 452378, "revenue_7d_usd": 3199075, "revenue_30d_usd": 13469222, "tvl_7d_pct": 12.932214071663259, "tvl_30d_pct": 6.689026859301165, "revenue_7d_pct": -1.5409460712404617, "revenue_30d_pct": 3.002097027958096, "price_7d_pct": 24.936318037581785, "revenue_surprise_z": null, "tvl_usd": 5796165449, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Sky Lending mapped to SKY; legacy Maker/MKR row intentionally excluded from this dashboard.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 7, "name": "Venice", "ticker": "VVV", "symbol": "VVV", "crypto_sector": "AI", "revenue_12m_usd": 128895030.33817035, "circulating_mcap_usd": 1474351126.5751035, "revenue_multiple": 11.438386124794574, "notes_caveats": "Venice VVV revenue windows use VeniceStats modeled subscription ARR as the sole revenue basis: observed 30d tier mix, current programmatic burns/day, 8% monthly churn, and 12-month retained cohort. Daily/7D/30D fields are recognized ARR equivalents, not new-signup burn flow. VeniceStats revenue surprise is computed from 30 completed daily burn rows; latest completed day 2026-09-23 vs prior 30-day log baseline.", "data_caveat": "", "value_capture": "unclear", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 12, "trend_label": "VeniceStats modeled ARR", "trend_ratio_runrate_to_last6m": 1, "scenario_multiple": 11.438386124794574, "scenario_revenue_12m_usd": 128895030.33817035, "scenario_default_multiplier": 1, "multiple_runrate_12m": 11.438386124794574, "multiple_last6m_annualized": 11.438386124794574, "revenue_ttm_calendar_usd": 128895030.33817035, "multiple_ttm_calendar": 11.438386124794574, "revenue_runrate_12m_usd": 128895030.33817035, "revenue_3m_avg_monthly_usd": 10741252.528180862, "revenue_last6m_calendar_usd": 64447515.169085175, "revenue_last6m_annualized_usd": 128895030.33817035, "revenue_1d_usd": 353137.0694196448, "revenue_7d_usd": 2471959.4859375134, "revenue_30d_usd": 10594112.082589343, "tvl_7d_pct": 0, "tvl_30d_pct": 0, "revenue_7d_pct": null, "revenue_30d_pct": null, "price_7d_pct": 22.54147101208657, "revenue_surprise_z": 1.7778645805837696, "tvl_usd": 0, "data_quality": "OK", "market_cap_source": null, "source_errors": "VeniceStats subscription ARR is modeled from new observed programmatic subscription burns, 30d tier mix, 8% monthly churn, and 12-month retained cohort. It is a lower-bound/floor estimate and is not DeFiLlama trailing protocol revenue.", "native_source_status": "active", "primary_source": "venicestats", "source": "venicestats_public_api; mcap:venicestats_public_api; subscription_arr:venicestats_30d_tier_mix_8pct_churn; all_vvv_revenue_windows:venicestats_arr_recognition", "notes": "Venice VVV revenue windows use VeniceStats modeled subscription ARR as the sole revenue basis: observed 30d tier mix, current programmatic burns/day, 8% monthly churn, and 12-month retained cohort. Daily/7D/30D fields are recognized ARR equivalents, not new-signup burn flow. VeniceStats revenue surprise is computed from 30 completed daily burn rows; latest completed day 2026-09-23 vs prior 30-day log baseline.", "venicestats_subscription_arr_usd": 128895030.33817035, "venicestats_subscription_mrr_usd": 10741252.528180862, "venicestats_programmatic_burns_per_day": 1913.857142857143, "venicestats_weighted_avg_sub_value_usd": 23.326226092133663, "venicestats_active_subs_12m": 460479.65434936556, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": 10594112.082589343, "fees_1d_usd": 353137.0694196448, "fees_7d_usd": 2471959.4859375134, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 8, "name": "Lido", "ticker": "LDO", "symbol": "LDO", "crypto_sector": "Liquid Staking", "revenue_12m_usd": 35995730, "circulating_mcap_usd": 330097980.07159466, "revenue_multiple": 9.170476055676456, "notes_caveats": "Lido protocol fundamentals mapped to LDO; direct value capture is weak.", "data_caveat": "", "value_capture": "weak", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 66, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 0.8969137332184736, "scenario_multiple": 12.06413275464593, "scenario_revenue_12m_usd": 27361932, "scenario_default_multiplier": 1, "multiple_runrate_12m": 12.06413275464593, "multiple_last6m_annualized": 10.82048634701275, "revenue_ttm_calendar_usd": 36995967, "multiple_ttm_calendar": 8.922539585776867, "revenue_runrate_12m_usd": 27361932, "revenue_3m_avg_monthly_usd": 2280161, "revenue_last6m_calendar_usd": 15253380, "revenue_last6m_annualized_usd": 30506760, "revenue_1d_usd": 113976, "revenue_7d_usd": 756737, "revenue_30d_usd": 3072784, "tvl_7d_pct": 11.092365472147561, "tvl_30d_pct": 10.129083238833168, "revenue_7d_pct": 12.443396505628286, "revenue_30d_pct": 12.562218535197914, "price_7d_pct": 12.704817462023254, "revenue_surprise_z": null, "tvl_usd": 26181867621, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Lido protocol fundamentals mapped to LDO; direct value capture is weak.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 9, "name": "Aerodrome V1", "ticker": "AERO", "symbol": "AERO", "crypto_sector": "Dexs", "revenue_12m_usd": 94407608, "circulating_mcap_usd": 676741931.3666459, "revenue_multiple": 7.16829867532123, "notes_caveats": "Aerodrome revenue mapped to AERO; emissions and ve mechanics make value capture partial.", "data_caveat": "", "value_capture": "partial", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 38, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 0.9293329527409181, "scenario_multiple": 12.124420329643511, "scenario_revenue_12m_usd": 55816436, "scenario_default_multiplier": 1, "multiple_runrate_12m": 12.124420329643511, "multiple_last6m_annualized": 11.267623345219619, "revenue_ttm_calendar_usd": 108782638, "multiple_ttm_calendar": 6.221047253575942, "revenue_runrate_12m_usd": 55816436, "revenue_3m_avg_monthly_usd": 4651369.666666667, "revenue_last6m_calendar_usd": 30030376, "revenue_last6m_annualized_usd": 60060752, "revenue_1d_usd": 408131, "revenue_7d_usd": 1923647, "revenue_30d_usd": 14328260, "tvl_7d_pct": 13.11766679795806, "tvl_30d_pct": 40.417658082977695, "revenue_7d_pct": 73.8740158822126, "revenue_30d_pct": 68.95077162538085, "price_7d_pct": 23.556200947448595, "revenue_surprise_z": null, "tvl_usd": 375578716, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Aerodrome revenue mapped to AERO; emissions and ve mechanics make value capture partial.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 10, "name": "World Liberty Financial", "ticker": "WLFI", "symbol": "WLFI", "crypto_sector": "DeFi", "revenue_12m_usd": 123309792, "circulating_mcap_usd": 1746019506.5520005, "revenue_multiple": 14.15961764457441, "notes_caveats": "World Liberty Financial revenue from DeFiLlama; TVL uses DefiLlama USD1 stablecoin circulating supply per Token Terminal WLFI TVL methodology; market cap from token market data.", "data_caveat": "", "value_capture": "unclear", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 16, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 1.0051687592253133, "scenario_multiple": 12.750436712563445, "scenario_revenue_12m_usd": 136938016, "scenario_default_multiplier": 1, "multiple_runrate_12m": 12.750436712563445, "multiple_last6m_annualized": 12.81634064994828, "revenue_ttm_calendar_usd": 120210761, "multiple_ttm_calendar": 14.52465230256716, "revenue_runrate_12m_usd": 136938016, "revenue_3m_avg_monthly_usd": 11411501.333333334, "revenue_last6m_calendar_usd": 68116928, "revenue_last6m_annualized_usd": 136233856, "revenue_1d_usd": 407467, "revenue_7d_usd": 2826525, "revenue_30d_usd": 11363222, "tvl_7d_pct": 0.9893585355852712, "tvl_30d_pct": 8.816846757568479, "revenue_7d_pct": 1.1734588730722724, "revenue_30d_pct": 16.958152858746164, "price_7d_pct": -6.662688331319405, "revenue_surprise_z": null, "tvl_usd": 4402214076.06, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api; tvl:defillama_stablecoin:262", "notes": "World Liberty Financial revenue from DeFiLlama; TVL uses DefiLlama USD1 stablecoin circulating supply per Token Terminal WLFI TVL methodology; market cap from token market data.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 11, "name": "Jupiter Aggregator", "ticker": "JUP", "symbol": "JUP", "crypto_sector": "DEX Aggregator", "revenue_12m_usd": 88225191.01999997, "circulating_mcap_usd": 955999641.447822, "revenue_multiple": 10.835903333222642, "notes_caveats": "Jupiter revenue mapped to JUP; value capture is not assumed direct.", "data_caveat": "", "value_capture": "unclear", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 46, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 1.066825801425212, "scenario_multiple": 15.050727947304646, "scenario_revenue_12m_usd": 63518498.56, "scenario_default_multiplier": 1, "multiple_runrate_12m": 15.050727947304646, "multiple_last6m_annualized": 16.056504904416116, "revenue_ttm_calendar_usd": 95954599.87, "multiple_ttm_calendar": 9.963041300187978, "revenue_runrate_12m_usd": 63518498.56, "revenue_3m_avg_monthly_usd": 5293208.213333334, "revenue_last6m_calendar_usd": 29769854.869999997, "revenue_last6m_annualized_usd": 59539709.739999995, "revenue_1d_usd": 222437.59, "revenue_7d_usd": 1520458.35, "revenue_30d_usd": 7090090.719999999, "tvl_7d_pct": 11.01552221293704, "tvl_30d_pct": 9.998558598265605, "revenue_7d_pct": 46.684504550308915, "revenue_30d_pct": -23.506702710104634, "price_7d_pct": 31.02277126593363, "revenue_surprise_z": null, "tvl_usd": 1956863623.49678, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Jupiter revenue mapped to JUP; value capture is not assumed direct.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 12, "name": "PancakeSwap AMM", "ticker": "CAKE", "symbol": "CAKE", "crypto_sector": "Dexs", "revenue_12m_usd": 86419791.46, "circulating_mcap_usd": 838664224.3258001, "revenue_multiple": 9.704538858022836, "notes_caveats": "PancakeSwap fundamentals mapped to CAKE; burn and emission mechanics complicate value capture.", "data_caveat": "", "value_capture": "partial", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 66, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 1.0035458711584442, "scenario_multiple": 18.337522238923285, "scenario_revenue_12m_usd": 45734871.56, "scenario_default_multiplier": 1, "multiple_runrate_12m": 18.337522238923285, "multiple_last6m_annualized": 18.40254473014761, "revenue_ttm_calendar_usd": 89354365.95, "multiple_ttm_calendar": 9.385822566242496, "revenue_runrate_12m_usd": 45734871.56, "revenue_3m_avg_monthly_usd": 3811239.296666667, "revenue_last6m_calendar_usd": 22786637.3, "revenue_last6m_annualized_usd": 45573274.6, "revenue_1d_usd": 150171.31, "revenue_7d_usd": 1349538.92, "revenue_30d_usd": 7389252.579999999, "tvl_7d_pct": 3.966335616019016, "tvl_30d_pct": 2.01013372876151, "revenue_7d_pct": -13.876795054138375, "revenue_30d_pct": -6.344425365353036, "price_7d_pct": 14.098895913102405, "revenue_surprise_z": null, "tvl_usd": 2356257581, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "PancakeSwap fundamentals mapped to CAKE; burn and emission mechanics complicate value capture.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 13, "name": "Convex Finance", "ticker": "CVX", "symbol": "CVX", "crypto_sector": "Yield", "revenue_12m_usd": 15958421, "circulating_mcap_usd": 182392668.76547348, "revenue_multiple": 11.429242828314498, "notes_caveats": "Convex revenue mapped to CVX; value linkage depends on staking and lock dynamics.", "data_caveat": "", "value_capture": "partial", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 65, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 0.875873666702838, "scenario_multiple": 20.21198041990675, "scenario_revenue_12m_usd": 9023988, "scenario_default_multiplier": 1, "multiple_runrate_12m": 20.21198041990675, "multiple_last6m_annualized": 17.703141401709694, "revenue_ttm_calendar_usd": 17819246, "multiple_ttm_calendar": 10.235711924369499, "revenue_runrate_12m_usd": 9023988, "revenue_3m_avg_monthly_usd": 751999, "revenue_last6m_calendar_usd": 5151421, "revenue_last6m_annualized_usd": 10302842, "revenue_1d_usd": 8017, "revenue_7d_usd": 61553, "revenue_30d_usd": 941596, "tvl_7d_pct": 4.335341449912343, "tvl_30d_pct": 3.7152299391719255, "revenue_7d_pct": 39.66898954703833, "revenue_30d_pct": -48.277419354838706, "price_7d_pct": 1.9473375595312314, "revenue_surprise_z": null, "tvl_usd": 593641768, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Convex revenue mapped to CVX; value linkage depends on staking and lock dynamics.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 14, "name": "Hyperliquid", "ticker": "HYPE", "symbol": "HYPE", "crypto_sector": "Derivatives", "revenue_12m_usd": 693657862, "circulating_mcap_usd": 20635155982.024933, "revenue_multiple": 29.748319903025813, "notes_caveats": "Fill only from a reviewed public source when DeFiLlama revenue or market-cap coverage is incomplete.", "data_caveat": "", "value_capture": "partial", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 22, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 1.033344458615289, "scenario_multiple": 34.4233932900039, "scenario_revenue_12m_usd": 599451536, "scenario_default_multiplier": 1, "multiple_runrate_12m": 34.4233932900039, "multiple_last6m_annualized": 35.57122270296025, "revenue_ttm_calendar_usd": 715152878, "multiple_ttm_calendar": 28.854188547396063, "revenue_runrate_12m_usd": 599451536, "revenue_3m_avg_monthly_usd": 49954294.666666664, "revenue_last6m_calendar_usd": 290054072, "revenue_last6m_annualized_usd": 580108144, "revenue_1d_usd": 2117271, "revenue_7d_usd": 16427633, "revenue_30d_usd": 59333337, "tvl_7d_pct": 14.114314202390258, "tvl_30d_pct": 13.34586774841762, "revenue_7d_pct": 9.040836411784792, "revenue_30d_pct": -38.138177007352056, "price_7d_pct": 17.548031482276475, "revenue_surprise_z": null, "tvl_usd": 7607039100, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Fill only from a reviewed public source when DeFiLlama revenue or market-cap coverage is incomplete.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 15, "name": "Curve DEX", "ticker": "CRV", "symbol": "CRV", "crypto_sector": "Dexs", "revenue_12m_usd": 28925860, "circulating_mcap_usd": 529072804.15283394, "revenue_multiple": 18.29065079319453, "notes_caveats": "Curve DEX revenue mapped to CRV; veCRV mechanics imply partial linkage.", "data_caveat": "", "value_capture": "partial", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 71, "trend_label": "Deceleration", "trend_ratio_runrate_to_last6m": 0.7378947002929158, "scenario_multiple": 36.82779411076067, "scenario_revenue_12m_usd": 14366128, "scenario_default_multiplier": 1, "multiple_runrate_12m": 36.82779411076067, "multiple_last6m_annualized": 27.175034097808954, "revenue_ttm_calendar_usd": 31293833, "multiple_ttm_calendar": 16.906615567125765, "revenue_runrate_12m_usd": 14366128, "revenue_3m_avg_monthly_usd": 1197177.3333333333, "revenue_last6m_calendar_usd": 9734538, "revenue_last6m_annualized_usd": 19469076, "revenue_1d_usd": 144910, "revenue_7d_usd": 234572, "revenue_30d_usd": 1066589, "tvl_7d_pct": 3.35773677519854, "tvl_30d_pct": -2.6730571578347826, "revenue_7d_pct": 1254.9322113136982, "revenue_30d_pct": 669.0389003874118, "price_7d_pct": 6.628223191063769, "revenue_surprise_z": null, "tvl_usd": 1304910118, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Curve DEX revenue mapped to CRV; veCRV mechanics imply partial linkage.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 16, "name": "Aave V3", "ticker": "AAVE", "symbol": "AAVE", "crypto_sector": "Lending", "revenue_12m_usd": 97137634, "circulating_mcap_usd": 2153787867.159181, "revenue_multiple": 22.17253785653438, "notes_caveats": "Aave protocol fundamentals mapped to AAVE governance token; value capture is indirect.", "data_caveat": "", "value_capture": "partial", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 70, "trend_label": "Deceleration", "trend_ratio_runrate_to_last6m": 0.7755227117352131, "scenario_multiple": 39.61276796997014, "scenario_revenue_12m_usd": 54371052, "scenario_default_multiplier": 1, "multiple_runrate_12m": 39.61276796997014, "multiple_last6m_annualized": 30.72060123540904, "revenue_ttm_calendar_usd": 105276471, "multiple_ttm_calendar": 20.458397272446387, "revenue_runrate_12m_usd": 54371052, "revenue_3m_avg_monthly_usd": 4530921, "revenue_last6m_calendar_usd": 35054455, "revenue_last6m_annualized_usd": 70108910, "revenue_1d_usd": 162707, "revenue_7d_usd": 1141617, "revenue_30d_usd": 5139342, "tvl_7d_pct": 8.169491877504324, "tvl_30d_pct": 7.105323333646563, "revenue_7d_pct": 6.646959348740873, "revenue_30d_pct": -42.76281537141008, "price_7d_pct": 14.47524803843725, "revenue_surprise_z": null, "tvl_usd": 19207770573, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Aave protocol fundamentals mapped to AAVE governance token; value capture is indirect.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 17, "name": "Lighter DEX", "ticker": "LIT", "symbol": "LIT", "crypto_sector": "Derivatives", "revenue_12m_usd": 61843614, "circulating_mcap_usd": 1321172415.101784, "revenue_multiple": 21.363117865359293, "notes_caveats": "Lighter parent slug used for DeFiLlama aggregate revenue and TVL; market cap/price mapped to LIT token.", "data_caveat": "", "value_capture": "unclear", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 12, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 1.0501891891994708, "scenario_multiple": 39.88173409538611, "scenario_revenue_12m_usd": 33127256, "scenario_default_multiplier": 1, "multiple_runrate_12m": 39.88173409538611, "multiple_last6m_annualized": 41.88336599350242, "revenue_ttm_calendar_usd": null, "multiple_ttm_calendar": null, "revenue_runrate_12m_usd": 33127256, "revenue_3m_avg_monthly_usd": 2760604.6666666665, "revenue_last6m_calendar_usd": 15772042, "revenue_last6m_annualized_usd": 31544084, "revenue_1d_usd": 198102, "revenue_7d_usd": 1171189, "revenue_30d_usd": 4645637, "tvl_7d_pct": 6.17041700715635, "tvl_30d_pct": 27.988321208809385, "revenue_7d_pct": 51.808115253457984, "revenue_30d_pct": -51.72812070528378, "price_7d_pct": 10.715240193937412, "revenue_surprise_z": null, "tvl_usd": 744525069, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Lighter parent slug used for DeFiLlama aggregate revenue and TVL; market cap/price mapped to LIT token.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 18, "name": "Pendle V2", "ticker": "PENDLE", "symbol": "PENDLE", "crypto_sector": "Yield", "revenue_12m_usd": 18191141, "circulating_mcap_usd": 417705881.9661155, "revenue_multiple": 22.962049602392476, "notes_caveats": "Pendle revenue mapped to PENDLE with partial tokenomics linkage.", "data_caveat": "", "value_capture": "partial", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 39, "trend_label": "Deceleration", "trend_ratio_runrate_to_last6m": 0.8071252549034352, "scenario_multiple": 43.82306787434733, "scenario_revenue_12m_usd": 9531644, "scenario_default_multiplier": 1, "multiple_runrate_12m": 43.82306787434733, "multiple_last6m_annualized": 35.37070482873313, "revenue_ttm_calendar_usd": 19923435, "multiple_ttm_calendar": 20.96555548609542, "revenue_runrate_12m_usd": 9531644, "revenue_3m_avg_monthly_usd": 794303.6666666666, "revenue_last6m_calendar_usd": 5904687, "revenue_last6m_annualized_usd": 11809374, "revenue_1d_usd": 10140, "revenue_7d_usd": 150430, "revenue_30d_usd": 641233, "tvl_7d_pct": 3.9383460786698805, "tvl_30d_pct": 9.76307855455574, "revenue_7d_pct": 2.2486639104567914, "revenue_30d_pct": -83.41457031633354, "price_7d_pct": 6.9321731049250435, "revenue_surprise_z": null, "tvl_usd": 1300716744, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Pendle revenue mapped to PENDLE with partial tokenomics linkage.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 19, "name": "Raydium AMM", "ticker": "RAY", "symbol": "RAY", "crypto_sector": "Dexs", "revenue_12m_usd": 24173742, "circulating_mcap_usd": 563933147.6189619, "revenue_multiple": 23.32833483616074, "notes_caveats": "Raydium revenue mapped to RAY; fee distribution should be validated separately.", "data_caveat": "", "value_capture": "partial", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 48, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 0.9155690528345232, "scenario_multiple": 52.94759140823132, "scenario_revenue_12m_usd": 10650780, "scenario_default_multiplier": 1, "multiple_runrate_12m": 52.94759140823132, "multiple_last6m_annualized": 48.47717611550368, "revenue_ttm_calendar_usd": 21505359, "multiple_ttm_calendar": 26.22291251306067, "revenue_runrate_12m_usd": 10650780, "revenue_3m_avg_monthly_usd": 887565, "revenue_last6m_calendar_usd": 5816481, "revenue_last6m_annualized_usd": 11632962, "revenue_1d_usd": 300650, "revenue_7d_usd": 2270772, "revenue_30d_usd": 6278456, "tvl_7d_pct": 17.471252204965275, "tvl_30d_pct": 18.09565634048395, "revenue_7d_pct": 36.437070585138734, "revenue_30d_pct": 442.59158996571017, "price_7d_pct": 50.19877496718947, "revenue_surprise_z": null, "tvl_usd": 1307231891, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Raydium revenue mapped to RAY; fee distribution should be validated separately.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 20, "name": "Uniswap V3", "ticker": "UNI", "symbol": "UNI", "crypto_sector": "Dexs", "revenue_12m_usd": 51097213, "circulating_mcap_usd": 5767193120.887456, "revenue_multiple": 112.86707791455193, "notes_caveats": "Uniswap fees are mapped to UNI with weak direct value capture unless fee switch economics change.", "data_caveat": "", "value_capture": "weak", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 43, "trend_label": "Acceleration", "trend_ratio_runrate_to_last6m": 1.186363038524631, "scenario_multiple": 76.4068231099842, "scenario_revenue_12m_usd": 75480080, "scenario_default_multiplier": 1, "multiple_runrate_12m": 76.4068231099842, "multiple_last6m_annualized": 90.64623082877486, "revenue_ttm_calendar_usd": 38049851, "multiple_ttm_calendar": 151.56940091269888, "revenue_runrate_12m_usd": 75480080, "revenue_3m_avg_monthly_usd": 6290006.666666667, "revenue_last6m_calendar_usd": 31811544, "revenue_last6m_annualized_usd": 63623088, "revenue_1d_usd": 518745, "revenue_7d_usd": 3143895, "revenue_30d_usd": 16085092, "tvl_7d_pct": 8.448168861212062, "tvl_30d_pct": 12.186276061022527, "revenue_7d_pct": -4.887936282095475, "revenue_30d_pct": 29.25679430093514, "price_7d_pct": 37.863567204794066, "revenue_surprise_z": null, "tvl_usd": 3926015948, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Uniswap fees are mapped to UNI with weak direct value capture unless fee switch economics change.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 21, "name": "Ethena USDe", "ticker": "ENA", "symbol": "ENA", "crypto_sector": "Basis Trading", "revenue_12m_usd": 2892667, "circulating_mcap_usd": 2129907611.5320427, "revenue_multiple": 736.312756197669, "notes_caveats": "Ethena fundamentals mapped to ENA; token value capture remains unclear.", "data_caveat": "", "value_capture": "unclear", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 35, "trend_label": "Revenue cliff", "trend_ratio_runrate_to_last6m": 0.20746010442379728, "scenario_multiple": 4101.581144410116, "scenario_revenue_12m_usd": 519289.4, "scenario_default_multiplier": 1, "multiple_runrate_12m": 4101.581144410116, "multiple_last6m_annualized": 850.9144525220007, "revenue_ttm_calendar_usd": 5151451.39, "multiple_ttm_calendar": 413.45777146740056, "revenue_runrate_12m_usd": 519289.4, "revenue_3m_avg_monthly_usd": 43274.11666666667, "revenue_last6m_calendar_usd": 1251540.3900000001, "revenue_last6m_annualized_usd": 2503080.7800000003, "revenue_1d_usd": 35.12, "revenue_7d_usd": 11577.970000000001, "revenue_30d_usd": 14573.410000000002, "tvl_7d_pct": 3.3583217700671333, "tvl_30d_pct": 21.863316193634812, "revenue_7d_pct": -99.18760120286838, "revenue_30d_pct": -33.371276797571625, "price_7d_pct": 39.101545072383956, "revenue_surprise_z": null, "tvl_usd": 5318759589.7323, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Ethena fundamentals mapped to ENA; token value capture remains unclear.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null } ], "cheapestRevenueMultipleRows": [ { "rank": 1, "name": "Collector Crypt", "ticker": "CARDS", "symbol": "CARDS", "crypto_sector": "Consumer", "revenue_12m_usd": 86976707, "circulating_mcap_usd": 155030223.26981577, "revenue_multiple": 1.7824338103512676, "notes_caveats": "Collector Crypt fees, protocol revenue, price, market cap, FDV, and volume use the DeFiLlama Collector Crypt (collector-crypt) protocol page and public APIs. DeFiLlama does not publish TVL for this protocol, so TVL remains unavailable and is not treated as a CARDS fundamentals data failure. Holders revenue remains zero until DeFiLlama's buyback-wallet tracking is officially enabled.", "data_caveat": "TVL not published by DeFiLlama for Collector Crypt.", "value_capture": "unclear", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 16, "trend_label": "Acceleration", "trend_ratio_runrate_to_last6m": 1.2734207313437156, "scenario_multiple": 1.0096830389815883, "scenario_revenue_12m_usd": 153543456, "scenario_default_multiplier": 1, "multiple_runrate_12m": 1.0096830389815883, "multiple_last6m_annualized": 1.2857513139252794, "revenue_ttm_calendar_usd": 83102263, "multiple_ttm_calendar": 1.8655355182062343, "revenue_runrate_12m_usd": 153543456, "revenue_3m_avg_monthly_usd": 12795288, "revenue_last6m_calendar_usd": 60287795, "revenue_last6m_annualized_usd": 120575590, "revenue_1d_usd": 528103, "revenue_7d_usd": 2935440, "revenue_30d_usd": 10168090, "tvl_7d_pct": null, "tvl_30d_pct": null, "revenue_7d_pct": 87.18825764557428, "revenue_30d_pct": 117.03338703314046, "price_7d_pct": 22.877323034549956, "revenue_surprise_z": null, "tvl_usd": null, "data_quality": "COMPLETE", "market_cap_source": null, "source_errors": "", "native_source_status": "active", "primary_source": "defillama", "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Collector Crypt fees, protocol revenue, price, market cap, FDV, and volume use the DeFiLlama Collector Crypt (collector-crypt) protocol page and public APIs. DeFiLlama does not publish TVL for this protocol, so TVL remains unavailable and is not treated as a CARDS fundamentals data failure. Holders revenue remains zero until DeFiLlama's buyback-wallet tracking is officially enabled.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 2, "name": "pump.fun", "ticker": "PUMP", "symbol": "PUMP", "crypto_sector": "Launchpad", "revenue_12m_usd": 457035713, "circulating_mcap_usd": 1854550052.3368208, "revenue_multiple": 4.0577792929210785, "notes_caveats": "Fill only from a reviewed public source when DeFiLlama revenue or market-cap coverage is incomplete.", "data_caveat": "", "value_capture": "unclear", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 31, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 1.077959609794928, "scenario_multiple": 3.914652527292721, "scenario_revenue_12m_usd": 473745764, "scenario_default_multiplier": 1, "multiple_runrate_12m": 3.914652527292721, "multiple_last6m_annualized": 4.21983731080319, "revenue_ttm_calendar_usd": 467414282, "multiple_ttm_calendar": 3.967679473552802, "revenue_runrate_12m_usd": 473745764, "revenue_3m_avg_monthly_usd": 39478813.666666664, "revenue_last6m_calendar_usd": 219741890, "revenue_last6m_annualized_usd": 439483780, "revenue_1d_usd": 1828535, "revenue_7d_usd": 12849821, "revenue_30d_usd": 54138791, "tvl_7d_pct": 16.592998602349272, "tvl_30d_pct": 12.362089823407494, "revenue_7d_pct": -3.303227553266818, "revenue_30d_pct": -23.882908886859326, "price_7d_pct": 2.6143175844231026, "revenue_surprise_z": null, "tvl_usd": 374154342, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Fill only from a reviewed public source when DeFiLlama revenue or market-cap coverage is incomplete.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 3, "name": "GMX V1 Perps", "ticker": "GMX", "symbol": "GMX", "crypto_sector": "Derivatives", "revenue_12m_usd": 14986569, "circulating_mcap_usd": 84264852.79258563, "revenue_multiple": 5.6226914107282076, "notes_caveats": "GMX protocol revenue mapped to GMX; staking and distribution mechanics need separate validation.", "data_caveat": "", "value_capture": "partial", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 61, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 0.9926833879477005, "scenario_multiple": 4.8690568853250955, "scenario_revenue_12m_usd": 17306196, "scenario_default_multiplier": 1, "multiple_runrate_12m": 4.8690568853250955, "multiple_last6m_annualized": 4.833431885034594, "revenue_ttm_calendar_usd": 15394232, "multiple_ttm_calendar": 5.473793872444278, "revenue_runrate_12m_usd": 17306196, "revenue_3m_avg_monthly_usd": 1442183, "revenue_last6m_calendar_usd": 8716876, "revenue_last6m_annualized_usd": 17433752, "revenue_1d_usd": 35314, "revenue_7d_usd": 253641, "revenue_30d_usd": 1290388, "tvl_7d_pct": 2.982230788238842, "tvl_30d_pct": 0.24150935326648026, "revenue_7d_pct": -14.801322106685324, "revenue_30d_pct": -48.29878191613961, "price_7d_pct": 11.683751935916579, "revenue_surprise_z": null, "tvl_usd": 241317833, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "GMX protocol revenue mapped to GMX; staking and distribution mechanics need separate validation.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 4, "name": "Meteora", "ticker": "MET", "symbol": "MET", "crypto_sector": "Dexs", "revenue_12m_usd": 47589136, "circulating_mcap_usd": 191258479.3160333, "revenue_multiple": 4.018952546565109, "notes_caveats": "Meteora aggregate protocol revenue from DeFiLlama parent meteora; market cap from DexScreener Solana MET token stable quote pair.", "data_caveat": "", "value_capture": "unclear", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 18, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 1.127224056196588, "scenario_multiple": 8.35043423459158, "scenario_revenue_12m_usd": 22904016, "scenario_default_multiplier": 1, "multiple_runrate_12m": 8.35043423459158, "multiple_last6m_annualized": 9.412810348919171, "revenue_ttm_calendar_usd": 48577458, "multiple_ttm_calendar": 3.93718583043257, "revenue_runrate_12m_usd": 22904016, "revenue_3m_avg_monthly_usd": 1908668, "revenue_last6m_calendar_usd": 10159478, "revenue_last6m_annualized_usd": 20318956, "revenue_1d_usd": 151090, "revenue_7d_usd": 996989, "revenue_30d_usd": 3300287, "tvl_7d_pct": 6.099675965234126, "tvl_30d_pct": -6.452130952336834, "revenue_7d_pct": 8.634536708824355, "revenue_30d_pct": 77.31278825503749, "price_7d_pct": 67.93022137731454, "revenue_surprise_z": null, "tvl_usd": 316534394, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Meteora aggregate protocol revenue from DeFiLlama parent meteora; market cap from DexScreener Solana MET token stable quote pair.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 5, "name": "Sky Lending", "ticker": "SKY", "symbol": "SKY", "crypto_sector": "CDP", "revenue_12m_usd": 207838171, "circulating_mcap_usd": 1662744806.672047, "revenue_multiple": 8.00018975663545, "notes_caveats": "Sky Lending mapped to SKY; legacy Maker/MKR row intentionally excluded from this dashboard.", "data_caveat": "", "value_capture": "unclear", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 83, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 0.9498257288991198, "scenario_multiple": 10.12943547096644, "scenario_revenue_12m_usd": 164149800, "scenario_default_multiplier": 1, "multiple_runrate_12m": 10.12943547096644, "multiple_last6m_annualized": 9.621198429547297, "revenue_ttm_calendar_usd": 219733439, "multiple_ttm_calendar": 7.567099546792452, "revenue_runrate_12m_usd": 164149800, "revenue_3m_avg_monthly_usd": 13679150, "revenue_last6m_calendar_usd": 86410483, "revenue_last6m_annualized_usd": 172820966, "revenue_1d_usd": 452378, "revenue_7d_usd": 3199075, "revenue_30d_usd": 13469222, "tvl_7d_pct": 12.932214071663259, "tvl_30d_pct": 6.689026859301165, "revenue_7d_pct": -1.5409460712404617, "revenue_30d_pct": 3.002097027958096, "price_7d_pct": 24.936318037581785, "revenue_surprise_z": null, "tvl_usd": 5796165449, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Sky Lending mapped to SKY; legacy Maker/MKR row intentionally excluded from this dashboard.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 6, "name": "Morpho Blue", "ticker": "MORPHO", "symbol": "MORPHO", "crypto_sector": "Lending", "revenue_12m_usd": 198723704, "circulating_mcap_usd": 1882375466.9945033, "revenue_multiple": 9.47232478614883, "notes_caveats": "Morpho Blue revenue from DeFiLlama fees endpoint; MORPHO mcap from token market data.", "data_caveat": "", "value_capture": "unclear", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 32, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 1.1168818818644923, "scenario_multiple": 9.036652046698283, "scenario_revenue_12m_usd": 208304520, "scenario_default_multiplier": 1, "multiple_runrate_12m": 9.036652046698283, "multiple_last6m_annualized": 10.092872943670994, "revenue_ttm_calendar_usd": 208780310, "multiple_ttm_calendar": 9.016058396476677, "revenue_runrate_12m_usd": 208304520, "revenue_3m_avg_monthly_usd": 17358710, "revenue_last6m_calendar_usd": 93252708, "revenue_last6m_annualized_usd": 186505416, "revenue_1d_usd": 713001, "revenue_7d_usd": 1416967, "revenue_30d_usd": 13296506, "tvl_7d_pct": 5.817046876057748, "tvl_30d_pct": 14.177617845113557, "revenue_7d_pct": null, "revenue_30d_pct": -53.53310810282398, "price_7d_pct": 26.207695211155084, "revenue_surprise_z": null, "tvl_usd": 10799909493, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Morpho Blue revenue from DeFiLlama fees endpoint; MORPHO mcap from token market data.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 7, "name": "Lido", "ticker": "LDO", "symbol": "LDO", "crypto_sector": "Liquid Staking", "revenue_12m_usd": 35995730, "circulating_mcap_usd": 330097980.07159466, "revenue_multiple": 9.170476055676456, "notes_caveats": "Lido protocol fundamentals mapped to LDO; direct value capture is weak.", "data_caveat": "", "value_capture": "weak", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 66, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 0.8969137332184736, "scenario_multiple": 12.06413275464593, "scenario_revenue_12m_usd": 27361932, "scenario_default_multiplier": 1, "multiple_runrate_12m": 12.06413275464593, "multiple_last6m_annualized": 10.82048634701275, "revenue_ttm_calendar_usd": 36995967, "multiple_ttm_calendar": 8.922539585776867, "revenue_runrate_12m_usd": 27361932, "revenue_3m_avg_monthly_usd": 2280161, "revenue_last6m_calendar_usd": 15253380, "revenue_last6m_annualized_usd": 30506760, "revenue_1d_usd": 113976, "revenue_7d_usd": 756737, "revenue_30d_usd": 3072784, "tvl_7d_pct": 11.092365472147561, "tvl_30d_pct": 10.129083238833168, "revenue_7d_pct": 12.443396505628286, "revenue_30d_pct": 12.562218535197914, "price_7d_pct": 12.704817462023254, "revenue_surprise_z": null, "tvl_usd": 26181867621, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Lido protocol fundamentals mapped to LDO; direct value capture is weak.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 8, "name": "Aerodrome V1", "ticker": "AERO", "symbol": "AERO", "crypto_sector": "Dexs", "revenue_12m_usd": 94407608, "circulating_mcap_usd": 676741931.3666459, "revenue_multiple": 7.16829867532123, "notes_caveats": "Aerodrome revenue mapped to AERO; emissions and ve mechanics make value capture partial.", "data_caveat": "", "value_capture": "partial", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 38, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 0.9293329527409181, "scenario_multiple": 12.124420329643511, "scenario_revenue_12m_usd": 55816436, "scenario_default_multiplier": 1, "multiple_runrate_12m": 12.124420329643511, "multiple_last6m_annualized": 11.267623345219619, "revenue_ttm_calendar_usd": 108782638, "multiple_ttm_calendar": 6.221047253575942, "revenue_runrate_12m_usd": 55816436, "revenue_3m_avg_monthly_usd": 4651369.666666667, "revenue_last6m_calendar_usd": 30030376, "revenue_last6m_annualized_usd": 60060752, "revenue_1d_usd": 408131, "revenue_7d_usd": 1923647, "revenue_30d_usd": 14328260, "tvl_7d_pct": 13.11766679795806, "tvl_30d_pct": 40.417658082977695, "revenue_7d_pct": 73.8740158822126, "revenue_30d_pct": 68.95077162538085, "price_7d_pct": 23.556200947448595, "revenue_surprise_z": null, "tvl_usd": 375578716, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api", "notes": "Aerodrome revenue mapped to AERO; emissions and ve mechanics make value capture partial.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 9, "name": "Venice", "ticker": "VVV", "symbol": "VVV", "crypto_sector": "AI", "revenue_12m_usd": 128895030.33817035, "circulating_mcap_usd": 1474351126.5751035, "revenue_multiple": 11.438386124794574, "notes_caveats": "Venice VVV revenue windows use VeniceStats modeled subscription ARR as the sole revenue basis: observed 30d tier mix, current programmatic burns/day, 8% monthly churn, and 12-month retained cohort. Daily/7D/30D fields are recognized ARR equivalents, not new-signup burn flow. VeniceStats revenue surprise is computed from 30 completed daily burn rows; latest completed day 2026-09-23 vs prior 30-day log baseline.", "data_caveat": "", "value_capture": "unclear", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 12, "trend_label": "VeniceStats modeled ARR", "trend_ratio_runrate_to_last6m": 1, "scenario_multiple": 11.438386124794574, "scenario_revenue_12m_usd": 128895030.33817035, "scenario_default_multiplier": 1, "multiple_runrate_12m": 11.438386124794574, "multiple_last6m_annualized": 11.438386124794574, "revenue_ttm_calendar_usd": 128895030.33817035, "multiple_ttm_calendar": 11.438386124794574, "revenue_runrate_12m_usd": 128895030.33817035, "revenue_3m_avg_monthly_usd": 10741252.528180862, "revenue_last6m_calendar_usd": 64447515.169085175, "revenue_last6m_annualized_usd": 128895030.33817035, "revenue_1d_usd": 353137.0694196448, "revenue_7d_usd": 2471959.4859375134, "revenue_30d_usd": 10594112.082589343, "tvl_7d_pct": 0, "tvl_30d_pct": 0, "revenue_7d_pct": null, "revenue_30d_pct": null, "price_7d_pct": 22.54147101208657, "revenue_surprise_z": 1.7778645805837696, "tvl_usd": 0, "data_quality": "OK", "market_cap_source": null, "source_errors": "VeniceStats subscription ARR is modeled from new observed programmatic subscription burns, 30d tier mix, 8% monthly churn, and 12-month retained cohort. It is a lower-bound/floor estimate and is not DeFiLlama trailing protocol revenue.", "native_source_status": "active", "primary_source": "venicestats", "source": "venicestats_public_api; mcap:venicestats_public_api; subscription_arr:venicestats_30d_tier_mix_8pct_churn; all_vvv_revenue_windows:venicestats_arr_recognition", "notes": "Venice VVV revenue windows use VeniceStats modeled subscription ARR as the sole revenue basis: observed 30d tier mix, current programmatic burns/day, 8% monthly churn, and 12-month retained cohort. Daily/7D/30D fields are recognized ARR equivalents, not new-signup burn flow. VeniceStats revenue surprise is computed from 30 completed daily burn rows; latest completed day 2026-09-23 vs prior 30-day log baseline.", "venicestats_subscription_arr_usd": 128895030.33817035, "venicestats_subscription_mrr_usd": 10741252.528180862, "venicestats_programmatic_burns_per_day": 1913.857142857143, "venicestats_weighted_avg_sub_value_usd": 23.326226092133663, "venicestats_active_subs_12m": 460479.65434936556, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": 10594112.082589343, "fees_1d_usd": 353137.0694196448, "fees_7d_usd": 2471959.4859375134, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null }, { "rank": 10, "name": "World Liberty Financial", "ticker": "WLFI", "symbol": "WLFI", "crypto_sector": "DeFi", "revenue_12m_usd": 123309792, "circulating_mcap_usd": 1746019506.5520005, "revenue_multiple": 14.15961764457441, "notes_caveats": "World Liberty Financial revenue from DeFiLlama; TVL uses DefiLlama USD1 stablecoin circulating supply per Token Terminal WLFI TVL methodology; market cap from token market data.", "data_caveat": "", "value_capture": "unclear", "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": true, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": "2026-08", "revenue_runrate_month_start": "2026-06", "revenue_last6m_month_end": "2026-08", "revenue_last6m_month_start": "2026-03", "revenue_months_available": 16, "trend_label": "Stable", "trend_ratio_runrate_to_last6m": 1.0051687592253133, "scenario_multiple": 12.750436712563445, "scenario_revenue_12m_usd": 136938016, "scenario_default_multiplier": 1, "multiple_runrate_12m": 12.750436712563445, "multiple_last6m_annualized": 12.81634064994828, "revenue_ttm_calendar_usd": 120210761, "multiple_ttm_calendar": 14.52465230256716, "revenue_runrate_12m_usd": 136938016, "revenue_3m_avg_monthly_usd": 11411501.333333334, "revenue_last6m_calendar_usd": 68116928, "revenue_last6m_annualized_usd": 136233856, "revenue_1d_usd": 407467, "revenue_7d_usd": 2826525, "revenue_30d_usd": 11363222, "tvl_7d_pct": 0.9893585355852712, "tvl_30d_pct": 8.816846757568479, "revenue_7d_pct": 1.1734588730722724, "revenue_30d_pct": 16.958152858746164, "price_7d_pct": -6.662688331319405, "revenue_surprise_z": null, "tvl_usd": 4402214076.06, "data_quality": "OK", "market_cap_source": null, "source_errors": "", "native_source_status": null, "primary_source": null, "source": "defillama_public_api; mcap:coingecko_simple_price_free_api; tvl:defillama_stablecoin:262", "notes": "World Liberty Financial revenue from DeFiLlama; TVL uses DefiLlama USD1 stablecoin circulating supply per Token Terminal WLFI TVL methodology; market cap from token market data.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null, "entity_type": null, "entity_id": null, "economic_parent": null, "chain": null, "chain_id": null, "contract_address": null, "valuation_basis": null, "revenue_30d_multiple": null, "fees_30d_usd": null, "fees_1d_usd": null, "fees_7d_usd": null, "holders_revenue_30d_usd": null, "observation_window_days": null, "coverage_start_utc": null, "coverage_end_utc": null, "is_benchmark": null, "benchmark_type": null, "quote_usd": null, "quote_timestamp_utc": null, "quote_change_1d_pct": null, "financial_period_end": null, "latest_quarter_period_end": null, "latest_quarter_revenue_usd": null, "previous_quarter_period_end": null, "previous_quarter_revenue_usd": null, "market_cap_timestamp_utc": null, "stablecoin_supply_usd": null, "dex_volume_24h_usd": null, "dex_volume_7d_usd": null, "dex_volume_30d_usd": null } ], "insufficientDataRows": [], "summaryRows": [ { "symbol": "VVV", "protocol_name": "Venice", "crypto_sector": "AI", "venues": "both", "value_capture_quality": "unclear", "tvl_usd": 0, "market_cap_usd": 1474351126.5751035, "notes_caveats": "Venice VVV revenue windows use VeniceStats modeled subscription ARR as the sole revenue basis: observed 30d tier mix, current programmatic burns/day, 8% monthly churn, and 12-month retained cohort. Daily/7D/30D fields are recognized ARR equivalents, not new-signup burn flow. VeniceStats revenue surprise is computed from 30 completed daily burn rows; latest completed day 2026-09-23 vs prior 30-day log baseline.", "data_caveat": "", "value_capture": null, "is_rankable_scenario": true, "is_rankable_runrate": true, "is_rankable_last6m": true, "has_market_cap": null, "has_3m_runrate_revenue": true, "has_last6m_calendar_revenue": true, "revenue_runrate_month_end": null, "revenue_runrate_month_start": null, "revenue_last6m_month_end": null, "revenue_last6m_month_start": null, "revenue_months_available": 12, "trend_label": "VeniceStats modeled ARR", "trend_ratio_runrate_to_last6m": 1, "scenario_multiple": 11.438386124794574, "scenario_revenue_12m_usd": 128895030.33817035, "scenario_default_multiplier": null, "multiple_runrate_12m": 11.438386124794574, "multiple_last6m_annualized": 11.438386124794574, "revenue_runrate_12m_usd": 128895030.33817035, "revenue_3m_avg_monthly_usd": 10741252.528180862, "revenue_last6m_calendar_usd": 64447515.169085175, "revenue_last6m_annualized_usd": 128895030.33817035, "revenue_1d_usd": 353137.0694196448, "revenue_7d_usd": 2471959.4859375134, "revenue_30d_usd": 10594112.082589343, "revenue_1y_usd": 128895030.33817035, "tvl_7d_pct": 0, "tvl_30d_pct": 0, "revenue_7d_pct": null, "revenue_30d_pct": null, "price_7d_pct": 22.54147101208657, "revenue_surprise_z": 1.7778645805837696, "tvl_surprise_z": null, "data_quality": "OK", "label": "REV_POSITIVE_SURPRISE", "market_cap_source": "venicestats_public_api", "source_errors": "VeniceStats subscription ARR is modeled from new observed programmatic subscription burns, 30d tier mix, 8% monthly churn, and 12-month retained cohort. It is a lower-bound/floor estimate and is not DeFiLlama trailing protocol revenue.", "native_source_status": "active", "primary_source": "venicestats", "source": "venicestats_public_api; all_vvv_revenue_windows:venicestats_arr_recognition", "notes": "Venice VVV revenue windows use VeniceStats modeled subscription ARR as the sole revenue basis: observed 30d tier mix, current programmatic burns/day, 8% monthly churn, and 12-month retained cohort. Daily/7D/30D fields are recognized ARR equivalents, not new-signup burn flow. VeniceStats revenue surprise is computed from 30 completed daily burn rows; latest completed day 2026-09-23 vs prior 30-day log baseline.", "venicestats_subscription_arr_usd": 128895030.33817035, "venicestats_subscription_mrr_usd": 10741252.528180862, "venicestats_programmatic_burns_per_day": 1913.857142857143, "venicestats_weighted_avg_sub_value_usd": 23.326226092133663, "venicestats_active_subs_12m": 460479.65434936556 }, { "symbol": "HYPE", "protocol_name": "Hyperliquid Bridge", "crypto_sector": "Bridge", "venues": "both", "value_capture_quality": "partial", "tvl_usd": 7607039100, "market_cap_usd": 20635155982.024933, "notes_caveats": null, "data_caveat": null, "value_capture": null, "is_rankable_scenario": null, "is_rankable_runrate": null, "is_rankable_last6m": null, "has_market_cap": null, "has_3m_runrate_revenue": null, "has_last6m_calendar_revenue": null, "revenue_runrate_month_end": null, "revenue_runrate_month_start": null, "revenue_last6m_month_end": null, "revenue_last6m_month_start": null, "revenue_months_available": null, "trend_label": null, "trend_ratio_runrate_to_last6m": null, "scenario_multiple": null, "scenario_revenue_12m_usd": null, "scenario_default_multiplier": null, "multiple_runrate_12m": null, "multiple_last6m_annualized": null, "revenue_runrate_12m_usd": null, "revenue_3m_avg_monthly_usd": null, "revenue_last6m_calendar_usd": null, "revenue_last6m_annualized_usd": null, "revenue_1d_usd": 2117271, "revenue_7d_usd": 16427633, "revenue_30d_usd": 59333337, "revenue_1y_usd": 693657862, "tvl_7d_pct": 14.114314202390258, "tvl_30d_pct": 13.34586774841762, "revenue_7d_pct": 9.040836411784792, "revenue_30d_pct": -38.138177007352056, "price_7d_pct": 17.548031482276475, "revenue_surprise_z": 0.3490263508657438, "tvl_surprise_z": 3.244049782969192, "data_quality": "OK", "label": "TVL_POSITIVE_SURPRISE; TVL_STRONG_POSITIVE_SURPRISE", "market_cap_source": "coingecko_simple_price_free_api", "source_errors": "", "native_source_status": "unavailable", "primary_source": "defillama", "source": "defillama_public_api", "notes": "Hyperliquid protocol data is diagnostic only and does not affect Hyperliquid runtime routing.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null }, { "symbol": "LDO", "protocol_name": "Lido", "crypto_sector": "Liquid Staking", "venues": "both", "value_capture_quality": "weak", "tvl_usd": 26181867621, "market_cap_usd": 330097980.07159466, "notes_caveats": null, "data_caveat": null, "value_capture": null, "is_rankable_scenario": null, "is_rankable_runrate": null, "is_rankable_last6m": null, "has_market_cap": null, "has_3m_runrate_revenue": null, "has_last6m_calendar_revenue": null, "revenue_runrate_month_end": null, "revenue_runrate_month_start": null, "revenue_last6m_month_end": null, "revenue_last6m_month_start": null, "revenue_months_available": null, "trend_label": null, "trend_ratio_runrate_to_last6m": null, "scenario_multiple": null, "scenario_revenue_12m_usd": null, "scenario_default_multiplier": null, "multiple_runrate_12m": null, "multiple_last6m_annualized": null, "revenue_runrate_12m_usd": null, "revenue_3m_avg_monthly_usd": null, "revenue_last6m_calendar_usd": null, "revenue_last6m_annualized_usd": null, "revenue_1d_usd": 113976, "revenue_7d_usd": 756737, "revenue_30d_usd": 3072784, "revenue_1y_usd": 35995730, "tvl_7d_pct": 11.092365472147561, "tvl_30d_pct": 10.129083238833168, "revenue_7d_pct": 12.443396505628286, "revenue_30d_pct": 12.562218535197914, "price_7d_pct": 12.704817462023254, "revenue_surprise_z": 2.5059221448685354, "tvl_surprise_z": 1.8859421673773153, "data_quality": "OK", "label": "REV_POSITIVE_SURPRISE; REV_STRONG_POSITIVE_SURPRISE; REV_POSITIVE_CLUSTER; TVL_POSITIVE_SURPRISE; TVL_STRONG_POSITIVE_SURPRISE", "market_cap_source": "coingecko_simple_price_free_api", "source_errors": "", "native_source_status": "unavailable", "primary_source": "defillama", "source": "defillama_public_api", "notes": "Lido protocol fundamentals mapped to LDO; direct value capture is weak.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null }, { "symbol": "JUP", "protocol_name": "Jupiter Aggregator", "crypto_sector": "DEX Aggregator", "venues": "both", "value_capture_quality": "unclear", "tvl_usd": 1956863623.49678, "market_cap_usd": 955999641.447822, "notes_caveats": null, "data_caveat": null, "value_capture": null, "is_rankable_scenario": null, "is_rankable_runrate": null, "is_rankable_last6m": null, "has_market_cap": null, "has_3m_runrate_revenue": null, "has_last6m_calendar_revenue": null, "revenue_runrate_month_end": null, "revenue_runrate_month_start": null, "revenue_last6m_month_end": null, "revenue_last6m_month_start": null, "revenue_months_available": null, "trend_label": null, "trend_ratio_runrate_to_last6m": null, "scenario_multiple": null, "scenario_revenue_12m_usd": null, "scenario_default_multiplier": null, "multiple_runrate_12m": null, "multiple_last6m_annualized": null, "revenue_runrate_12m_usd": null, "revenue_3m_avg_monthly_usd": null, "revenue_last6m_calendar_usd": null, "revenue_last6m_annualized_usd": null, "revenue_1d_usd": 222437.59, "revenue_7d_usd": 1520458.35, "revenue_30d_usd": 7090090.719999999, "revenue_1y_usd": 88225191.01999997, "tvl_7d_pct": 11.01552221293704, "tvl_30d_pct": 9.998558598265605, "revenue_7d_pct": 46.684504550308915, "revenue_30d_pct": -23.506702710104634, "price_7d_pct": 31.02277126593363, "revenue_surprise_z": 0.06853025531840441, "tvl_surprise_z": 2.319072626510791, "data_quality": "OK", "label": "TVL_POSITIVE_SURPRISE; TVL_STRONG_POSITIVE_SURPRISE", "market_cap_source": "coingecko_simple_price_free_api", "source_errors": "", "native_source_status": "unavailable", "primary_source": "defillama", "source": "defillama_public_api", "notes": "Jupiter revenue mapped to JUP; value capture is not assumed direct.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null }, { "symbol": "RAY", "protocol_name": "Raydium AMM", "crypto_sector": "Dexs", "venues": "both", "value_capture_quality": "partial", "tvl_usd": 1307231891, "market_cap_usd": 563933147.6189619, "notes_caveats": null, "data_caveat": null, "value_capture": null, "is_rankable_scenario": null, "is_rankable_runrate": null, "is_rankable_last6m": null, "has_market_cap": null, "has_3m_runrate_revenue": null, "has_last6m_calendar_revenue": null, "revenue_runrate_month_end": null, "revenue_runrate_month_start": null, "revenue_last6m_month_end": null, "revenue_last6m_month_start": null, "revenue_months_available": null, "trend_label": null, "trend_ratio_runrate_to_last6m": null, "scenario_multiple": null, "scenario_revenue_12m_usd": null, "scenario_default_multiplier": null, "multiple_runrate_12m": null, "multiple_last6m_annualized": null, "revenue_runrate_12m_usd": null, "revenue_3m_avg_monthly_usd": null, "revenue_last6m_calendar_usd": null, "revenue_last6m_annualized_usd": null, "revenue_1d_usd": 300650, "revenue_7d_usd": 2270772, "revenue_30d_usd": 6278456, "revenue_1y_usd": 24173742, "tvl_7d_pct": 17.471252204965275, "tvl_30d_pct": 18.09565634048395, "revenue_7d_pct": 36.437070585138734, "revenue_30d_pct": 442.59158996571017, "price_7d_pct": 50.19877496718947, "revenue_surprise_z": 0.7789324557790456, "tvl_surprise_z": 2.252788356603535, "data_quality": "OK", "label": "REV_POSITIVE_CLUSTER; TVL_POSITIVE_SURPRISE; TVL_STRONG_POSITIVE_SURPRISE", "market_cap_source": "coingecko_simple_price_free_api", "source_errors": "", "native_source_status": "unavailable", "primary_source": "defillama", "source": "defillama_public_api", "notes": "Raydium revenue mapped to RAY; fee distribution should be validated separately.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null }, { "symbol": "CRV", "protocol_name": "Curve DEX", "crypto_sector": "Dexs", "venues": "both", "value_capture_quality": "partial", "tvl_usd": 1304910118, "market_cap_usd": 529072804.15283394, "notes_caveats": null, "data_caveat": null, "value_capture": null, "is_rankable_scenario": null, "is_rankable_runrate": null, "is_rankable_last6m": null, "has_market_cap": null, "has_3m_runrate_revenue": null, "has_last6m_calendar_revenue": null, "revenue_runrate_month_end": null, "revenue_runrate_month_start": null, "revenue_last6m_month_end": null, "revenue_last6m_month_start": null, "revenue_months_available": null, "trend_label": null, "trend_ratio_runrate_to_last6m": null, "scenario_multiple": null, "scenario_revenue_12m_usd": null, "scenario_default_multiplier": null, "multiple_runrate_12m": null, "multiple_last6m_annualized": null, "revenue_runrate_12m_usd": null, "revenue_3m_avg_monthly_usd": null, "revenue_last6m_calendar_usd": null, "revenue_last6m_annualized_usd": null, "revenue_1d_usd": 144910, "revenue_7d_usd": 234572, "revenue_30d_usd": 1066589, "revenue_1y_usd": 28925860, "tvl_7d_pct": 3.35773677519854, "tvl_30d_pct": -2.6730571578347826, "revenue_7d_pct": 1254.9322113136982, "revenue_30d_pct": 669.0389003874118, "price_7d_pct": 6.628223191063769, "revenue_surprise_z": 1.95288171393985, "tvl_surprise_z": 0.04718101203382386, "data_quality": "OK", "label": "REV_POSITIVE_SURPRISE; REV_STRONG_POSITIVE_SURPRISE; REV_POSITIVE_CLUSTER", "market_cap_source": "coingecko_simple_price_free_api", "source_errors": "", "native_source_status": "unavailable", "primary_source": "defillama", "source": "defillama_public_api", "notes": "Curve DEX revenue mapped to CRV; veCRV mechanics imply partial linkage.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null }, { "symbol": "MORPHO", "protocol_name": "Morpho Blue", "crypto_sector": "Lending", "venues": "both", "value_capture_quality": "unclear", "tvl_usd": 10799909493, "market_cap_usd": 1882375466.9945033, "notes_caveats": null, "data_caveat": null, "value_capture": null, "is_rankable_scenario": null, "is_rankable_runrate": null, "is_rankable_last6m": null, "has_market_cap": null, "has_3m_runrate_revenue": null, "has_last6m_calendar_revenue": null, "revenue_runrate_month_end": null, "revenue_runrate_month_start": null, "revenue_last6m_month_end": null, "revenue_last6m_month_start": null, "revenue_months_available": null, "trend_label": null, "trend_ratio_runrate_to_last6m": null, "scenario_multiple": null, "scenario_revenue_12m_usd": null, "scenario_default_multiplier": null, "multiple_runrate_12m": null, "multiple_last6m_annualized": null, "revenue_runrate_12m_usd": null, "revenue_3m_avg_monthly_usd": null, "revenue_last6m_calendar_usd": null, "revenue_last6m_annualized_usd": null, "revenue_1d_usd": 713001, "revenue_7d_usd": 1416967, "revenue_30d_usd": 13296506, "revenue_1y_usd": 198723704, "tvl_7d_pct": 5.817046876057748, "tvl_30d_pct": 14.177617845113557, "revenue_7d_pct": null, "revenue_30d_pct": -53.53310810282398, "price_7d_pct": 26.207695211155084, "revenue_surprise_z": 0.4668971314073628, "tvl_surprise_z": 1.945075110303277, "data_quality": "OK", "label": "TVL_POSITIVE_SURPRISE", "market_cap_source": "coingecko_simple_price_free_api", "source_errors": "", "native_source_status": "unavailable", "primary_source": "defillama", "source": "defillama_public_api", "notes": "Morpho Blue revenue from DeFiLlama fees endpoint; MORPHO mcap from token market data.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null }, { "symbol": "UNI", "protocol_name": "Uniswap V3", "crypto_sector": "Dexs", "venues": "both", "value_capture_quality": "weak", "tvl_usd": 3926015948, "market_cap_usd": 5767193120.887456, "notes_caveats": null, "data_caveat": null, "value_capture": null, "is_rankable_scenario": null, "is_rankable_runrate": null, "is_rankable_last6m": null, "has_market_cap": null, "has_3m_runrate_revenue": null, "has_last6m_calendar_revenue": null, "revenue_runrate_month_end": null, "revenue_runrate_month_start": null, "revenue_last6m_month_end": null, "revenue_last6m_month_start": null, "revenue_months_available": null, "trend_label": null, "trend_ratio_runrate_to_last6m": null, "scenario_multiple": null, "scenario_revenue_12m_usd": null, "scenario_default_multiplier": null, "multiple_runrate_12m": null, "multiple_last6m_annualized": null, "revenue_runrate_12m_usd": null, "revenue_3m_avg_monthly_usd": null, "revenue_last6m_calendar_usd": null, "revenue_last6m_annualized_usd": null, "revenue_1d_usd": 518745, "revenue_7d_usd": 3143895, "revenue_30d_usd": 16085092, "revenue_1y_usd": 51097213, "tvl_7d_pct": 8.448168861212062, "tvl_30d_pct": 12.186276061022527, "revenue_7d_pct": -4.887936282095475, "revenue_30d_pct": 29.25679430093514, "price_7d_pct": 37.863567204794066, "revenue_surprise_z": 0.06605418574983413, "tvl_surprise_z": 1.9232942089570673, "data_quality": "OK", "label": "TVL_POSITIVE_SURPRISE", "market_cap_source": "coingecko_simple_price_free_api", "source_errors": "", "native_source_status": "unavailable", "primary_source": "defillama", "source": "defillama_public_api", "notes": "Uniswap fees are mapped to UNI with weak direct value capture unless fee switch economics change.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null }, { "symbol": "PUMP", "protocol_name": "Pump", "crypto_sector": "Launchpad", "venues": "both", "value_capture_quality": "unclear", "tvl_usd": 374154342, "market_cap_usd": 1854550052.3368208, "notes_caveats": null, "data_caveat": null, "value_capture": null, "is_rankable_scenario": null, "is_rankable_runrate": null, "is_rankable_last6m": null, "has_market_cap": null, "has_3m_runrate_revenue": null, "has_last6m_calendar_revenue": null, "revenue_runrate_month_end": null, "revenue_runrate_month_start": null, "revenue_last6m_month_end": null, "revenue_last6m_month_start": null, "revenue_months_available": null, "trend_label": null, "trend_ratio_runrate_to_last6m": null, "scenario_multiple": null, "scenario_revenue_12m_usd": null, "scenario_default_multiplier": null, "multiple_runrate_12m": null, "multiple_last6m_annualized": null, "revenue_runrate_12m_usd": null, "revenue_3m_avg_monthly_usd": null, "revenue_last6m_calendar_usd": null, "revenue_last6m_annualized_usd": null, "revenue_1d_usd": 1828535, "revenue_7d_usd": 12849821, "revenue_30d_usd": 54138791, "revenue_1y_usd": 457035713, "tvl_7d_pct": 16.592998602349272, "tvl_30d_pct": 12.362089823407494, "revenue_7d_pct": -3.303227553266818, "revenue_30d_pct": -23.882908886859326, "price_7d_pct": 2.6143175844231026, "revenue_surprise_z": 0.18729796398796394, "tvl_surprise_z": 1.9188580259042822, "data_quality": "OK", "label": "TVL_POSITIVE_SURPRISE; TVL_STRONG_POSITIVE_SURPRISE", "market_cap_source": "coingecko_simple_price_free_api", "source_errors": "", "native_source_status": "unavailable", "primary_source": "defillama", "source": "defillama_public_api", "notes": "Pump parent slug used for DefiLlama TVL and aggregate protocol revenue; mapped to PUMP token market cap.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null }, { "symbol": "PENDLE", "protocol_name": "Pendle V2", "crypto_sector": "Yield", "venues": "both", "value_capture_quality": "partial", "tvl_usd": 1300716744, "market_cap_usd": 417705881.9661155, "notes_caveats": null, "data_caveat": null, "value_capture": null, "is_rankable_scenario": null, "is_rankable_runrate": null, "is_rankable_last6m": null, "has_market_cap": null, "has_3m_runrate_revenue": null, "has_last6m_calendar_revenue": null, "revenue_runrate_month_end": null, "revenue_runrate_month_start": null, "revenue_last6m_month_end": null, "revenue_last6m_month_start": null, "revenue_months_available": null, "trend_label": null, "trend_ratio_runrate_to_last6m": null, "scenario_multiple": null, "scenario_revenue_12m_usd": null, "scenario_default_multiplier": null, "multiple_runrate_12m": null, "multiple_last6m_annualized": null, "revenue_runrate_12m_usd": null, "revenue_3m_avg_monthly_usd": null, "revenue_last6m_calendar_usd": null, "revenue_last6m_annualized_usd": null, "revenue_1d_usd": 10140, "revenue_7d_usd": 150430, "revenue_30d_usd": 641233, "revenue_1y_usd": 18191141, "tvl_7d_pct": 3.9383460786698805, "tvl_30d_pct": 9.76307855455574, "revenue_7d_pct": 2.2486639104567914, "revenue_30d_pct": -83.41457031633354, "price_7d_pct": 6.9321731049250435, "revenue_surprise_z": -0.41805179480288457, "tvl_surprise_z": 1.7796044572432506, "data_quality": "OK", "label": "TVL_POSITIVE_SURPRISE", "market_cap_source": "coingecko_simple_price_free_api", "source_errors": "", "native_source_status": "unavailable", "primary_source": "defillama", "source": "defillama_public_api", "notes": "Pendle revenue mapped to PENDLE with partial tokenomics linkage.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null }, { "symbol": "SKY", "protocol_name": "Sky Lending", "crypto_sector": "CDP", "venues": "both", "value_capture_quality": "unclear", "tvl_usd": 5796165449, "market_cap_usd": 1662744806.672047, "notes_caveats": null, "data_caveat": null, "value_capture": null, "is_rankable_scenario": null, "is_rankable_runrate": null, "is_rankable_last6m": null, "has_market_cap": null, "has_3m_runrate_revenue": null, "has_last6m_calendar_revenue": null, "revenue_runrate_month_end": null, "revenue_runrate_month_start": null, "revenue_last6m_month_end": null, "revenue_last6m_month_start": null, "revenue_months_available": null, "trend_label": null, "trend_ratio_runrate_to_last6m": null, "scenario_multiple": null, "scenario_revenue_12m_usd": null, "scenario_default_multiplier": null, "multiple_runrate_12m": null, "multiple_last6m_annualized": null, "revenue_runrate_12m_usd": null, "revenue_3m_avg_monthly_usd": null, "revenue_last6m_calendar_usd": null, "revenue_last6m_annualized_usd": null, "revenue_1d_usd": 452378, "revenue_7d_usd": 3199075, "revenue_30d_usd": 13469222, "revenue_1y_usd": 207838171, "tvl_7d_pct": 12.932214071663259, "tvl_30d_pct": 6.689026859301165, "revenue_7d_pct": -1.5409460712404617, "revenue_30d_pct": 3.002097027958096, "price_7d_pct": 24.936318037581785, "revenue_surprise_z": 0.27410713209589616, "tvl_surprise_z": 1.7285258674547952, "data_quality": "OK", "label": "TVL_POSITIVE_SURPRISE; TVL_STRONG_POSITIVE_SURPRISE", "market_cap_source": "coingecko_simple_price_free_api", "source_errors": "", "native_source_status": "unavailable", "primary_source": "defillama", "source": "defillama_public_api", "notes": "Sky Lending mapped to SKY; legacy Maker/MKR row intentionally excluded from this dashboard.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null }, { "symbol": "AAVE", "protocol_name": "Aave V3", "crypto_sector": "Lending", "venues": "both", "value_capture_quality": "partial", "tvl_usd": 19207770573, "market_cap_usd": 2153787867.159181, "notes_caveats": null, "data_caveat": null, "value_capture": null, "is_rankable_scenario": null, "is_rankable_runrate": null, "is_rankable_last6m": null, "has_market_cap": null, "has_3m_runrate_revenue": null, "has_last6m_calendar_revenue": null, "revenue_runrate_month_end": null, "revenue_runrate_month_start": null, "revenue_last6m_month_end": null, "revenue_last6m_month_start": null, "revenue_months_available": null, "trend_label": null, "trend_ratio_runrate_to_last6m": null, "scenario_multiple": null, "scenario_revenue_12m_usd": null, "scenario_default_multiplier": null, "multiple_runrate_12m": null, "multiple_last6m_annualized": null, "revenue_runrate_12m_usd": null, "revenue_3m_avg_monthly_usd": null, "revenue_last6m_calendar_usd": null, "revenue_last6m_annualized_usd": null, "revenue_1d_usd": 162707, "revenue_7d_usd": 1141617, "revenue_30d_usd": 5139342, "revenue_1y_usd": 97137634, "tvl_7d_pct": 8.169491877504324, "tvl_30d_pct": 7.105323333646563, "revenue_7d_pct": 6.646959348740873, "revenue_30d_pct": -42.76281537141008, "price_7d_pct": 14.47524803843725, "revenue_surprise_z": -0.18992142229436457, "tvl_surprise_z": 1.7248389498627894, "data_quality": "OK", "label": "TVL_POSITIVE_SURPRISE", "market_cap_source": "coingecko_simple_price_free_api", "source_errors": "", "native_source_status": "unavailable", "primary_source": "defillama", "source": "defillama_public_api", "notes": "Aave protocol fundamentals mapped to AAVE governance token; value capture is indirect.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null }, { "symbol": "LIT", "protocol_name": "Lighter DEX", "crypto_sector": "Derivatives", "venues": "both", "value_capture_quality": "unclear", "tvl_usd": 744525069, "market_cap_usd": 1321172415.101784, "notes_caveats": null, "data_caveat": null, "value_capture": null, "is_rankable_scenario": null, "is_rankable_runrate": null, "is_rankable_last6m": null, "has_market_cap": null, "has_3m_runrate_revenue": null, "has_last6m_calendar_revenue": null, "revenue_runrate_month_end": null, "revenue_runrate_month_start": null, "revenue_last6m_month_end": null, "revenue_last6m_month_start": null, "revenue_months_available": null, "trend_label": null, "trend_ratio_runrate_to_last6m": null, "scenario_multiple": null, "scenario_revenue_12m_usd": null, "scenario_default_multiplier": null, "multiple_runrate_12m": null, "multiple_last6m_annualized": null, "revenue_runrate_12m_usd": null, "revenue_3m_avg_monthly_usd": null, "revenue_last6m_calendar_usd": null, "revenue_last6m_annualized_usd": null, "revenue_1d_usd": 198102, "revenue_7d_usd": 1171189, "revenue_30d_usd": 4645637, "revenue_1y_usd": 61843614, "tvl_7d_pct": 6.17041700715635, "tvl_30d_pct": 27.988321208809385, "revenue_7d_pct": 51.808115253457984, "revenue_30d_pct": -51.72812070528378, "price_7d_pct": 10.715240193937412, "revenue_surprise_z": 0.8430212423078893, "tvl_surprise_z": 1.6940914097435595, "data_quality": "OK", "label": "TVL_POSITIVE_SURPRISE", "market_cap_source": "coingecko_simple_price_free_api", "source_errors": "", "native_source_status": "unavailable", "primary_source": "defillama", "source": "defillama_public_api", "notes": "Lighter parent slug used for DeFiLlama aggregate revenue and TVL; market cap/price mapped to LIT token.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null }, { "symbol": "ENA", "protocol_name": "Ethena USDe", "crypto_sector": "Basis Trading", "venues": "both", "value_capture_quality": "unclear", "tvl_usd": 5318759589.7323, "market_cap_usd": 2129907611.5320427, "notes_caveats": null, "data_caveat": null, "value_capture": null, "is_rankable_scenario": null, "is_rankable_runrate": null, "is_rankable_last6m": null, "has_market_cap": null, "has_3m_runrate_revenue": null, "has_last6m_calendar_revenue": null, "revenue_runrate_month_end": null, "revenue_runrate_month_start": null, "revenue_last6m_month_end": null, "revenue_last6m_month_start": null, "revenue_months_available": null, "trend_label": null, "trend_ratio_runrate_to_last6m": null, "scenario_multiple": null, "scenario_revenue_12m_usd": null, "scenario_default_multiplier": null, "multiple_runrate_12m": null, "multiple_last6m_annualized": null, "revenue_runrate_12m_usd": null, "revenue_3m_avg_monthly_usd": null, "revenue_last6m_calendar_usd": null, "revenue_last6m_annualized_usd": null, "revenue_1d_usd": 35.12, "revenue_7d_usd": 11577.970000000001, "revenue_30d_usd": 14573.410000000002, "revenue_1y_usd": 2892667, "tvl_7d_pct": 3.3583217700671333, "tvl_30d_pct": 21.863316193634812, "revenue_7d_pct": -99.18760120286838, "revenue_30d_pct": -33.371276797571625, "price_7d_pct": 39.101545072383956, "revenue_surprise_z": -0.8904552781973342, "tvl_surprise_z": 1.4908498649134199, "data_quality": "OK", "label": "REV_SEVERE_NEGATIVE_SURPRISE; REV_POSITIVE_CLUSTER; REV_CLIFF_1D; TVL_POSITIVE_SURPRISE; NEGATIVE_FUNDAMENTAL_DIVERGENCE", "market_cap_source": "coingecko_simple_price_free_api", "source_errors": "", "native_source_status": "unavailable", "primary_source": "defillama", "source": "defillama_public_api", "notes": "Ethena fundamentals mapped to ENA; token value capture remains unclear.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null }, { "symbol": "WLFI", "protocol_name": "World Liberty Financial", "crypto_sector": "DeFi", "venues": "both", "value_capture_quality": "unclear", "tvl_usd": 4402214076.06, "market_cap_usd": 1746019506.5520005, "notes_caveats": null, "data_caveat": null, "value_capture": null, "is_rankable_scenario": null, "is_rankable_runrate": null, "is_rankable_last6m": null, "has_market_cap": null, "has_3m_runrate_revenue": null, "has_last6m_calendar_revenue": null, "revenue_runrate_month_end": null, "revenue_runrate_month_start": null, "revenue_last6m_month_end": null, "revenue_last6m_month_start": null, "revenue_months_available": null, "trend_label": null, "trend_ratio_runrate_to_last6m": null, "scenario_multiple": null, "scenario_revenue_12m_usd": null, "scenario_default_multiplier": null, "multiple_runrate_12m": null, "multiple_last6m_annualized": null, "revenue_runrate_12m_usd": null, "revenue_3m_avg_monthly_usd": null, "revenue_last6m_calendar_usd": null, "revenue_last6m_annualized_usd": null, "revenue_1d_usd": 407467, "revenue_7d_usd": 2826525, "revenue_30d_usd": 11363222, "revenue_1y_usd": 123309792, "tvl_7d_pct": 0.9893585355852712, "tvl_30d_pct": 8.816846757568479, "revenue_7d_pct": 1.1734588730722724, "revenue_30d_pct": 16.958152858746164, "price_7d_pct": -6.662688331319405, "revenue_surprise_z": 1.4698664428710935, "tvl_surprise_z": 1.3928323720727367, "data_quality": "OK", "label": "REV_POSITIVE_SURPRISE; REV_POSITIVE_CLUSTER; TVL_POSITIVE_SURPRISE; POSITIVE_FUNDAMENTAL_DIVERGENCE", "market_cap_source": "coingecko_simple_price_free_api", "source_errors": "", "native_source_status": "unavailable", "primary_source": "defillama", "source": "defillama_public_api", "notes": "World Liberty Financial revenue from DeFiLlama; TVL uses DefiLlama USD1 stablecoin circulating supply per Token Terminal WLFI TVL methodology; market cap from token market data.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null }, { "symbol": "AERO", "protocol_name": "Aerodrome V1", "crypto_sector": "Dexs", "venues": "both", "value_capture_quality": "partial", "tvl_usd": 375578716, "market_cap_usd": 676741931.3666459, "notes_caveats": null, "data_caveat": null, "value_capture": null, "is_rankable_scenario": null, "is_rankable_runrate": null, "is_rankable_last6m": null, "has_market_cap": null, "has_3m_runrate_revenue": null, "has_last6m_calendar_revenue": null, "revenue_runrate_month_end": null, "revenue_runrate_month_start": null, "revenue_last6m_month_end": null, "revenue_last6m_month_start": null, "revenue_months_available": null, "trend_label": null, "trend_ratio_runrate_to_last6m": null, "scenario_multiple": null, "scenario_revenue_12m_usd": null, "scenario_default_multiplier": null, "multiple_runrate_12m": null, "multiple_last6m_annualized": null, "revenue_runrate_12m_usd": null, "revenue_3m_avg_monthly_usd": null, "revenue_last6m_calendar_usd": null, "revenue_last6m_annualized_usd": null, "revenue_1d_usd": 408131, "revenue_7d_usd": 1923647, "revenue_30d_usd": 14328260, "revenue_1y_usd": 94407608, "tvl_7d_pct": 13.11766679795806, "tvl_30d_pct": 40.417658082977695, "revenue_7d_pct": 73.8740158822126, "revenue_30d_pct": 68.95077162538085, "price_7d_pct": 23.556200947448595, "revenue_surprise_z": 0.7465898233729157, "tvl_surprise_z": 1.4097289759425184, "data_quality": "OK", "label": "TVL_POSITIVE_SURPRISE; TVL_STRONG_POSITIVE_SURPRISE", "market_cap_source": "coingecko_simple_price_free_api", "source_errors": "", "native_source_status": "unavailable", "primary_source": "defillama", "source": "defillama_public_api", "notes": "Aerodrome revenue mapped to AERO; emissions and ve mechanics make value capture partial.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null }, { "symbol": "CAKE", "protocol_name": "PancakeSwap AMM", "crypto_sector": "Dexs", "venues": "both", "value_capture_quality": "partial", "tvl_usd": 2356257581, "market_cap_usd": 838664224.3258001, "notes_caveats": null, "data_caveat": null, "value_capture": null, "is_rankable_scenario": null, "is_rankable_runrate": null, "is_rankable_last6m": null, "has_market_cap": null, "has_3m_runrate_revenue": null, "has_last6m_calendar_revenue": null, "revenue_runrate_month_end": null, "revenue_runrate_month_start": null, "revenue_last6m_month_end": null, "revenue_last6m_month_start": null, "revenue_months_available": null, "trend_label": null, "trend_ratio_runrate_to_last6m": null, "scenario_multiple": null, "scenario_revenue_12m_usd": null, "scenario_default_multiplier": null, "multiple_runrate_12m": null, "multiple_last6m_annualized": null, "revenue_runrate_12m_usd": null, "revenue_3m_avg_monthly_usd": null, "revenue_last6m_calendar_usd": null, "revenue_last6m_annualized_usd": null, "revenue_1d_usd": 150171.31, "revenue_7d_usd": 1349538.92, "revenue_30d_usd": 7389252.579999999, "revenue_1y_usd": 86419791.46, "tvl_7d_pct": 3.966335616019016, "tvl_30d_pct": 2.01013372876151, "revenue_7d_pct": -13.876795054138375, "revenue_30d_pct": -6.344425365353036, "price_7d_pct": 14.098895913102405, "revenue_surprise_z": -0.45261398551813303, "tvl_surprise_z": 1.302931153732929, "data_quality": "OK", "label": "TVL_POSITIVE_SURPRISE", "market_cap_source": "coingecko_simple_price_free_api", "source_errors": "", "native_source_status": "unavailable", "primary_source": "defillama", "source": "defillama_public_api", "notes": "PancakeSwap fundamentals mapped to CAKE; burn and emission mechanics complicate value capture.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null }, { "symbol": "MET", "protocol_name": "Meteora", "crypto_sector": "Dexs", "venues": "both", "value_capture_quality": "unclear", "tvl_usd": 316534394, "market_cap_usd": 191258479.3160333, "notes_caveats": null, "data_caveat": null, "value_capture": null, "is_rankable_scenario": null, "is_rankable_runrate": null, "is_rankable_last6m": null, "has_market_cap": null, "has_3m_runrate_revenue": null, "has_last6m_calendar_revenue": null, "revenue_runrate_month_end": null, "revenue_runrate_month_start": null, "revenue_last6m_month_end": null, "revenue_last6m_month_start": null, "revenue_months_available": null, "trend_label": null, "trend_ratio_runrate_to_last6m": null, "scenario_multiple": null, "scenario_revenue_12m_usd": null, "scenario_default_multiplier": null, "multiple_runrate_12m": null, "multiple_last6m_annualized": null, "revenue_runrate_12m_usd": null, "revenue_3m_avg_monthly_usd": null, "revenue_last6m_calendar_usd": null, "revenue_last6m_annualized_usd": null, "revenue_1d_usd": 151090, "revenue_7d_usd": 996989, "revenue_30d_usd": 3300287, "revenue_1y_usd": 47589136, "tvl_7d_pct": 6.099675965234126, "tvl_30d_pct": -6.452130952336834, "revenue_7d_pct": 8.634536708824355, "revenue_30d_pct": 77.31278825503749, "price_7d_pct": 67.93022137731454, "revenue_surprise_z": 1.004600986615275, "tvl_surprise_z": -0.3094149217608431, "data_quality": "OK", "label": "REV_POSITIVE_SURPRISE; REV_POSITIVE_CLUSTER", "market_cap_source": "coingecko_simple_price_free_api", "source_errors": "", "native_source_status": "unavailable", "primary_source": "defillama", "source": "defillama_public_api", "notes": "Meteora aggregate protocol revenue from DeFiLlama parent meteora; market cap from DexScreener Solana MET token stable quote pair.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null }, { "symbol": "CVX", "protocol_name": "Convex Finance", "crypto_sector": "Yield", "venues": "both", "value_capture_quality": "partial", "tvl_usd": 593641768, "market_cap_usd": 182392668.76547348, "notes_caveats": null, "data_caveat": null, "value_capture": null, "is_rankable_scenario": null, "is_rankable_runrate": null, "is_rankable_last6m": null, "has_market_cap": null, "has_3m_runrate_revenue": null, "has_last6m_calendar_revenue": null, "revenue_runrate_month_end": null, "revenue_runrate_month_start": null, "revenue_last6m_month_end": null, "revenue_last6m_month_start": null, "revenue_months_available": null, "trend_label": null, "trend_ratio_runrate_to_last6m": null, "scenario_multiple": null, "scenario_revenue_12m_usd": null, "scenario_default_multiplier": null, "multiple_runrate_12m": null, "multiple_last6m_annualized": null, "revenue_runrate_12m_usd": null, "revenue_3m_avg_monthly_usd": null, "revenue_last6m_calendar_usd": null, "revenue_last6m_annualized_usd": null, "revenue_1d_usd": 8017, "revenue_7d_usd": 61553, "revenue_30d_usd": 941596, "revenue_1y_usd": 15958421, "tvl_7d_pct": 4.335341449912343, "tvl_30d_pct": 3.7152299391719255, "revenue_7d_pct": 39.66898954703833, "revenue_30d_pct": -48.277419354838706, "price_7d_pct": 1.9473375595312314, "revenue_surprise_z": -0.496338541528594, "tvl_surprise_z": 0.8310558565606909, "data_quality": "OK", "label": "NEUTRAL", "market_cap_source": "coingecko_simple_price_free_api", "source_errors": "", "native_source_status": "unavailable", "primary_source": "defillama", "source": "defillama_public_api", "notes": "Convex revenue mapped to CVX; value linkage depends on staking and lock dynamics.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null }, { "symbol": "GMX", "protocol_name": "GMX V1 Perps", "crypto_sector": "Derivatives", "venues": "both", "value_capture_quality": "partial", "tvl_usd": 241317833, "market_cap_usd": 84264852.79258563, "notes_caveats": null, "data_caveat": null, "value_capture": null, "is_rankable_scenario": null, "is_rankable_runrate": null, "is_rankable_last6m": null, "has_market_cap": null, "has_3m_runrate_revenue": null, "has_last6m_calendar_revenue": null, "revenue_runrate_month_end": null, "revenue_runrate_month_start": null, "revenue_last6m_month_end": null, "revenue_last6m_month_start": null, "revenue_months_available": null, "trend_label": null, "trend_ratio_runrate_to_last6m": null, "scenario_multiple": null, "scenario_revenue_12m_usd": null, "scenario_default_multiplier": null, "multiple_runrate_12m": null, "multiple_last6m_annualized": null, "revenue_runrate_12m_usd": null, "revenue_3m_avg_monthly_usd": null, "revenue_last6m_calendar_usd": null, "revenue_last6m_annualized_usd": null, "revenue_1d_usd": 35314, "revenue_7d_usd": 253641, "revenue_30d_usd": 1290388, "revenue_1y_usd": 14986569, "tvl_7d_pct": 2.982230788238842, "tvl_30d_pct": 0.24150935326648026, "revenue_7d_pct": -14.801322106685324, "revenue_30d_pct": -48.29878191613961, "price_7d_pct": 11.683751935916579, "revenue_surprise_z": -0.24411703959997638, "tvl_surprise_z": 0.6735109201718199, "data_quality": "OK", "label": "NEUTRAL", "market_cap_source": "coingecko_simple_price_free_api", "source_errors": "", "native_source_status": "unavailable", "primary_source": "defillama", "source": "defillama_public_api", "notes": "GMX protocol revenue mapped to GMX; staking and distribution mechanics need separate validation.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null }, { "symbol": "CARDS", "protocol_name": "Collector Crypt", "crypto_sector": "Consumer", "venues": "both", "value_capture_quality": "unclear", "tvl_usd": null, "market_cap_usd": 155030223.26981577, "notes_caveats": "Collector Crypt fees, protocol revenue, price, market cap, FDV, and volume use the DeFiLlama Collector Crypt (collector-crypt) protocol page and public APIs. DeFiLlama does not publish TVL for this protocol, so TVL remains unavailable and is not treated as a CARDS fundamentals data failure. Holders revenue remains zero until DeFiLlama's buyback-wallet tracking is officially enabled.", "data_caveat": "TVL not published by DeFiLlama for Collector Crypt.", "value_capture": null, "is_rankable_scenario": null, "is_rankable_runrate": null, "is_rankable_last6m": null, "has_market_cap": null, "has_3m_runrate_revenue": null, "has_last6m_calendar_revenue": null, "revenue_runrate_month_end": null, "revenue_runrate_month_start": null, "revenue_last6m_month_end": null, "revenue_last6m_month_start": null, "revenue_months_available": null, "trend_label": null, "trend_ratio_runrate_to_last6m": null, "scenario_multiple": null, "scenario_revenue_12m_usd": null, "scenario_default_multiplier": null, "multiple_runrate_12m": null, "multiple_last6m_annualized": null, "revenue_runrate_12m_usd": null, "revenue_3m_avg_monthly_usd": null, "revenue_last6m_calendar_usd": null, "revenue_last6m_annualized_usd": null, "revenue_1d_usd": 528103, "revenue_7d_usd": 2935440, "revenue_30d_usd": 10168090, "revenue_1y_usd": 86976707, "tvl_7d_pct": null, "tvl_30d_pct": null, "revenue_7d_pct": 87.18825764557428, "revenue_30d_pct": 117.03338703314046, "price_7d_pct": 22.877323034549956, "revenue_surprise_z": 1.1373272698574857, "tvl_surprise_z": null, "data_quality": "COMPLETE", "label": "REV_POSITIVE_SURPRISE; REV_POSITIVE_CLUSTER", "market_cap_source": "coingecko_simple_price_free_api", "source_errors": "", "native_source_status": "active", "primary_source": "defillama", "source": "defillama_public_api", "notes": "Collector Crypt fees, protocol revenue, price, market cap, FDV, and volume use the DeFiLlama Collector Crypt (collector-crypt) protocol page and public APIs. DeFiLlama does not publish TVL for this protocol, so TVL remains unavailable and is not treated as a CARDS fundamentals data failure. Holders revenue remains zero until DeFiLlama's buyback-wallet tracking is officially enabled.", "venicestats_subscription_arr_usd": null, "venicestats_subscription_mrr_usd": null, "venicestats_programmatic_burns_per_day": null, "venicestats_weighted_avg_sub_value_usd": null, "venicestats_active_subs_12m": null } ], "sharpMovers": { "strongest_positive_revenue_surprise": { "symbol": "LDO", "protocol_name": "Lido", "crypto_sector": "Liquid Staking", "revenue_surprise_z": 2.5059221448685354, "tvl_surprise_z": 1.8859421673773153, "tvl_7d_pct": 11.092365472147561, "price_7d_pct": 12.704817462023254, "data_quality": "OK", "label": "REV_POSITIVE_SURPRISE; REV_STRONG_POSITIVE_SURPRISE; REV_POSITIVE_CLUSTER; TVL_POSITIVE_SURPRISE; TVL_STRONG_POSITIVE_SURPRISE", "notes": "Lido protocol fundamentals mapped to LDO; direct value capture is weak." }, "strongest_negative_revenue_surprise": { "symbol": "ENA", "protocol_name": "Ethena USDe", "crypto_sector": "Basis Trading", "revenue_surprise_z": -0.8904552781973342, "tvl_surprise_z": 1.4908498649134199, "tvl_7d_pct": 3.3583217700671333, "price_7d_pct": 39.101545072383956, "data_quality": "OK", "label": "REV_SEVERE_NEGATIVE_SURPRISE; REV_POSITIVE_CLUSTER; REV_CLIFF_1D; TVL_POSITIVE_SURPRISE; NEGATIVE_FUNDAMENTAL_DIVERGENCE", "notes": "Ethena fundamentals mapped to ENA; token value capture remains unclear." }, "strongest_tvl_positive_surprise": { "symbol": "HYPE", "protocol_name": "Hyperliquid Bridge", "crypto_sector": "Bridge", "revenue_surprise_z": 0.3490263508657438, "tvl_surprise_z": 3.244049782969192, "tvl_7d_pct": 14.114314202390258, "price_7d_pct": 17.548031482276475, "data_quality": "OK", "label": "TVL_POSITIVE_SURPRISE; TVL_STRONG_POSITIVE_SURPRISE", "notes": "Hyperliquid protocol data is diagnostic only and does not affect Hyperliquid runtime routing." }, "strongest_tvl_drawdown": { "symbol": "VVV", "protocol_name": "Venice", "crypto_sector": "AI", "revenue_surprise_z": 5.161241500976009, "tvl_surprise_z": null, "tvl_7d_pct": 0, "price_7d_pct": 22.54147101208657, "data_quality": "OK", "label": "REV_POSITIVE_SURPRISE; REV_STRONG_POSITIVE_SURPRISE", "notes": "Venice VVV subscription ARR from VeniceStats public metrics/charts APIs; model uses observed 30d tier mix, current programmatic burns/day, 8% monthly churn, and 12-month retained cohort. DeFiLlama remains only a fallback protocol-revenue source." } }, "notes": [ "Protocol economics snapshot generated mostly from DeFiLlama public API coverage, CoinGecko token market data, and DexScreener fallbacks where needed.", "VVV revenue is sourced from VeniceStats public metrics/charts APIs using observed 30-day tier mix, current programmatic burns/day, 8% monthly churn, and a 12-month retained-cohort subscription ARR model.", "Value capture quality is shown explicitly; protocol revenue is not treated as direct token-holder cash flow unless the source model supports that interpretation.", "Dashboard-only output: no alert, wallet, scheduler, paper-intent, or trade-eligibility effect." ] } }