Cash flow
Protocol Revenue, ranked
Fees the protocol actually collects, in dollars, judged against the size of the asset rather than in isolation.
One of the 25 variables in the framework. 251 tokens rated. Scoring pass 18 Sept 2026.
Median
3/10
mean 3.43
Scoring 9 or 10
4
of 251 rated
Composite link
0.82
correlation with total score
Market link
0.25
rank correlation with market cap, n=236
01
What this variable measures
Fees the protocol actually collects, in dollars, judged against the size of the asset rather than in isolation.
A 10 means hundreds of millions a year in verifiable fees. A 1 means the protocol collects nothing a third party can measure.
Revenue is the only input on the framework that cannot be manufactured by a marketing budget. It is the first filter.
02
What the universe says
Across 251 rated tokens the median score on Protocol Revenue is 3 of 10 and the mean is 3.43. 4 tokens score 9 or 10, and 86 score 2 or below. Hyperliquid leads at 10 of 10.
Protocol Revenue correlates 0.82 with the composite score across the universe, which makes it almost the same measurement as overall standing. Tokens that win here tend to win everywhere, so a high score is confirmation rather than an edge.
Against live market capitalisation for the 236 tokens with a matched market row, Protocol Revenue carries a rank correlation of 0.25. The market leans this way but does not price it consistently, so the ranking below still contains disagreement worth using.
Protocol Revenue and Revenue Trend correlate 0.81, so reading both is close to reading one twice. Treat them as a single position on the same question rather than two independent confirmations.
GEODNET (GEOD) scores 8 of 10 on Protocol Revenue, 5th of 251, on a market capitalisation under $500M. That gap between rank on this variable and rank by size is the whole reason to read the table rather than the top ten.
03
Distribution across the universe
311
552
683
384
235
166
117
58
39
110
Tokens at each score from 1 to 10. The shape matters: a variable where almost everything clusters at 3 is telling you the whole category fails it, not that one token is unusual.
04
All 251 tokens ranked
Sorted by score on this variable alone, so a token can lead here and rank poorly overall. That disagreement is the useful part: it is where a single-variable screen finds something the composite averages away.
| # | Token | Protocol Revenue | Composite | Market cap | Verdict |
|---|---|---|---|---|---|
| 1 | HYPEHyperliquid3 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. | 10/10 | 193 | $19.71B | HOLD CORE |
| 2 | ETHEthereumInstitutional settlement layer. Commodity classification. Burn collapsed but moat intact. | 9/10 | 187 | $313.17B | HOLD CORE |
| 3 | WSTETHWrapped Lido Staked ETHLido's wrapped staked ETH, the DeFi collateral standard with about $17.7B TVL and native yield; dominant LST by every metric | 9/10 | 185 | $11.76B | HOLD CORE |
| 4 | MKRMaker / Sky$124M Q1 revenue. 2.7x gross P/S (~6.7x net). Buyback allocation cut from 75% to 7.5% of surplus in Mar 2026 to fund a $150M Solvency Reserve. Sky rebrand: about 81% of MKR already upgraded to SKY. | 9/10 | 177 | not published | HOLD CORE |
| 5 | GEODGEODNETRevenue 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. | 8/10 | 169 | $137.0M | HOLD |
| 6 | AEROAerodrome FinanceBase's dominant DEX capturing ~60% of chain volume with real fee revenue and veAERO flywheel locking supply | 8/10 | 157 | $794.7M | HOLD |
| 7 | SKYSky (formerly Maker)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. | 8/10 | 141 | $1.86B | CAUTIOUS HOLD |
| 8 | CRVCurve Finance44% of ETH DEX fee revenue is extraordinary. veCRV/Convex lock-in. ATH -96% (not -99.6%, illiquid spike). | 8/10 | 140 | $552.7M | HOLD |
| 9 | TRXTRONUSDT settlement network with massive stablecoin volume. Real revenue but Justin Sun legal issues and centralized governance are persistent overhangs. | 8/10 | 125 | $31.81B | CAUTIOUS HOLD |
| 10 | SOLSolanaHigh-throughput L1 with dominant DEX volume and meme coin launchpad traction. Network reliability improved significantly post-2023. | 7/10 | 170 | $68.57B | HOLD |
| 11 | SYRUPMaple Finance | 7/10 | 168 | $268.1M | HOLD |
| 12 | COWCoW Protocol | 7/10 | 167 | $82.3M | HOLD |
| 13 | ETHFIEther.fi | 7/10 | 162 | $680.1M | HOLD |
| 14 | AAVEAave | 7/10 | 156 | $2.65B | HOLD |
| 15 | LDOLido DAO | 7/10 | 146 | $353.8M | HOLD |
| 16 | OKBOKB | 7/10 | 145 | $2.75B | HOLD |
| 17 | BNBBNB | 7/10 | 144 | $102.38B | HOLD |
| 18 | DRIFTDrift Protocol | 7/10 | 142 | $14.3M | HOLD |
| 19 | BANANABanana Gun | 7/10 | 135 | $15.5M | CAUTIOUS HOLD |
| 20 | LITLighter | 7/10 | 125 | $876.5M | WATCH |
| 21 | LINKChainlink | 6/10 | 165 | $10.01B | HOLD |
| 22 | PENDLEPendle Finance | 6/10 | 160 | $391.5M | HOLD |
| 23 | CBETHCoinbase Wrapped Staked ETH | 6/10 | 158 | $484.5M | HOLD |
| 24 | VIRTUALVirtuals Protocol | 6/10 | 151 | $502.6M | CAUTIOUS HOLD |
| 25 | JUPJupiter | 6/10 | 151 | $1.04B | HOLD |
| 26 | FLUIDFluid (Instadapp) | 6/10 | 145 | $158.2M | CAUTIOUS HOLD |
| 27 | KMNOKamino Finance | 6/10 | 138 | $214.9M | CAUTIOUS HOLD |
| 28 | ENSEthereum Name Service | 6/10 | 137 | $269.1M | CAUTIOUS HOLD |
| 29 | ACXAcross Protocol | 6/10 | 137 | $30.5M | CAUTIOUS HOLD |
| 30 | BGBBitget Token | 6/10 | 135 | $1.37B | CAUTIOUS HOLD |
| 31 | JTOJito | 6/10 | 134 | $263.0M | CAUTIOUS HOLD |
| 32 | RAYRaydium | 6/10 | 129 | $670.5M | CAUTIOUS HOLD |
| 33 | LEOUNUS SED LEO | 6/10 | 126 | $8.19B | CAUTIOUS HOLD |
| 34 | CAKEPancakeSwap | 6/10 | 123 | $698.0M | CAUTIOUS HOLD |
| 35 | ENAEthena | 6/10 | 120 | $3.06B | CAUTIOUS HOLD |
| 36 | KCSKuCoin Token | 6/10 | 119 | not published | WATCH |
| 37 | BTCBitcoin | 5/10 | 183 | $1.67T | HOLD CORE |
| 38 | MORPHOMorpho | 5/10 | 157 | $1.75B | HOLD |
| 39 | GMXGMX | 5/10 | 143 | $84.3M | HOLD |
| 40 | ARArweave | 5/10 | 140 | $274.9M | HOLD |
| 41 | INJInjective | 5/10 | 139 | $727.9M | CAUTIOUS HOLD |
| 42 | AKTAkash Network | 5/10 | 129 | $210.6M | CAUTIOUS HOLD |
| 43 | GNOGnosis | 5/10 | 128 | $316.6M | CAUTIOUS HOLD |
| 44 | LPTLivepeer | 5/10 | 123 | $82.2M | CAUTIOUS HOLD |
| 45 | GTGateToken | 5/10 | 123 | not published | CAUTIOUS HOLD |
| 46 | ORCAOrca | 5/10 | 123 | $167.2M | CAUTIOUS HOLD |
| 47 | GRTThe Graph | 5/10 | 121 | $297.6M | CAUTIOUS HOLD |
| 48 | VELOVelodrome Finance | 5/10 | 121 | $46.1M | CAUTIOUS HOLD |
| 49 | MAVMaverick Protocol | 5/10 | 121 | $13.1M | CAUTIOUS HOLD |
| 50 | VRTXVertex Protocol | 5/10 | 121 | not published | CAUTIOUS HOLD |
| 51 | WOOWOO Network | 5/10 | 118 | $23.6M | WATCH |
| 52 | STGStargate Finance | 5/10 | 117 | $20.1M | WATCH |
| 53 | JOETrader Joe | 5/10 | 117 | $17.4M | WATCH |
| 54 | YFIYearn Finance | 5/10 | 111 | $86.4M | WATCH |
| 55 | DYDXdYdX | 5/10 | 109 | $113.2M | WATCH |
| 56 | RUNETHORChain | 5/10 | 106 | $234.5M | PASS |
| 57 | ZROLayerZero | 5/10 | 106 | $850.4M | WATCH |
| 58 | RPLRocket Pool | 5/10 | 104 | $40.8M | WATCH |
| 59 | HTHuobi Token | 5/10 | 98 | $16.3M | PASS |
| 60 | UNIUniswap | 4/10 | 167 | $4.91B | HOLD |
| 61 | RETHRocket Pool ETH | 4/10 | 159 | $946.8M | HOLD |
| 62 | LQTYLiquity | 4/10 | 151 | $23.3M | HOLD |
| 63 | PAXGPAX Gold | 4/10 | 141 | $1.79B | HOLD |
| 64 | SAFESafe (formerly Gnosis Safe) | 4/10 | 132 | $84.0M | CAUTIOUS HOLD |
| 65 | SNXSynthetix | 4/10 | 130 | $137.5M | CAUTIOUS HOLD |
| 66 | OLASOlas (Autonolas) | 4/10 | 129 | $13.4M | CAUTIOUS HOLD |
| 67 | RENDERRender Network | 4/10 | 127 | $1.05B | CAUTIOUS HOLD |
| 68 | BERABerachain | 4/10 | 127 | $76.8M | CAUTIOUS HOLD |
| 69 | POLPolygon system Token | 4/10 | 123 | $1.08B | CAUTIOUS HOLD |
| 70 | CHZChiliz | 4/10 | 120 | $165.6M | CAUTIOUS HOLD |
| 71 | PRIMEEchelon Prime | 4/10 | 119 | $14.8M | WATCH |
| 72 | MNDEMarinade | 4/10 | 119 | $15.6M | WATCH |
| 73 | IMXImmutable X | 4/10 | 117 | $156.3M | WATCH |
| 74 | APTAptos | 4/10 | 116 | $652.3M | WATCH |
| 75 | GNSGains Network | 4/10 | 116 | $9.5M | WATCH |
| 76 | SSonic (prev. Fantom) | 4/10 | 115 | $154.2M | WATCH |
| 77 | CFGCentrifuge | 4/10 | 115 | not published | WATCH |
| 78 | TNSRTensor | 4/10 | 112 | $27.8M | WATCH |
| 79 | GRASSGrass | 4/10 | 111 | $457.9M | WATCH |
| 80 | MATICPolygon (Legacy) | 4/10 | 110 | $1.08B | WATCH |
| 81 | KNCKyber Network | 4/10 | 110 | $28.1M | WATCH |
| 82 | IOio.net | 4/10 | 108 | $63.1M | WATCH |
| 83 | PERPPerpetual Protocol | 4/10 | 108 | $2.8M | WATCH |
| 84 | STORJStorj | 4/10 | 108 | $12.3M | WATCH |
| 85 | ALCXAlchemix | 4/10 | 108 | $6.6M | WATCH |
| 86 | VELAVela Exchange | 4/10 | 107 | not published | WATCH |
| 87 | SLNDSolend | 4/10 | 106 | not published | WATCH |
| 88 | FXSFrax Share | 4/10 | 105 | $28.3M | WATCH |
| 89 | QUICKQuickSwap | 4/10 | 105 | $7.0M | WATCH |
| 90 | RDNTRadiant Capital | 4/10 | 104 | $1.0M | WATCH |
| 91 | CVXConvex Finance | 4/10 | 103 | $193.9M | WATCH |
| 92 | FILFilecoin | 4/10 | 101 | $867.2M | WATCH |
| 93 | ATHAethir | 4/10 | 101 | $132.9M | WATCH |
| 94 | USUALUsual Protocol | 4/10 | 99 | $23.6M | PASS |
| 95 | ATOMCosmos | 4/10 | 96 | $899.5M | PASS |
| 96 | ALPACAAlpaca Finance | 4/10 | 95 | $138.7K | PASS |
| 97 | MXMEXC Token | 4/10 | 94 | not published | PASS |
| 98 | CETUSCetus Protocol | 3/10 | 147 | $25.0M | HOLD |
| 99 | SUISui | 3/10 | 146 | $4.63B | HOLD |
| 100 | NEARNEAR Protocol | 3/10 | 135 | $6.64B | CAUTIOUS HOLD |
| 101 | ARBArbitrum | 3/10 | 134 | $1.25B | CAUTIOUS HOLD |
| 102 | TAOBittensor | 3/10 | 128 | $3.29B | CAUTIOUS HOLD |
| 103 | OPOptimism | 3/10 | 123 | $273.9M | CAUTIOUS HOLD |
| 104 | HNTHelium | 3/10 | 122 | $97.6M | CAUTIOUS HOLD |
| 105 | XRPXRP | 3/10 | 121 | $90.31B | CAUTIOUS HOLD |
| 106 | TIACelestia | 3/10 | 120 | $432.0M | CAUTIOUS HOLD |
| 107 | COMPCompound | 3/10 | 119 | $234.1M | WATCH |
| 108 | STXStacks | 3/10 | 118 | $697.8M | WATCH |
| 109 | XMRMonero | 3/10 | 117 | $10.41B | WATCH |
| 110 | QNTQuant | 3/10 | 116 | $3.53B | WATCH |
| 111 | ADACardano | 3/10 | 113 | $9.57B | WATCH |
| 112 | HBARHedera | 3/10 | 112 | $4.09B | WATCH |
| 113 | FTMFantom | 3/10 | 111 | not published | WATCH |
| 114 | BICOBiconomy | 3/10 | 109 | $20.1M | WATCH |
| 115 | OMMANTRA | 3/10 | 108 | $29.1M | WATCH |
| 116 | XLMStellar | 3/10 | 108 | $7.01B | WATCH |
| 117 | EIGENEigenLayer | 3/10 | 107 | $226.1M | WATCH |
| 118 | PYTHPyth Network | 3/10 | 107 | $557.2M | WATCH |
| 119 | GELGelato | 3/10 | 107 | $498.0K | WATCH |
| 120 | SSVSSV Network | 3/10 | 106 | $42.1M | WATCH |
| 121 | THETATheta Network | 3/10 | 105 | $214.2M | WATCH |
| 122 | RONRonin | 3/10 | 104 | $49.1M | WATCH |
| 123 | MLNEnzyme (Melon) | 3/10 | 104 | not published | WATCH |
| 124 | RSRReserve Rights | 3/10 | 104 | $100.3M | WATCH |
| 125 | DOTPolkadot | 3/10 | 103 | $1.88B | WATCH |
| 126 | KLAYKlaytn | 3/10 | 103 | not published | WATCH |
| 127 | SHDWShadow Token | 3/10 | 103 | $5.3M | WATCH |
| 128 | SCROLLScroll | 3/10 | 102 | $4.7M | WATCH |
| 129 | ICPInternet Computer | 3/10 | 102 | $1.75B | WATCH |
| 130 | CROCronos | 3/10 | 102 | $3.12B | WATCH |
| 131 | TRUTrueFi | 3/10 | 102 | $1.1M | WATCH |
| 132 | APEApeCoin | 3/10 | 102 | $146.9M | WATCH |
| 133 | ZECZcash | 3/10 | 101 | $22.59B | WATCH |
| 134 | VETVeChain | 3/10 | 101 | $692.4M | WATCH |
| 135 | MCMerit Circle (Beam) | 3/10 | 101 | not published | WATCH |
| 136 | DASHDash | 3/10 | 101 | $683.9M | WATCH |
| 137 | GMTSTEPN | 3/10 | 101 | $25.0M | WATCH |
| 138 | SEISei | 3/10 | 100 | $457.3M | WATCH |
| 139 | CORECore | 3/10 | 100 | $29.2M | WATCH |
| 140 | BADGERBadgerDAO | 3/10 | 100 | $6.4M | WATCH |
| 141 | API3API3 | 3/10 | 99 | $45.0M | PASS |
| 142 | NMRNumeraire | 3/10 | 98 | $105.4M | PASS |
| 143 | ACHAlchemy Pay | 3/10 | 97 | not published | PASS |
| 144 | REQRequest | 3/10 | 97 | $42.8M | PASS |
| 145 | ANKRAnkr Network | 3/10 | 96 | $46.1M | PASS |
| 146 | FLUXFlux | 3/10 | 96 | $191.3K | PASS |
| 147 | ZKZKsync | 3/10 | 95 | $129.1M | PASS |
| 148 | BALBalancer | 3/10 | 95 | $9.1M | PASS |
| 149 | INVInverse Finance | 3/10 | 95 | $6.9M | PASS |
| 150 | 1INCH1inch Network | 3/10 | 93 | $138.1M | PASS |
| 151 | OSMOOsmosis | 3/10 | 93 | $26.6M | PASS |
| 152 | PROPPropy | 3/10 | 93 | $35.2M | PASS |
| 153 | FARMHarvest Finance | 3/10 | 93 | $5.1M | PASS |
| 154 | WWormhole | 3/10 | 92 | $93.6M | PASS |
| 155 | MBOXMOBOX | 3/10 | 92 | $298.5K | PASS |
| 156 | ALPHAAlpha Venture DAO | 3/10 | 91 | $483.2K | PASS |
| 157 | TRBTellor | 3/10 | 90 | $56.4M | PASS |
| 158 | CELRCeler Network | 3/10 | 90 | $22.9M | PASS |
| 159 | DENTDent | 3/10 | 88 | $6.2M | PASS |
| 160 | NOSNosana | 3/10 | 86 | $52.5M | PASS |
| 161 | BLURBlur | 3/10 | 84 | $55.8M | PASS |
| 162 | AXSAxie Infinity | 3/10 | 76 | $207.3M | PASS |
| 163 | SUSHISushiSwap | 3/10 | 74 | $66.7M | PASS |
| 164 | RBNRibbon Finance | 3/10 | 68 | $1.7M | PASS |
| 165 | SPELLSpell Token | 3/10 | 63 | $16.0M | PASS |
| 166 | AVAXAvalanche | 2/10 | 138 | $4.93B | CAUTIOUS HOLD |
| 167 | ONDOOndo Finance | 2/10 | 115 | $2.27B | WATCH |
| 168 | KASKaspa | 2/10 | 114 | $1.11B | WATCH |
| 169 | GTCGitcoin | 2/10 | 106 | $15.9M | WATCH |
| 170 | KSMKusama | 2/10 | 103 | $90.6M | WATCH |
| 171 | LTCLitecoin | 2/10 | 102 | $5.15B | WATCH |
| 172 | ILVIlluvium | 2/10 | 101 | $31.5M | WATCH |
| 173 | AUDIOAudius | 2/10 | 101 | $22.7M | WATCH |
| 174 | FLRFlare | 2/10 | 99 | $609.8M | PASS |
| 175 | CFXConflux | 2/10 | 98 | $265.8M | PASS |
| 176 | MINAMina Protocol | 2/10 | 98 | $121.4M | PASS |
| 177 | IOTXIoTeX | 2/10 | 98 | $34.2M | PASS |
| 178 | ALGOAlgorand | 2/10 | 97 | $1.05B | PASS |
| 179 | COTICOTI | 2/10 | 97 | $39.1M | PASS |
| 180 | SKLSKALE | 2/10 | 97 | $26.6M | PASS |
| 181 | RADRadicle | 2/10 | 97 | $19.5M | PASS |
| 182 | POOLPoolTogether | 2/10 | 96 | $176.3K | PASS |
| 183 | CTSICartesi | 2/10 | 96 | $27.7M | PASS |
| 184 | YGGYield Guild Games | 2/10 | 95 | $22.5M | PASS |
| 185 | POLYXPolymesh | 2/10 | 95 | $52.9M | PASS |
| 186 | CELOCelo | 2/10 | 94 | $57.3M | PASS |
| 187 | GLMRMoonbeam | 2/10 | 94 | $13.9M | PASS |
| 188 | RLCiExec | 2/10 | 94 | $61.1M | PASS |
| 189 | CKBNervos Network | 2/10 | 93 | $61.4M | PASS |
| 190 | STRKStarknet | 2/10 | 93 | $366.4M | PASS |
| 191 | MOBILEHelium Mobile | 2/10 | 92 | $6.0M | PASS |
| 192 | HOPRHOPR | 2/10 | 92 | $8.7M | PASS |
| 193 | PONDMarlin | 2/10 | 91 | $14.2M | PASS |
| 194 | ETCEthereum Classic | 2/10 | 90 | $1.32B | PASS |
| 195 | ALICEMy Neighbor Alice | 2/10 | 89 | $16.9M | PASS |
| 196 | XTZTezos | 2/10 | 88 | $336.3M | PASS |
| 197 | PEAQpeaq | 2/10 | 88 | $102.2M | PASS |
| 198 | HIGHHighstreet | 2/10 | 88 | not published | PASS |
| 199 | SXPSolar | 2/10 | 88 | $2.5M | PASS |
| 200 | BLASTBlast | 2/10 | 87 | $4.9M | PASS |
| 201 | LEVERLeverFi | 2/10 | 87 | not published | PASS |
| 202 | GOGGuild of Guardians | 2/10 | 86 | $960.1K | PASS |
| 203 | CANTOCanto | 2/10 | 86 | $2.0M | PASS |
| 204 | EGLDMultiversX (prev. Elrond) | 2/10 | 85 | $123.2M | PASS |
| 205 | ROSEOasis Network | 2/10 | 84 | $62.0M | PASS |
| 206 | FORTHAmpleforth Governance | 2/10 | 84 | $3.0M | PASS |
| 207 | MASKMask Network | 2/10 | 82 | $45.8M | PASS |
| 208 | BONDBarnBridge | 2/10 | 82 | $93.5K | PASS |
| 209 | WAXPWAX | 2/10 | 81 | $26.9M | PASS |
| 210 | KAVAKava | 2/10 | 80 | $71.7M | PASS |
| 211 | PRCLParcl | 2/10 | 80 | $5.5M | PASS |
| 212 | FLOWFlow | 2/10 | 78 | $53.4M | PASS |
| 213 | LRCLoopring | 2/10 | 78 | $13.2M | PASS |
| 214 | IDEXIDEX | 2/10 | 77 | $838.1K | PASS |
| 215 | BTTBitTorrent | 2/10 | 76 | $357.4M | PASS |
| 216 | MCBMCDEX | 2/10 | 76 | $8.9M | PASS |
| 217 | BANDBand Protocol | 2/10 | 73 | $40.8M | PASS |
| 218 | NEONeo | 2/10 | 68 | $166.5M | PASS |
| 219 | MANADecentraland | 2/10 | 66 | $197.1M | PASS |
| 220 | GALAGala Games | 2/10 | 53 | $114.2M | PASS |
| 221 | TONToncoin | 1/10 | 110 | $4.02B | WATCH |
| 222 | FETFetch.ai (ASI Alliance) | 1/10 | 109 | $522.8M | WATCH |
| 223 | PENGUPudgy Penguins | 1/10 | 104 | $535.4M | WATCH |
| 224 | ORDIORDI | 1/10 | 96 | $88.5M | PASS |
| 225 | BONKBonk | 1/10 | 93 | $300.8M | PASS |
| 226 | PEPEPepe | 1/10 | 92 | $1.70B | PASS |
| 227 | SNTStatus | 1/10 | 92 | $38.1M | PASS |
| 228 | NANONano | 1/10 | 90 | $46.6M | PASS |
| 229 | WLDWorldcoin | 1/10 | 89 | $1.96B | PASS |
| 230 | DOGEDogecoin | 1/10 | 89 | $13.83B | PASS |
| 231 | FLOKIFLOKI | 1/10 | 88 | $257.5M | PASS |
| 232 | WIFdogwifhat | 1/10 | 88 | $227.9M | PASS |
| 233 | AGLDAdventure Gold | 1/10 | 86 | $18.0M | PASS |
| 234 | IOTAIOTA | 1/10 | 78 | $248.2M | PASS |
| 235 | MANTAManta Network | 1/10 | 76 | $31.1M | PASS |
| 236 | RVNRavencoin | 1/10 | 74 | $36.1M | PASS |
| 237 | NOTNotcoin | 1/10 | 73 | $45.0M | PASS |
| 238 | POPCATPopcat | 1/10 | 73 | $46.9M | PASS |
| 239 | MODEMode Network | 1/10 | 72 | $666.9K | PASS |
| 240 | SHIBShiba Inu | 1/10 | 71 | $3.17B | PASS |
| 241 | SUPERSuperVerse | 1/10 | 67 | $144.5M | PASS |
| 242 | MOVEMovement | 1/10 | 67 | $40.6M | PASS |
| 243 | JASMYJasmyCoin | 1/10 | 67 | $243.3M | PASS |
| 244 | ZILZilliqa | 1/10 | 63 | $64.9M | PASS |
| 245 | DOGSDOGS | 1/10 | 62 | $22.6M | PASS |
| 246 | QTUMQtum | 1/10 | 61 | $97.7M | PASS |
| 247 | SANDThe Sandbox | 1/10 | 58 | $219.2M | PASS |
| 248 | MEMEMemecoin | 1/10 | 57 | $36.6M | PASS |
| 249 | NEIRONEIRO | 1/10 | 56 | $35.3M | PASS |
| 250 | KDAKadena | 1/10 | 50 | $3.0M | PASS |
| 251 | ONEHarmony | 1/10 | 48 | $32.9M | PASS |
Scores come from the research pass dated 18 Sept 2026 and do not move with price. Market capitalisation is from the live snapshot fetched 7 Oct 2026, so the two columns are stamped at different times on purpose.
05
Variables that move with this one
Correlations across all 251 rated tokens. A number near 1 means the two variables are close to the same measurement, which is worth knowing before treating a second high score as independent confirmation of the first.
06
Common questions
- Which crypto tokens score highest on protocol revenue?
- Hyperliquid (HYPE) at 10, Ethereum (ETH) at 9, Wrapped Lido Staked ETH (WSTETH) at 9, Maker / Sky (MKR) at 9, GEODNET (GEOD) at 8 lead the 251 rated tokens on Protocol Revenue, each scored 1 to 10 against the same definition.
- What is a good protocol revenue score?
- The median across the universe is 3 of 10 and the mean is 3.43, so anything at 7 or above sits well inside the top of the distribution. Only 4 of 251 tokens reach 9 or 10.
- Does protocol revenue affect a token's market cap?
- Rank correlation between Protocol Revenue and market capitalisation is 0.25 across 236 tokens with live market data. That is a weak relationship, so the market prices it only partly.
Keep reading
Research and analysis, not investment advice. Correlations describe the rated universe at one point in time and are not predictions.