When institutional investors look at DeFi, one metric matters: protocol revenue. Here’s the 24-hour ranking (including only protocols whose tokens have trading pairs on Binance):
1. $PUMP Pump｜$1.54 million
2. $HYPE Hyperliquid｜$1.41 million
3. $SKY Sky｜$445,000
4. WLFI World Liberty Financial｜$370,000
5. AAVE Aave｜$146,000
The reason is simple: revenue can be compared with market cap, and is harder to inflate through incentives than TVL. $PUMP ranked first this time ($1.54 million), but whether its valuation is reasonable still depends on its circulating market cap and how the revenue is used.
Another factor to watch is the token unlock schedule: even with high revenue, a large volume of tokens being unlocked can create selling pressure and dilute its impact. This is just one way to approach the research—the conclusions are up to you. Where do you think things are headed next?
1. $PUMP Pump｜$1.54 million
2. $HYPE Hyperliquid｜$1.41 million
3. $SKY Sky｜$445,000
4. WLFI World Liberty Financial｜$370,000
5. AAVE Aave｜$146,000
The reason is simple: revenue can be compared with market cap, and is harder to inflate through incentives than TVL. $PUMP ranked first this time ($1.54 million), but whether its valuation is reasonable still depends on its circulating market cap and how the revenue is used.
Another factor to watch is the token unlock schedule: even with high revenue, a large volume of tokens being unlocked can create selling pressure and dilute its impact. This is just one way to approach the research—the conclusions are up to you. Where do you think things are headed next?
