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P2V · On-chain Research

DeFi Revenue & Burn Tracker

Revenue-backed protocols across Ethereum · Base · Solana screened on fully-diluted valuation vs. fee revenue, with graded burn/accrual mechanics. Snapshot June 25, 2026 — deep bear (BTC ~−50% from the Oct-2025 high, sector fees ~−45%), so most revenue prints near a cyclical trough. Multiples shown are deliberately harsh (full dilution × trough revenue).

Protocols screened
16
Cheapest (FDV ÷ run-rate)
BNKR 1.8× · growing
Top burn / accrual
UNI · HYPE · SKY
Best risk-adj. (our take)
SKY ★★★★½
All Ethereum Solana Base Other / multi
Click any column header to sort ↑↓
Token ▼ Chain ▼ FDV ▼ Rev run-rate ▼ Rev trailing ▼ FDV ÷ run ▼ FDV ÷ trail ▼ Burn / accrual ▼ Burn grade ▼ Value grade ▼ Overall ▼

🔥 Burn / accrual grade — does cash reach the token, and how

A+
Active true burn, large. Supply permanently destroyed by a fee-funded engine. Strongest bull-market narrative. UNI, HYPE
A
Active true burn, steady. SKY
B+
High-share buyback (+ burns) / lock→burn. Large automated fee-funded buyback, some burning. CLANKER (~⅔ of fees), JUP
B
Buyback-and-hold, meaningful. Token bought into treasury, not destroyed. AAVE
C+
Buyback-and-hold, smaller / cyclical. PUMP, RAY
C
Real-yield distribution, no burn. Cash paid to stakers (ETH/AVAX); zero supply reduction. GMX
D
Thin / partial buyback. Small or inconsistent fee-to-token loop.
F
No accrual or net inflationary. Governance-only or emissions outpace any sink. AERO, LDO, ENA, JTO, PENDLE, CRV, MORPHO

📉 Value grade — FDV ÷ revenue run-rate (trough)

A
< 8×. Cheap on fully-diluted, trough revenue. PUMP, GMX, SKY
B
8–15×. Reasonable. LDO, CLANKER, AERO
C
15–25×. Full-ish. UNI*, AAVE, JUP
D
25–60×. Expensive / needs revenue recovery. RAY, PENDLE, CRV
F
> 60×. Priced for perfection or no accrual. HYPE, MORPHO*, JTO, ENA

★ Overall (editorial)

Our blended read of cheapness + accrual quality + revenue durability. Not financial advice — a thinking tool, not a target.