FDV / Fees
Compares fully diluted value with annualized fees.
Model-implied value method Applies a fee multiple range to protocol fees.
Core inputs
FDVannualized feesfee multiple
Fees may not accrue to tokenholders.
Valuation frameworks for crypto assets
DeFi Primitives
Protocol assets evaluated through fees, protocol revenue, TVL efficiency, utilization, treasury value, and tokenholder capture.
Static methodology preview. Live data pipeline planned. Not investment advice.
Valuation Framework Categories
The model set is selected for the economic behavior of this asset class.
Protocol revenueCapital efficiencyTokenholder capture
Class Bubble Map
Static class view of valuation gap and evidence quality.
DeFi Bubble Map
Static methodology preview. Live data pipeline not yet connected.
X-axis: Composite Model-Implied FDV / Actual FDV - 1 Row labels keep every asset visible; evidence score is shown at right Size: FDV or market cap Border: method confidence Opacity: data completeness
Models & Implied Value
Each model states what it measures and where its confidence breaks down.
FDV / Protocol Revenue
Capitalizes protocol revenue where revenue definitions are sourceable.
Model-implied value method Applies a revenue multiple range to protocol revenue.
Core inputs
protocol revenuerevenue multiplecapture policy
Definitions vary across data vendors.
TVL Efficiency
Relates revenue and usage to capital locked in the protocol.
Model-implied value method Scores revenue per unit of TVL and converts it into a model adjustment.
Core inputs
TVLfeesprotocol revenueutilization
High efficiency can reflect higher risk or incentives.
Utilization Model
Models value through lending, liquidity, or protocol utilization.
Model-implied value method Applies utilization scenarios to revenue capacity.
Core inputs
utilizationspreadsliquidity depth
Utilization should be risk-adjusted.
Tokenholder Capture
Tests whether protocol activity translates into token-level economics.
Model-implied value method Applies a tokenholder capture rate to protocol economics.
Core inputs
protocol revenuecapture rategovernance policy
Weak capture can make strong protocol metrics less relevant.
Treasury / Option Value
Assesses treasury assets and governance option value.
Model-implied value method Adds discounted treasury and option components to operating models.
Core inputs
treasurystrategic optionsgovernance rights
Option value is subjective and should stay scenario-based.
Method Ratings
Method confidence reflects evidence quality, source availability, and token-level capture clarity.
Scenario Simulator
A local assumption shell for testing scenario sensitivity without live data.
Scenario sensitivity
DeFi protocol scenario
Model-implied FDV $18.0B
Static methodology preview. Changes here recompute a local scenario number only.
Source Trail
Planned source families for turning this framework into a data-backed dashboard.
Asset List
Assets currently mapped to this valuation class.
Asset Class Model coverage Data completeness Tokenholder capture Confidence Link