CURRENT MARKET CAP / QUARTER REVENUE OR FEES × 4
21 compared (c) CryptoValueLab.com
Protocol Fundamentals Radar
Protocol revenue valuation dashboard.
Not investment advice. Do your own research.
- Last refresh
- 13 Nov 2026, 11:19 UTC
- Universe
- AAVE, AERO, CAKE, CARDS, CRV, CVX, ENA, GT, HYPE, JUP, LDO, LIT, MET, MORPHO, PENDLE, PONS, PUMP, RAY, SKY, UNI, VVV, WLFI
RobinHood Chain View HOOD comparison
Daily Valuation Snapshot
Latest complete-week revenue surprise is strongest for $MORPHO and weakest for $SKY; tracked holder-revenue surprise is strongest for $CVX. The largest 7-day TVL drawdown is $SKY. Cheapest on annualized 3-month run-rate revenue: $CARDS (1.0x), $AERO (1.2x), $PUMP (2.4x). Most expensive: $PENDLE (38x), $AAVE (29x), $UNI (27x).
Recent Revenue and TVL Surprises
Revenue surprises compare the latest complete 7-day total with forecasts based only on earlier complete weeks. Protocol revenue and tracked holder revenue use separate histories. TVL drawdown is the observed 7-day change.
Revenue Growth vs Valuation
Compare revenue (ENA/MORPHO: gross fees) or tokenholder capture with its matching 30-day growth. Hover for TVL growth and inputs. VVV has observed capture; its subscription ARR is modeled*.
Observed revenue research Market cap / annual revenue vs 30D revenue / fee growth
Mobile peer view Observed revenue comparisons
Relative to this peer set and the selected revenue scenario. Not a price target.
Revenue Valuation
Ranked by MC / annualized 3M revenue (ENA/MORPHO: gross fees). Holder multiples use 30 complete days annualized; they describe a different economic claim. FDV shows dilution exposure. Open Details for source methods and dates.
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Q3 2026 Valuation Comparison
Switch between current circulating market cap and FDV for crypto, divided by annualized Q3 2026 revenue. HOOD and COIN remain on equity market cap as illustrative listed-equity benchmarks.
Q3 2026 VS Q2 2026 REVENUE
Quarterly revenue growth vs current valuation
Horizontal position is the change in reported quarterly revenue. Vertical position uses current circulating market cap for crypto and current equity market cap for HOOD and COIN, divided by annualized Q3 2026 revenue. Annualizing both quarters would leave the growth rate unchanged.
Revenue contraction Revenue expansion HOOD equity benchmark
Robinhood Chain Coverage
Chain operating metrics, Pons launchpad economics and a separately labelled HOOD equity benchmark. These supplemental rows stay out of the core crypto ranks and observed-revenue research chart until their denominators are comparable.
Fees are user-paid amounts; retained revenue and tracked holder distributions are separate. HOOD revenue is consolidated company revenue, not Robinhood Chain revenue. Other reviewed launchpads remain outside this release until their revenue definitions and token identities are independently verified.
Research Validation
Factor observations are not a proven trading edge.
Not available: historical source-publication times, first-tradable timestamps, matched point-in-time prices, costs and out-of-sample validation are not established. Revised revenue histories cannot establish a tradable historical edge.
Local append-only snapshots record economic period end and ingestion time for prospective research. Source publication and first-tradable times remain unavailable. No historical return, confidence interval or entry/exit rule is claimed.
Before any event-study conclusion: establish publication availability, point-in-time prices, BTC/ETH/sector benchmarks, 1/3/7/14/30-day horizons, liquidity, trading costs, and an untouched out-of-sample test.
Methodology
ENA & MORPHO · gross-fee valuation methodology
ENA and MORPHO use observed gross fees for valuation, trend, pulse and growth. All other observed crypto rows use protocol revenue; VVV uses modeled ARR. These bases measure different economic claims.
ENA uses Ethena daily fees, including yield distributed to sUSDe holders. MORPHO uses Morpho Blue daily fees: borrower interest and liquidation fees, primarily paid to suppliers and liquidators. Gross fees are neither retained protocol revenue nor tokenholder earnings.
Daily updates recalculate every fee-based metric from complete daily observations. The main table annualizes the latest three complete months; the matched-quarter chart uses that quarter’s fees × 4. MC/FDV selects the numerator. Growth compares consecutive complete periods on the same fee basis. Incomplete required fee history stops publication.
Source methods: Ethena adapter · Morpho adapter · Morpho governance and fee switch.
Tokenholder capture · comparable daily windows
Latest 30 complete UTC days versus the preceding 30 complete days. Current UTC day excluded. Missing days are unavailable; observed zero remains zero. Zero prior capture makes growth unavailable.
Source-tracked tokenholder buybacks, revenue-funded burns and distributions. Mechanisms differ by protocol; consult each source methodology. Annualized capture is the 30D total multiplied by 365/30, not a forecast. Modeled subscription ARR and TVL are separate metrics.
MC / capture and FDV / capture divide the market-cap or fully diluted valuation snapshot by annualized capture. Growth compares the latest complete 30-day total with the preceding complete 30-day total. A zero current total is shown as $0; zero capture has no meaningful multiple. Missing history is unavailable. The daily protocol refresh recalculates these fields from each linked DeFiLlama dailyHoldersRevenue source.
VVV uses tracked buybacks and burns from DeFiLlama's Venice series. Its adapter methodology excludes gross subscription sales. VVV's modeled subscription ARR, signup momentum and staking metrics remain supplementary. TVL is unavailable for VVV.
VVV* · Venice: modeled revenue
The asterisk identifies modeled subscription ARR, not reported sales or observed historical revenue. VVV remains in the main valuation table with this disclosure.
Inputs come from VeniceStats and its public charts API: the observed 30-day Pro/Pro+/Max subscription tier mix and current programmatic burns per day. The model assumes 8% monthly churn and a 12-month retained cohort. Values use the same refreshed VeniceStats data as the table.
Modeled subscription ARR: $193.0M · MC / modeled ARR: 4.8x. Historical subscription receipts and TVL are unavailable.
Tracked holder revenue / burns over 30 complete days: $1.1M. This is separate from modeled subscription ARR. Holder revenue source.
VVV's 3M trend and 7D pulse measure tier-weighted subscription signup momentum, not revenue growth. VVV appears in tokenholder-capture comparisons using observed burns. Charts requiring historical subscription receipts leave VVV unplotted until that history is available.
This dashboard separates actual trailing revenue from observed run-rate revenue and user-controlled scenarios. Most protocol revenue, TVL, and token market-cap data comes from DeFiLlama public API coverage, CoinGecko token market data, and DexScreener fallbacks where needed. Last6Months revenue is the last 6 full calendar months of protocol revenue. The Last6Months multiple annualizes that six-month total before comparing it with market cap. Run-rate revenue is the average of the last 3 full calendar months annualized. VVV uses the modeled ARR described above. The 7D revenue pulse annualizes the latest 7 days of revenue and compares it with Last6Months annualized revenue so sudden changes are visible before they enter the 3M run-rate. Scenario revenue applies the selected next-12M sensitivity to the current run-rate. These are protocol-level and modeled subscription-revenue metrics and may not equal tokenholder cash flow. VVV's trend and pulse instead measure modeled subscription signup momentum from VeniceStats: daily tier-weighted signups averaged over 90 and 7 completed days, each compared with the trailing 180-day average. These percentages describe signup flow, not reported revenue growth or a change in modeled ARR; the current UTC day is excluded. Value-capture labels and quality flags should be considered before interpreting a low revenue multiple as cheap. Robinhood Chain and Pons are shown in a supplemental operating view while their history is still short; HOOD is a separately labelled listed-equity benchmark.