Neutral
Bitcoin (BTC)
Bitcoin / Ethereum / XRP stale claims refreshed
Multiple stale claims on BTC, ETH, and XRP research pages corrected against current audit data.
Changelog · April 17, 2026
8 research updates published. Positive: 2 · Negative: 0 · Neutral: 6.
Neutral
Uniswap (UNI)
Uniswap: eligible market cap vs protocol TVL clarified
Uniswap research page now distinguishes between eligible market cap (the ERM denominator) and protocol TVL (a separate operational figure) to prevent false staleness-audit flags and accidental comparison mistakes.
Neutral
Chainlink (LINK)
Chainlink: $95B figure clarified as cumulative (lifetime) TVS
Chainlink research page clarified that the $95B figure cited is cumulative (lifetime) Total Value Secured, not a current TVS snapshot. Sourcing added to prevent future misreads.
Positive
Jupiter (JUP)
Jupiter Perps Efficiency chart: #3 in fees from only 3 assets
New chart quantifying Jupiter's capital efficiency on its perps product. Ranks #3 in fees globally among perps venues despite offering only 3 tradable assets. Revenue-per-asset efficiency is a legitimate differentiator for the JUP thesis.
Neutral
Hyperliquid (HYPE)
Hyperliquid TVL, Open Interest, and market count refreshed
Stale Hyperliquid operational figures corrected to current values.
Neutral
Maker / Sky (MKR)
Maker/Sky TVL + stablecoin supply refreshed
Stale Maker/Sky TVL and USDS supply numbers corrected to current DefiLlama values.
Neutral
Aave (AAVE)
Aave TVL refreshed to current DefiLlama values
Stale TVL claims on the Aave research page corrected to current DefiLlama numbers. Part of the April 17 staleness-audit triage.
Positive
Framework
ERM Valuation
ERM Valuation framework launched
New TokenIntel-original Eligibility-Adjusted Revenue Multiple (ERM) framework. Corrects two errors standard crypto P/S ratios make: using full circulating supply as the denominator when only a subset is eligible for cashflow, and using gross protocol revenue when most doesn't reach holders. Live ERM snapshots on 6 research pages (AERO, UNI, HYPE, AAVE, JUP, PENDLE). Zero-cashflow warnings on 4 pages (LDO, MORPHO, ENA, SKY).