Research note · Revenue & valuation

Top onchain protocols by revenue multiple: November update

Eleven tokens ranked by market cap over annualized 30-day revenue, from PUMP at 2.7x to LINK at 163.3x, with a median of 14.1x and the biggest revenue movers.

Protocols11mcap > $400M
Median14.1xmcap / ann. revenue
Range2.7x-163.3xPUMP to LINK
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Research snapshot · 3 Nov 2026

Ranking of onchain protocols by market cap divided by annualized 30-day revenue, 3 November 2026
Original graphic by Madaba · Select the image to view it at full size

The ranking

PUMP 2.7x, AERO 5.2x, SKY 9.4x, ETHFI 12.4x, LIT 13.7x, CAKE 14.1x, JUP 17.6x, HYPE 25.7x, AAVE 32.4x, UNI 45.6x and LINK 163.3x. The median multiple was 14.1x.

Revenue momentum

Comparing the last 30 days with the 12-month average, UNI (+56%) and PUMP (+49%) had the strongest revenue growth. JUP (-36%), AAVE (-32%) and CAKE (-29%) saw the largest declines.

Method

The universe starts from the top 40 protocols by 30-day revenue on DefiLlama, keeps those with a tradable token and a market cap above $400M (CoinGecko), and excludes stablecoin issuers and chains. The multiple uses total protocol revenue, not holder revenue or buybacks. How much of that revenue reaches each token differs a lot, which is the subject of a separate buyback analysis.

Sources & related reading

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