Series · Revenue & valuationEvery two weeks · next update 17 Nov 2026

Top onchain protocols by revenue multiple

What the market pays for a dollar of protocol revenue. Top onchain protocols by revenue, ranked by market cap over annualized 30-day revenue.

All editions

  1. Market cap based, 11 protocols
    Protocols11mcap > $400M
    Median14.1xmcap / ann. revenue
    Range2.7x-163.3xPUMP to LINK

    UNI (+56%) and PUMP (+49%) had the strongest revenue momentum, JUP, AAVE and CAKE the weakest. From this edition on the ranking uses market cap instead of FDV.

    Top onchain protocols by revenue multiple, 3 November 2026
    Read the note →Original post on X ↗
  2. FDV based, 10 protocols
    Protocols10FDV > $1B
    Median36.6xFDV / ann. revenue
    Range4.6x-184.5xPUMP to LINK

    The first edition, ranked by FDV. Because of the method change, its median is not directly comparable with later editions.

    Revenue Meter: FDV over annualized 30-day revenue for ten protocols, 17 October 2026
    Read the note →Original post on X ↗

Latest edition as a table (3 Nov 2026)

#TokenMcap / revenueFDV / revenueMomentum
1PUMP
2.7x
4.8x+49%
2AERO
5.2x
13.6x+2%
3SKY
9.4x
9.4x−16%
4ETHFI
12.4x
12.4x+6%
5LIT
13.7x
53.7x+1%
6CAKEMedian
14.1x
14.6x−29%
7JUP
17.6x
36.4x−36%
8HYPE
25.7x
102.0x+17%
9AAVE
32.4x
33.5x−32%
10UNI
45.6x
66.6x+56%
11LINK
163.3x
213.0x−11%

Annualized 30-day total protocol revenue (DefiLlama), market cap and FDV from CoinGecko, 3 Nov 2026. Revenue momentum = last 30 days vs the 12-month average. Total revenue, not holder revenue.