Topic · 6 pieces · 1 series
Revenue & valuation
Revenue multiples, launchpad economics and investment cases that compare what protocols earn with what they are valued at.
Data series
All research
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.
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USD.AI: A real lending business. But does $CHIP get any of it?
USD.AI's loan book went from $3M to $311M this year with ~$35-40M in annualized fees. CHIP holders get $0 of it, so far.
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Launchpads: revenue resilience and token valuations
Pons and StonkFun out-earned Pump in September, then lost over 90% of their revenue. Why both became more expensive relative to revenue while PUMP got cheaper.
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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.
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PUMP: The most underpriced cash flow in crypto?
Pump made $474M in revenue over 12 months, second only to Hyperliquid. PUMP traded at 4.9x FDV over 30-day revenue against a peer median of 53.5x.
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PUMP Investment Case: One-Pager
A concise investment case covering PUMP’s revenue, peer valuation, buybacks and three-year scenarios, alongside the assumptions and risks behind the thesis.
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