16 of 251 pass
Real revenue, low price to sales band
Which crypto tokens earn real revenue and score well on price to sales?
Scoring pass 11 Jun 2026. Market snapshot 15 Aug 2026.
Pass
16
6% of 251
Median score
156.5/250
range 125 to 193
Best
193/250
HYPE
Smallest that passes
$571.6M
LIT
01
What this screen asks
Protocol Revenue 6 or better and P/S Multiple 6 or better. Both are 1-to-10 bands scored against the rated universe, not absolute figures, so a 6 on P/S means cheap relative to the set rather than below any particular multiple.
Revenue alone finds the big protocols and the ratio alone finds the broken ones. Together they find the narrow set that earns money and is not already priced for it. Read the band as a ranking against peers, and check the protocol's own reported revenue before treating it as a valuation.
02
The 16 that pass
Ranked by composite score, not by how far each one clears the filter. A token near the bottom of this table still passes, so read the score column rather than the order alone.
| # | Token | Score | Verdict | Market cap | Thesis |
|---|---|---|---|---|---|
| 1 | HYPEHyperliquid | 193 | HOLD CORE | $12.60B | 3 ETFs live (THYP, BHYP, HYPG, about $253M combined AUM). About $600M annualised revenue after four straight quarterly declines, with builder fees now taking 18% of gross before buybacks. about 32% to 37% DEX perps share, down from roughly 70% in 2025. But closed-source, FCA warning, 22% circ. |
| 2 | WSTETHWrapped Lido Staked ETH | 185 | HOLD CORE | $8.72B | Lido's wrapped staked ETH, the DeFi collateral standard with about $17.7B TVL and native yield; dominant LST by every metric |
| 3 | GEODGEODNET | 169 | HOLD | $84.9M | Revenue not declining: Q2 2026 $2.59M (+48% QoQ). ARR $7.3-9.5M. 80% burn Foundation-controlled (governance, not smart contract). ATH $0.3746 not $0.43. 20K+ stations, 150+ countries. P/S 9.9-14.4x (expensive vs Helium 3.1x). Deflationary crossover approaching post-Jun 2026 halving. |
| 4 | SYRUPMaple Finance | 168 | HOLD | $177.2M | Institutional private-credit leader with a record ~$2B loan book, a Kraken on-chain warehouse (Jun 25) and a Revolut listing (Apr 30, UK/EU). But the 1.6x price-to-fees pitch uses gross fees; the token keeps ~$12-13M revenue, so it trades ~14x. Core Foundation dispute settled in May 2026. |
| 5 | COWCoW Protocol | 167 | HOLD | $58.9M | Intent-based batch auction DEX. $87B vol 2025. P/S 3.1x. Net deflationary. Vesting complete. |
| 6 | ETHFIEther.fi | 162 | HOLD | $436.5M | $7.8B TVL on $350M mcap (22x TVL/MC). $50M buyback active. 84% circ. 250M token releases ahead. |
| 7 | CBETHCoinbase Wrapped Staked ETH | 158 | HOLD | $352.7M | Coinbase's centralized ETH liquid staking token; simplest onramp but carries custodial risk and Coinbase counterparty exposure |
| 8 | AEROAerodrome Finance | 157 | HOLD | $393.1M | Base's dominant DEX capturing ~60% of chain volume with real fee revenue and veAERO flywheel locking supply |
| 9 | AAVEAave | 156 | HOLD | $1.34B | KelpDAO $190-230M bad debt, 3 core team departures (ACI/BGD/Chaos), buybacks paused. But $142M rev, 55-63% share, V4+Umbrella live, SEC cleared. |
| 10 | JUPJupiter | 151 | HOLD | $561.4M | S39 validated: Solana's DeFi superapp. 93.6% aggregator share, $2.9B TVL. Revenue declining -78% but net-zero emissions + vesting done. |
| 11 | FLUIDFluid (Instadapp) | 145 | CAUTIOUS HOLD | $94.8M | Unique Smart Collateral/Debt DeFi primitive (39x capital efficiency). $12.66M rev trailing but $5.6M current run rate (declining -63%). Buybacks halted post-Resolv ($21M bad debt). TVL -92% from peak. P/S 6.8x trailing / 15.4x current. Zero inflation, 78.7% circ. Top-tier VCs (Pantera, Naval, Coinbase). 55% stablecoin swap share. |
| 12 | SKYSky (formerly Maker) | 141 | CAUTIOUS HOLD | $1.20B | Validated: DeFi revenue leader ($246M net, P/S 5.4x) but headline '$435M' is gross before $165M SSR payouts. Buybacks slashed 87% until ~Nov 2026. Net inflationary 4.4%/yr. TVL declining $7.5B→$6.0B. S&P B-. #3 stablecoin ($12.9B). Revenue real but token value accrual IMPAIRED. |
| 13 | KMNOKamino Finance | 138 | CAUTIOUS HOLD | $97.5M | S38 validated: #1 Solana lending, $3.2B TVL, $14.3M rev, but zero value accrual to KMNO. Excellent protocol, worthless token. |
| 14 | RAYRaydium | 129 | CAUTIOUS HOLD | $168.9M | Cyclical memecoin infrastructure. Revenue collapsed 76% from peak. PumpSwap forking the model. |
| 15 | TRXTRON | 125 | CAUTIOUS HOLD | $31.59B | USDT settlement network with massive stablecoin volume. Real revenue but Justin Sun legal issues and centralized governance are persistent overhangs. |
| 16 | LITLighter | 125 | WATCH | $571.6M | ZK perp DEX, up sharply this week to a $534M cap. But farming revenue fell ~70% to ~$26-30M annualized, so P/S re-rated to a rich ~18-20x. New Jul 2026 buyback-and-burn + 6% staking target vs a Dec 2026 cliff that vests 50% of supply at ~13.9M LIT/month. |
Scores come from the research pass dated 11 Jun 2026 and do not move with price. Market capitalisation is from the snapshot fetched 15 Aug 2026.
03
Common questions
- Which crypto tokens earn real revenue and score well on price to sales?
- 16 of 251 rated tokens pass. Hyperliquid (HYPE), Wrapped Lido Staked ETH (WSTETH), GEODNET (GEOD), Maple Finance (SYRUP), CoW Protocol (COW) lead on composite score.
- How is this screen defined?
- Protocol Revenue 6 or better and P/S Multiple 6 or better. Both are 1-to-10 bands scored against the rated universe, not absolute figures, so a 6 on P/S means cheap relative to the set rather than below any particular multiple. Every variable is scored 1 to 10 against the same definition applied to all 251 rated tokens, and higher is always better.
- Does passing this screen mean a token is a buy?
- No. It means the token clears one filter on fundamentals as recorded at the scoring pass on 11 Jun 2026. 16 tokens pass, which is 6% of the universe, and the range of composite scores inside the set runs from 125 to 193.
Keep reading
Research and analysis, not investment advice. A screen is one filter applied consistently, not a recommendation.