DeFi Fundamentals
Revenue, value capture & valuation metrics compared across protocols. Apples-to-apples P/S ratios, holder revenue and fee switch analysis.
| Protocol | Category | MCap | MC/FDV | Rev (Ann.) | Holder Rev | P/S (Holder) | Yield | Accrual | Fee Switch | Value Capture | Momentum |
|---|
Value Capture Profiles
Methodology
Protocol Revenue = fees that flow to the protocol (not LPs). Source: DefiLlama API trailing 30-day data, annualized (x12).
Holder Revenue = the subset of protocol revenue that directly benefits token holders through buybacks, burns, or dividends. This excludes treasury accumulation, LP rewards, and emissions.
P/S Ratio (Holder) = Market Cap / Annualized Holder Revenue. Lower = cheaper relative to cash flows to holders. Protocols with no holder revenue show "--".
MC/FDV = Circulating Market Cap / Fully Diluted Valuation. Higher = less future dilution risk. Green above 80%, yellow 40-80%, red below 40%.
Holder Yield = Annualized Holder Revenue / Market Cap. Represents the implied yield if you bought the token at current prices.
Accrual Ratio = Holder Revenue / Protocol Revenue. Measures what percentage of protocol revenue flows to token holders through buybacks, burns, staking rewards, or direct distributions. Higher = better alignment.
TradFi Benchmarks = P/S ratios of traditional financial companies shown as reference points on the scatter chart. Updated periodically from public market data. Hover any P/S value in the table to see how it compares to the nearest TradFi comp.
Fee Growth (WoW) = Week-over-week change in total protocol fees. Positive = growing demand for the protocol.
TVL Growth (WoW) = Week-over-week change in Total Value Locked. Positive = capital inflows. Used as proxy for user activity.
Momentum = Composite score: 60% fee growth + 40% TVL growth. Accelerating (>+5%), Stable (-5% to +5%), Decelerating (<-5%). Source: DefiLlama API, updated daily.
The fundamental valuation approach used on this page is validated by Artemis's institutional Crypto Factor Model. Their Value Factor — which ranks tokens by MC/Fees ratio (the same metric shown above as P/S) — returned +10.9% in February 2026 while the broad crypto market fell -23.5%. Protocols that generate strong fee revenue relative to their market cap consistently outperform during risk-off periods when speculative assets sell off disproportionately.
Source: Artemis Big Fundamentals, March 2026. Factor model covers 5 systematic factors across 40+ tokens since Jan 2025.