Valuation frameworks for crypto assets

Exchange Tokens

Venue-linked tokens evaluated through fee pools, volume share, liquidity depth, token capture, and float pressure.

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.

Revenue captureVenue shareLiquidity economics

Class Bubble Map

Static class view of valuation gap and evidence quality.

Exchange Tokens Bubble Map

Static methodology preview. Live data pipeline not yet connected.

Premium to model-implied value Discount to model-implied value Model-implied parity Asset Evidence KCS Exchange Tokens KCS: valuation gap 19%, evidence 64/100 19% 64 CAKE Exchange Tokens CAKE: valuation gap 19%, evidence 64/100 19% 64 HYPE Exchange Tokens HYPE: valuation gap 22%, evidence 64/100 22% 64 OKB Exchange Tokens OKB: valuation gap 14%, evidence 61/100 14% 61 UNI Exchange Tokens UNI: valuation gap 14%, evidence 61/100 14% 61 LEO Exchange Tokens LEO: valuation gap 8%, evidence 58/100 8% 58 CRO Exchange Tokens CRO: valuation gap 8%, evidence 58/100 8% 58 HTX Exchange Tokens HTX: valuation gap 3%, evidence 55/100 3% 55 WBT Exchange Tokens WBT: valuation gap -3%, evidence 52/100 -3% 52 BGB Exchange Tokens BGB: valuation gap -3%, evidence 52/100 -3% 52 JUP Exchange Tokens JUP: valuation gap -3%, evidence 52/100 -3% 52 CVL Valuation Gap
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.

Fee economics

Fee Multiple

Capitalizes fee generation using explicit multiple assumptions.

Model-implied value method Applies a fee multiple range to annualized fees.

Core inputs

annualized feesfee multiplefee quality

Fees and tokenholder capture are separate questions.

Tokenholder capture

Revenue Capture

Assesses how much venue or protocol revenue is economically connected to the token.

Model-implied value method Capitalizes captured revenue after float and policy adjustments.

Core inputs

gross revenuecapture ratefloat adjustment

Revenue linkage can change through governance or venue policy.

Venue position

Volume Market Share

Evaluates share of trading volume or venue activity against comparable platforms.

Model-implied value method Applies share-based valuation bands to venue economics.

Core inputs

spot volumederivatives volumemarket share

Volume share can be incentive-sensitive.

Supply policy

Repurchase / Burn Yield

Measures supply reduction or treasury return mechanics where disclosed.

Model-implied value method Converts burn or repurchase flows into a yield-like adjustment.

Core inputs

burn amountrepurchase flowcirculating float

Mechanics must be verified through source trails.

Liquidity depth

Open Interest / Liquidity

Evaluates exchange-token relevance through liquidity and open-interest depth.

Model-implied value method Applies liquidity depth modifiers to revenue-based model ranges.

Core inputs

open interestliquidity depthvenue concentration

Liquidity metrics can be cyclical and venue-specific.

Supply pressure

Float / Unlock Pressure

Adjusts valuation ranges for unlock schedules and effective float.

Model-implied value method Applies supply-pressure discounts to model ranges.

Core inputs

unlock schedulefloatvesting concentration

Unlock pressure is a risk adjustment, not a valuation model by itself.

Method Ratings

Method confidence reflects evidence quality, source availability, and token-level capture clarity.

Medium confidence

57/100

Revenue linkage

Venue economics can be strong, but token linkage and float structure need explicit source trails.

Medium confidence

63/100

Liquidity and volume evidence

Volume and open interest help, but they are cyclical and venue-specific.

Scenario Simulator

A local assumption shell for testing scenario sensitivity without live data.

Scenario sensitivity

Exchange-token scenario

Model-implied FDV $45.0B

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.

CoinGecko

price, market cap, FDV, supply, and volume

DefiLlama

TVL, fees, revenue, and DeFi volumes

Coin Metrics

BTC-style realized cap, MVRV, and network metrics

Dune or manual source trails

custom on-chain datasets and methodology notes

Asset List

Assets currently mapped to this valuation class.

Asset Class Model coverage Data completeness Tokenholder capture Confidence Link
WBT WhiteBIT Coin Exchange Tokens Medium 50/100 Partial 51/100 Open
HYPE Hyperliquid Exchange Tokens Medium 66/100 Partial 60/100 Open
LEO UNUS SED LEO Exchange Tokens Medium 58/100 Partial 61/100 Open
OKB OKB Exchange Tokens Medium 62/100 Partial 51/100 Open
KCS KuCoin Token Exchange Tokens Medium 50/100 Partial 56/100 Open
BGB Bitget Token Exchange Tokens Medium 54/100 Partial 61/100 Open
HTX HTX DAO Exchange Tokens Medium 58/100 Partial 51/100 Open
CRO Cronos Exchange Tokens Medium 62/100 Partial 56/100 Open
UNI Uniswap Exchange Tokens Medium 50/100 Partial 61/100 Open
CAKE PancakeSwap Exchange Tokens Medium 54/100 Partial 51/100 Open
JUP Jupiter Exchange Tokens Medium 58/100 Partial 56/100 Open