Research note · Revenue & valuation

Revenue Meter: what the market pays for $1 of revenue

What the market pays for $1 of revenue: ten protocols from PUMP at 4.6x to LINK at 184.5x, FDV over annualized 30-day revenue, median 36.6x.

Protocols10FDV > $1B
Median36.6xFDV / ann. revenue
Range4.6x-184.5xPUMP to LINK
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Research snapshot · 17 Oct 2026

FDV divided by annualized 30-day revenue for ten crypto protocols
Original graphic by Madaba · Select the image to view it at full size

The ranking

PUMP 4.6x, SKY 10.0x, RAY 15.7x, AERO 17.9x, JUP 32.6x, AAVE 40.7x, LIT 54.3x, UNI 54.5x, HYPE 88.5x, LINK 184.5x.

Method

This first edition used FDV. The November update switched to market cap with a $400M filter, so the two medians are not directly comparable.

Updates since publication

  1. November update with a market-cap based ranking: median 14.1x.

    Read more →

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