Valutazione

Multipli di valutazione

Rapporti standardizzati tra il valore di un asset e ciò che produce. Sono costruiti nello stesso modo per ogni asset in modo da consentire il confronto — ma non sono multipli azionari, e le differenze non sono superficiali.

Leggi questo prima della tabella. Un token non è un'azione. Non esiste un'entità consolidata, né bilanci certificati, né alcun diritto esigibile su flussi di commissioni. La ripartizione delle commissioni di un protocol è una scelta di governance modificabile tramite votazione. La capitalizzazione di mercato dipende da un dato di supply circolante spesso autodichiarato. Ogni rapporto qui è un confronto di scala tra due dati pubblicati — niente di più, e mai un'indicazione che un asset sia economico o costoso. La sezione valuation track spiega ciascuna nel dettaglio →

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#	Asset	Market cap	MC / commissioni	MC / ricavi	FDV / commissioni	FDV / ricavi	MC / TVL	MC per indirizzo	Rendimento commissioni	Rendimento dei ricavi	Rendimento per i holder	Diluizione futura
1	RainRAIN	$6.54B	1,919,738×	—	3,092,156×	—	398.11×	—	0.00%	0.00%	0.00%	61.1%
2	UniswapUNI	$4.56B	3.2×	40.7×	4.6×	57.8×	1.16×	—	30.94%	2.46%	2.46%	42.0%
3	BitwayBTW	$3.69B	706.6×	2,725×	4,692×	18,099×	94.63×	—	0.14%	0.04%	—	564.1%
4	EthenaENA	$2.55B	11.6×	3,628×	13.0×	4,059×	0.49×	—	8.61%	0.03%	—	11.9%
5	AaveAAVE	$2.38B	5.0×	38.4×	5.2×	39.8×	0.13×	—	19.89%	2.60%	—	3.7%
6	MorphoMORPHO	$1.70B	6.3×	—	9.0×	—	0.15×	—	15.81%	—	—	42.6%
7	JupiterJUP	$963.70M	4.5×	15.5×	9.4×	32.0×	0.39×	—	22.08%	6.46%	3.22%	106.7%
8	LighterLIT	$766.44M	10.6×	12.9×	42.6×	51.8×	1.06×	—	9.39%	7.73%	4.35%	300.0%
9	RaydiumRAY	$488.23M	1.3×	7.8×	2.6×	16.0×	0.42×	—	77.74%	12.88%	7.64%	105.6%
10	Falcon FinanceFF	$345.46M	129.7×	—	388.1×	—	0.20×	—	0.77%	—	—	199.1%
11	Lido DAOLDO	$322.06M	0.5×	8.2×	0.6×	9.9×	0.01×	—	197.43%	12.16%	8.56%	20.5%
12	Sun TokenSUN	$318.36M	28.0×	605.8×	28.9×	627.2×	0.48×	—	3.58%	0.17%	0.12%	3.5%
13	MeteoraMET	$189.55M	0.3×	2.7×	0.6×	4.8×	0.68×	—	318.25%	37.29%	4.46%	78.6%
14	Convex FinanceCVX	$182.51M	6.1×	15.9×	6.6×	17.1×	0.32×	—	16.38%	6.29%	5.96%	7.3%
15	AnvilANVL	$178.39M	—	—	—	—	11.44×	—	—	—	—	13.5%
16	1INCH1INCH	$129.51M	166.5×	770.0×	177.7×	821.8×	40.83×	—	0.60%	0.13%	—	6.7%
17	OrcaORCA	$107.69M	1.0×	7.5×	1.2×	9.2×	0.37×	—	102.85%	13.37%	4.94%	23.4%
18	CapCAP	$105.64M	18.4×	21,659×	117.7×	138,837×	0.49×	—	5.44%	0.00%	—	541.0%
19	edgeXEDGE	$102.49M	2.7×	3.7×	7.7×	10.7×	1.72×	—	36.96%	26.78%	7.27%	185.7%
20	SoSoValueSOSO	$101.07M	3.6×	3.6×	10.5×	10.5×	0.57×	—	27.83%	27.87%	—	192.4%
21	Nexus MutualNXM	$97.50M	52.2×	104.4×	52.2×	104.4×	0.99×	—	1.92%	0.96%	0.96%	0.0%
22	KinetiqKNTQ	$95.50M	4.2×	24.4×	13.5×	77.3×	0.11×	—	23.54%	4.10%	1.67%	217.5%
23	GMXGMX	$90.54M	1.1×	1.6×	1.1×	1.6×	0.20×	—	88.90%	63.31%	54.01%	0.0%
24	USD.AICHIP	$84.15M	1.6×	15.8×	7.9×	78.8×	0.33×	—	63.47%	6.35%	—	400.0%
25	NumeraireNMR	$83.70M	—	—	—	—	32,779×	—	—	—	—	47.9%
26	CoW ProtocolCOW	$73.95M	3.1×	5.5×	5.3×	9.5×	—	—	32.66%	18.24%	—	74.1%
27	AmpAMP	$68.27M	—	—	—	—	54.56×	—	—	—	—	11.1%
28	o1.exchangeO	$67.92M	7.4×	12.8×	46.3×	80.0×	—	—	13.50%	7.81%	—	525.0%
29	Flying TulipFT	$67.02M	36.8×	41.3×	39.1×	43.9×	4.54×	—	2.72%	2.42%	—	6.2%
30	SushiSUSHI	$62.35M	8.9×	16.6×	9.1×	16.9×	0.63×	—	11.22%	6.03%	0.18%	1.7%
31	BabylonBABY	$59.44M	—	—	—	—	253.84×	—	0.00%	—	—	124.8%
32	OREORE	$55.65M	1.3×	1.3×	1.3×	1.3×	—	—	75.23%	75.23%	74.48%	0.0%
33	DeepBookDEEP	$50.58M	2,825×	6,264×	11,302×	25,055×	683.96×	—	0.04%	0.02%	—	300.0%
34	Huma FinanceHUMA	$48.51M	1.4×	—	7.9×	—	0.12×	—	73.15%	—	—	476.9%
35	VVS FinanceVVS	$39.58M	14.1×	45.9×	30.7×	100.2×	0.43×	—	7.11%	2.18%	1.29%	118.4%
36	Main Street YieldMSY	$38.51M	12.2×	122.1×	12.2×	122.1×	—	—	8.19%	0.82%	—	0.0%
37	BaselineB	$38.27M	—	—	—	—	21.37×	—	—	—	—	67.0%
38	VerantaAVNT	$38.20M	3.6×	—	10.2×	—	1.64×	—	27.51%	—	—	181.3%
39	STONSTON	$36.41M	10.3×	51.5×	14.7×	73.1×	1.52×	—	9.67%	1.94%	—	41.9%
40	ElexiumEX	$34.51M	—	—	—	—	733.69×	—	—	—	—	0.0%
41	Tornado CashTORN	$34.02M	4.2×	6.4×	8.8×	13.4×	0.05×	—	23.61%	15.56%	15.56%	108.7%
42	LABLAB	$33.89M	38.7×	—	49.9×	—	—	—	2.58%	—	—	28.9%
43	MangoMNGO	$33.56M	—	—	—	—	2,266×	—	—	—	—	347.4%
44	UnitasUP	$30.61M	—	—	—	—	0.53×	—	—	—	—	363.0%
45	Bancor NetworkBNT	$30.24M	71.3×	720.2×	71.3×	720.2×	1.18×	—	1.40%	0.14%	0.14%	0.0%
46	EulerEUL	$27.89M	1.3×	29.9×	1.5×	33.8×	0.09×	—	74.74%	3.35%	0.00%	13.1%
47	MomentumMMT	$27.27M	32.6×	163.2×	159.9×	799.8×	7.29×	—	3.06%	0.61%	—	390.0%
48	DefinitiveEDGE	$26.85M	4.5×	4.5×	16.6×	16.6×	—	—	22.17%	22.17%	4.43%	268.1%

annualizzato dagli ultimi 30 giorni trailing; capitalizzazione point-in-time site calculation from CoinGecko and DeFiLlama inputs observed 18 Oct 2026 07:04 UTC

Cosa rappresenta ogni rapporto, e dove cede

Market Cap / Annualized Fees Compares a token's market value with the fees users paid to the network over a year. Providers disagree on what a fee is: priority tips and maximal extractable value are counted by some and excluded by others, and front-end interface fees taken by a separate company are usually invisible entirely. Assets that charge almost… annualized from trailing 30 days

Market Cap / Annualized Revenue Market value divided by the share of yearly fees the protocol keeps rather than paying out. The split between fees and revenue is a modeling choice, not an observation, and providers draw it in different places for the same protocol, so two reputable sites can differ by a multiple on the same token. The cost of earning that… annualized from trailing 30 days

FDV / Annualized Fees Like the market cap version, but values every token that will ever exist at today's price. There is no single definition of fully diluted supply: some providers use the coded maximum, some use current total supply, and some use supply after all published vesting completes, so the same token can carry three different FDVs. Assets… annualized from trailing 30 days

FDV / Annualized Revenue Fully diluted market value divided by the yearly fee income the protocol retains. Both inputs are estimates, so the errors compound: a provider that defines fully diluted supply generously and revenue narrowly will report a multiple several times another provider's for the identical protocol. Projects still distributing… annualized from trailing 30 days

Market Cap / TVL Compares a token's market value with the value of assets currently deposited in its contracts. Total value locked double-counts routinely: ether staked through a liquid staking provider produces a receipt token, which is deposited into a lending market, borrowed against, and redeposited, and each leg can be counted. Because it is… point-in-time

FDV / TVL Fully diluted market value divided by the value of assets deposited in the protocol. It inherits every problem of both inputs at once: recursive double-counting in deposits and an undefined or provider-specific diluted supply. Protocols that attracted deposits with token emissions are the common case here, and those same… point-in-time

Market Cap per Active Address Market value divided by the number of addresses that sent or received anything recently. Addresses are not users in either direction: one person can generate an unlimited number of addresses for free, while a single exchange deposit address can serve millions of customers whose trades never touch the chain. Rollups, batching… point-in-time value over trailing 30 days of activity

Fee Yield Total yearly fees paid by users, expressed as a percentage of the token's market value. Gross fees include amounts that never accrue to the protocol or to token holders in any form, so a high figure can coexist with a protocol that retains nothing. Fees paid to validators or liquidity providers are compensation for a cost… annualized from trailing 30 days

Network Revenue Yield Yearly protocol revenue expressed as a percentage of the token's market value. Nothing is distributed in the great majority of cases, so the figure describes revenue that stays with a treasury, with validators, or is destroyed by a burn mechanism rather than paid out. Where value does reach holders it arrives as… annualized from trailing 30 days

Holder Revenue Yield The share of fee income that actually reaches token holders, as a percentage of market value. A burn reaches holders only as a proportional supply reduction, and it can be entirely offset by issuance elsewhere in the same protocol, which this figure does not net off. Fee distributions to stakers are received only by tokens that are… annualized from trailing 30 days

Dilution overhang How much larger fully diluted valuation is than market capitalization. Fully diluted valuation prices tokens that do not yet trade at the price of tokens that do, which is an assumption, not a measurement. For assets with very long emission schedules the arithmetic is close to meaningless. point-in-time

NVT (Network Value to Transactions) Network value divided by the daily value moved on-chain, smoothed over about three months. The denominator counts change outputs, self-transfers, and exchange rebalancing as settlement, and the adjustment heuristics used to remove them differ enough between providers that NVT values from two sites are not comparable. The measure… point-in-time value over a smoothed 90-day denominator

Multipli di valutazione

Cosa rappresenta ogni rapporto, e dove cede

Asset

Fondamentali

Valuation & risk

Istituzionale

Impara

Informazioni

Legale