On-Chain Cash-Flow Value Screen | Earnings Multiples, Buybacks, Burns & Distributions (2026-07-15)

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Executive Summary

• The standardized on-chain earnings screen returns 5 projects: CAKE, GMX, XVS, DBR, FLIP. Each has positive provider-defined 365-day earnings, the higher CMC/CG circulating market cap divided by earnings below 20×, and executed value return over the past 12 months. This is not audited equity P/E.
• The broader holder-cash-flow P/E proxy returns 11 projects: QUICK, PUMP, THOR, MPLX, GNS, VELO, AERO, APEX, GMX, FLIP, DBR. Both the trailing-12-month (TTM) and latest-30-day annualized multiples are below 20×. Missing earnings, an explicit loss, and an explicit zero are now shown separately.
• Revenue is no longer a context-free column. The page now shows trailing-12-month P/S, the margin required to support a 20× earnings multiple, P/E sensitivities at 10%/30%/50% margins, 90-day and 30-day Revenue momentum, holder capture, and data confidence.
• Cheap valuations usually compensate for substantial risk. AERO/VELO distributions coexist with continuing emissions; FLIP/GNS can issue tokens under stress; GMX/DBR/MPLX repurchases are not permanent burns; THOR/QUICK have weak exit liquidity.
• Verify current cash flow before relying on the multiple. JUP, RAY, PENDLE, CRV, and DYDX look cheap on trailing-12-month figures but exceed 20× on the latest-30-day annualized basis. AAVE's earnings multiple is low but buybacks are paused. Hyperliquid now has DefiLlama earnings, but remains slightly above 20× on the higher circulating-market-cap basis.

Start with the conclusion, then the definitions

Fees are total user payments; Revenue is the share retained by the protocol and tokenholders; Earnings are a provider-defined on-chain profit proxy. Token Terminal calculates Earnings as Revenue minus identified on-chain Expenses. DefiLlama calculates Earnings as Revenue minus token Incentives. Both can omit payroll, infrastructure, legal, and other off-chain costs, so this page now says “standardized earnings multiple,” not “true P/E.”

Terminology is kept explicit: Token Terminal is the data provider and is always written in full; TTM means “trailing twelve months,” or the past 12 months.

The holder-cash-flow multiple divides circulating market capitalization by the past 12 months of executed buybacks, burns, or distributions. Inclusion also requires identifiable on-chain payers—traders, borrowers, cross-chain users, or digital-asset creators. Foundation subsidies, token emissions, or revenue dominated by off-chain RWA exposure cannot substitute for end-customer payments.

This review | The Token Terminal attachment

The Token Terminal attachment has 7,641 rows and 15 columns. It can validate Fees, Revenue, P/F, and user metrics, but contains no Earnings, Expenses, P/E, circulating market cap, stable project ID, or exact export timestamp. It supports Hyperliquid 365-day Revenue of about US$818.46M, but not Token Terminal Earnings. Its 94.6× P/F is FDV divided by annualized Fees—not P/E.

18 of the 22 page projects support a like-for-like old/new Token Terminal Revenue comparison, and 17 changed by no more than 1%. That only shows that the attachment is broadly consistent with the earlier Token Terminal snapshot; it does not prove that DefiLlama is wrong. Cross-provider differences are explained separately immediately above the project profiles.

Tier 1 | Positive standardized earnings multiple below 20×

How to read the strict list

A low standardized earnings multiple only says provider-identified on-chain earnings are high relative to current circulating market cap. It does not guarantee permanent buybacks, an unconditional cash claim for ordinary tokens, complete cost coverage, or protection from future unlocks. Always inspect the latest-30-day run rate, FDV, destination of repurchased tokens, and net issuance.

Tier 2 | What profitability can Revenue support?

Turning Revenue into decision-useful evidence

• Trailing-12-month (TTM) P/S = the higher CMC/CG circulating market cap divided by DefiLlama 365-day Revenue. The margin required for a 20× earnings multiple is P/S ÷ 20; scenario P/E is P/S ÷ assumed margin. These are break-even sensitivities, not realized earnings or forecasts.
• If the required margin exceeds 100%, a 20× multiple is mathematically unattainable under the normal assumption that Earnings cannot exceed Revenue. HYPE's current trailing-12-month P/S is about N/M, requiring roughly N/M. That is why the conservative market-cap basis stays above 20× even when DefiLlama treats almost all Revenue as Earnings.
• The 90-day annualized/trailing-12-month ratio is the primary trend; 30 days is an alert. A window is not annualized below 90% daily coverage. Data confidence also considers whether on-chain payers were verified and whether Token Terminal/DefiLlama Revenue differs by more than 20%.
• Holder return/Revenue is an adapter-level value-capture intensity, not an accounting payout ratio. Timing differences can push it above 100%. When Token Terminal and DefiLlama scopes differ, the page shows the difference but does not average or subtract the providers.

Tier 3 | Current holder-cash-flow P/E proxy below 20×

Multiple-chart reading

The trailing-12-month (TTM) multiple ranks executed value return over the past 12 months. The screen adds a latest-30-day annualized filter to avoid selecting projects solely because of an old revenue spike. DBR's holdersRevenue can exceed same-period revenue because recognition and execution timing differ; wallet-level reconciliation is required.

Intensity-chart reading

The holder-cash-flow yield is the inverse of the multiple, but mechanism quality differs. A permanent burn is usually stronger than a treasury repurchase that governance can redeploy; a distribution requiring a four-year ve lock is not unconditional income for an ordinary tokenholder. High micro-cap yields can also be impossible to realize at meaningful size.

Consistent definitions

• Fees / total user payments: Total fees paid to use the protocol. P/F is market cap or FDV divided by annualized Fees; it is not P/E.
• Revenue / protocol revenue: The share of Fees retained by the protocol and tokenholders before all operating costs; it is not profit.
• Trailing-12-month (TTM) P/S and the margin required for 20×: Higher CMC/CG circulating market cap divided by DefiLlama 365-day Revenue; required margin = P/S ÷ 20. A result above 100% means 20× is unattainable if Earnings cannot exceed Revenue.
• Scenario P/E and Revenue momentum: Scenario P/E = P/S ÷ assumed margin; it is not actual P/E. The 90-day/30-day annualized Revenue divided by 365-day Revenue separates the primary trend from a short-term alert; windows below 90% coverage are not annualized.
• Token Terminal Earnings: Revenue − identified on-chain Expenses; its documentation explicitly excludes off-chain costs. DefiLlama Earnings: Revenue − token Incentives. The definitions differ and both are on-chain profit proxies.
• Standardized earnings multiple: The higher CMC/CG circulating market cap divided by positive provider-defined 365-day Earnings. Losses are N/M; zero and missing coverage are labeled separately.
• Holder cash flow / P/E proxy: DefiLlama dailyHoldersRevenue, including adapter-classified buybacks, burns, or distributions. Circulating market cap ÷ 365-day cash flow; this is not audited net income.
• Current multiple: Circulating market cap divided by the latest 30 days of holder cash flow annualized at 365/30.
• Return intensity: Executed 365-day holder cash flow / circulating market cap. Policy percentages are verified separately from official documentation and are not mixed with realized returns.
• Supply: The screen always uses the higher CMC/CG circulating market cap and aligned supply. If provider-specific results cross 20×, the project is treated as threshold-sensitive rather than a strict candidate.
• Complete-quarter trend: Charts show every available Token Terminal Revenue/Earnings and DefiLlama Revenue/tokenholder-cash-flow series with provider names in the metric labels. Comparisons and arithmetic are valid only within the same provider and project scope. A Token Terminal quarter needs all three months; a DefiLlama quarter needs at least 90% daily coverage; missing data are not zero-filled.

Watchlist and exclusions | Why they are not current candidates

Provider reconciliation | Why Token Terminal and DefiLlama do not match

The same Revenue or Earnings label does not guarantee the same economic scope. A difference does not by itself prove that either provider is wrong, and averaging the two does not resolve it. Of the 22 projects on this page, 9 differ by more than 20% between Token Terminal and DefiLlama Revenue. That first signals product-coverage, attribution, or historical-backfill differences—not a profit margin.

Common causes

1. Entity and product scope: One provider may track a parent protocol while the other tracks one product, an application rather than a chain, or a different set of chains, versions, and fee components. Hyperliquid L1 Gas/Chain Revenue is not automatically the same as HyperCore spot-and-perpetual protocol Revenue.
2. Metric definitions: Token Terminal generally uses Earnings = Revenue − identified on-chain Expenses; DefiLlama generally uses Earnings = Revenue − token Incentives. Both may omit payroll, infrastructure, legal, and other off-chain costs.
3. Time windows: Rolling 365-day totals, daily sums, UTC cutoffs, and complete-quarter boundaries can differ.
4. Adapter and backfill history: Newly tracked chains, products, liquidation fees, or allocation ratios may be added prospectively without restating old history.
5. Tokenholder cash flow is not profit: DefiLlama holdersRevenue is adapter-classified buybacks, burns, or distributions. Recognition and execution timing can make it exceed Revenue in a period.

This page's treatment

1. Align the entity, metric, product/chain scope, UTC period, units, and signs before comparing values.
2. Use Token Terminal Revenue ÷ DefiLlama Revenue only as a scope diagnostic: 0.8–1.2 is the same order of magnitude; values outside that band trigger a scope alert. Never average providers or subtract one from the other to calculate margin.
3. Keep calculations within one provider's method: Token Terminal Earnings use Token Terminal Revenue/Expenses; DefiLlama Earnings and holdersRevenue use DefiLlama series.
4. Prefer complete quarters and post-fix recent windows. Preserve raw and normalized values, formula, cutoff, and source when a defensible normalization exists; otherwise show N/M.
5. Official rules establish policy; transactions and official allocation reports establish execution. Missing values are never zero-filled.

XVS illustrates both breaks

Token Terminal's Venus Revenue includes protocol-share interest and liquidation fees. Older DefiLlama history omitted liquidation income until the May 13, 2026 adapter fix, without fully backfilling prior quarters. The gap was large in 2025-Q4 and 2026-Q1, but by 2026-Q2 Token Terminal reported US$0.682M, DefiLlama US$0.679M, and Venus about US$0.695M. The recent convergence shows that the old trailing-12-month gap was mainly a historical-coverage break, not a profit spread.

DefiLlama separately corrected Venus's holdersRevenueRatio to 40% on December 2, 2025. This page rebases the earlier roughly 100% history to 40%, but the result remains a Vault-plus-Prime allocation proxy—not pure 20% XVS buybacks or an ordinary-holder dividend. Liquidation income is real but lumpy, while Token Terminal Earnings omit off-chain costs, so a low multiple still deserves a durability discount.

Project profiles

HYPE's Earnings and valuation reconciliation now sits inside this section, immediately below this heading. The following 13 profiles cover the established deep-dive set from the standardized-earnings and current holder-cash-flow screens. Each profile covers the business, payer, return mechanism and intensity, Revenue profitability scenarios, two-year price, and every available complete-quarter Token Terminal/DefiLlama Revenue, Token Terminal Earnings, and DefiLlama tokenholder-cash-flow series with explicit provider labels, plus supply and key risks. Operating snapshots run through July 15, 2026. Wallets, addresses, and accounts are not unique people; CMC ranks are venue-, chain-, and version-specific.

Why Hyperliquid now has Earnings but is still outside the strict list

Operating status | Through July 15, 2026

• Users and trading: Token Terminal recorded 74,881 daily active addresses and 333,816 rolling-30-day active addresses on July 14, with about US$10.43B of daily perpetual notional volume and US$5.66B of open interest. Addresses are not verified people. DAU · MAU · Volume
• CMC derivatives DEX rank: Hyperliquid ranked No. 1 of 22 at 09:50 UTC on July 15, with about US$9.56B of 24-hour derivatives volume, US$5.55B of OI, and 19.16% of CMC's sample. This applies only to the HyperCore derivatives venue. CMC derivatives table
• Repurchase mechanics: Trading fees routed to the Assistance Fund automatically buy HYPE. Funding payments are exchanged between longs and shorts and are not protocol revenue; deployer shares, builder fees, and maker rebates mean “99% of all fees” is too broad. Official fee documentation

Revenue, Earnings, and valuation scope

• DefiLlama: It explicitly reports Earnings = Revenue − Incentives. Current 365-day Revenue/Earnings are both US$818.40M, Incentives are US$0.0000, and the same adapter reports US$818.40M of holdersRevenue for Assistance Fund HYPE purchases. Protocol page
• Token Terminal: The attached parent row reports US$818.46M of 365-day Revenue and US$45.55M over 30 days, but the CSV has no Earnings column and the current monthly financial-statement extraction did not return an earnings metric. The page therefore says “Token Terminal did not return Earnings,” not “Hyperliquid has no profit.” Project page
• Valuation sensitivity: CMC circulating supply implies 21.1×; CoinGecko circulating supply implies 18.5×. Because the sources cross 20×, the screen uses the higher-market-cap result of 21.1×. The latest-30-day annualized holder multiple is 32.0× and FDV/earnings is 79.4×, so HYPE remains a watch item.
• Official-supply cross-check: Hyperliquid's API reports 298.82M circulating HYPE; using the same price implies an earnings multiple near 24.9×, further above 20×. The CMC, CoinGecko, and official supply disagreement is itself an investment risk; selecting only the lowest multiple is not defensible. Official API documentation
• Scope warning: The Hyperliquid L1 chain page shows Chain Fees/Revenue alongside application revenue. This screen values the Hyperliquid trading protocol (HyperCore, spot, and perps) and does not treat HyperEVM gas fees as the same revenue metric. Chain page

PUMP | Pump.fun

Screen status: Holder-cash-flow P/E proxy <20× | TTM and latest 30 days both pass

What it does, how it works, and who pays

Pump.fun is a meme-token launch and trading platform on Solana. It connects token creation, early bonding-curve trading, migration to PumpSwap, and subsequent AMM trading in a single on-chain flow. Creators deploy tokens and traders buy and sell them on-chain. The platform and PumpSwap contracts charge fees according to the activity. The economic source of revenue is actual on-chain issuers and traders—not token issuance or foundation grants.

Operating status | Snapshot through July 15, 2026

• Scale and usage: Pump.fun plus PumpSwap recorded about 3.14 million active wallets in April 2026. This is a wallet metric and may include bots or multiple addresses per person. CoinGecko Research
• Current trading: DefiLlama reports about US$17.90B of PumpSwap volume over the latest 30 days, roughly 28.0% of its Solana DEX sample, with about US$238.9M of TVL. DefiLlama
• CMC exchange rank: PumpSwap ranked No. 16 in the explicit spot DEX snapshot on July 15, 2026. CMC spot DEX table CMC's default and explicit-spot pages have returned different orderings, so this report uses the explicit table for rank only.
• Buyback operations: The official token page reports about 150.23B PUMP cumulatively repurchased and burned, equal to 15.023% of initial maximum supply. The business remains highly dependent on memecoin activity. PUMP token

Revenue ownership and token value capture

The official token page states that, from April 28, 2026, 50% of every $1 of revenue is used to programmatically buy and burn PUMP for an initial one-year period. Permanent burns provide one of the most irreversible forms of per-token value return, but the policy can still be changed after the commitment expires. Policy intensity: 50% of every $1 of revenue buys and burns PUMP; the current commitment runs for one year. Over the past 12 months, DefiLlama recorded US$321.48M of protocol revenue and US$311.97M of tokenholder cash flow, implying a cash-return/revenue ratio of 97.0%.

Valuation, supply, and price performance

• Circulating market cap: US$662.41M; trailing-12-month (TTM) holder-cash-flow multiple: 2.1×; latest-30-day annualized multiple: 4.1×; FDV holder-cash-flow multiple: 5.3×.
• DefiLlama trailing-12-month Revenue: US$321.48M; trailing-12-month P/S: 2.1×. A 20× earnings multiple would require an implied Revenue-to-Earnings margin of about 10.3%. The 90-day/30-day annualized Revenue run rates equal 0.8×/0.7× of the trailing 12 months; data confidence is High.
• The current extraction did not return usable earnings; missing coverage does not mean the project has no economic profit. Provider-defined earnings are an on-chain profit proxy and can overstate net income when off-chain costs are missing.
• Circulating supply: 401.13B; total supply: 849.39B; maximum supply: 1000.00B. Circulating/total supply: 47.2%; reference supply base: 1000.00B.
• Since listing price change: -71.7%; range: US$0.0012–US$0.0086; maximum drawdown: -86.1%.

Key risks and monitoring priorities

Meme-token trading volume is highly cyclical, while regulatory and platform-competition risks are substantial. Most of the maximum supply remains outside circulation. PUMP's legal terms do not grant holders ownership of revenue, so the buyback is a policy rather than a contractual claim.

Monitor: Weekly protocol revenue, burn-wallet activity, PumpSwap market share, renewal of the policy after the commitment period, and net inflation after unlocks.

Primary rules: PUMP token / burn, Pump.fun fees.

Price-chart reading

Since listing: US$0.0058 to US$0.0017, a change of -71.7%, with a maximum drawdown of -86.1%. Prices use DefiLlama coins series keyed to CoinGecko identifiers; duplicate dates retain the observation nearest UTC midnight, and missing days are not linearly interpolated.

Complete-quarter financial-chart reading

The chart retains every available series that passes the completeness threshold: DefiLlama Revenue 2026-Q2 US$63.12M; DefiLlama Tokenholder cash flow (not net income) 2026-Q2 US$56.01M. Token Terminal and DefiLlama may cover different product scopes, so the series are shown side by side but never subtracted across providers. Token Terminal Earnings are a provider-defined on-chain profit proxy; DefiLlama tokenholder cash flow is adapter-classified buybacks, burns, or distributions, not net income. The current incomplete quarter is excluded and missing observations are not zero-filled.

CAKE | PancakeSwap

Screen status: Standardized earnings multiple <20× | Value return active

What it does, how it works, and who pays

PancakeSwap is a multichain DEX and suite of on-chain trading products. Its core offerings include AMMs/Infinity, perpetuals, prediction markets, lotteries, and token-launch products. Traders, perpetuals users, and customers of other on-chain products pay fees. Each product allocates those fees among LPs, the treasury, and CAKE burns under its official rules. Token Terminal earnings deduct identifiable incentives and expenses from project revenue under the provider's methodology, allowing a valuation closer to an accounting P/E.

Operating status | Snapshot through July 15, 2026

• Scale and usage: PancakeSwap reported 36.16M unique users in 2025; its April 2026 report cited more than 180M cumulative users and over US$4T in cumulative volume. These are annual/cumulative project figures, not current monthly active users. 2025 recap · April 2026 report
• Current trading: Aggregated 30-day volume is about US$18.36B, or 9.1% of DefiLlama's global DEX sample and 69.1% of its BSC sample; TVL is about US$2.05B. DefiLlama
• CMC spot DEX ranks by venue: v3 BSC No. 3, v2 BSC No. 9, Infinity CLAMM No. 10, v3 Base No. 22, Solana No. 40, v3 Arbitrum No. 49, v3 Ethereum No. 54, v3 Monad No. 81, v3 Linea No. 120, v3 zkSync No. 146, v2 Ethereum No. 185, v2 Aptos No. 207, v2 Base No. 234, v2 Arbitrum No. 266, v3 opBNB No. 286, and v3 Robinhood No. 357. CMC spot DEX table
• Operating read: The BSC franchise remains dominant, but its current global 30-day share is well below the year-end share cited in the project's 2025 recap. Infinity migration, incentive cost, and net burns remain key watch items.

Revenue ownership and token value capture

Official tokenomics specify that 15%–23% of spot trading fees, 20% of perpetuals profits, 100% of CAKE.PAD fees, and other product-level allocations are permanently burned. The protocol targets roughly 4% annual deflation and a continued reduction in total supply through 2030. Policy intensity: 15%–23% of spot fees, 20% of perpetuals profits, and other product fees are used to burn CAKE. Over the past 12 months, DefiLlama recorded US$94.99M of protocol revenue and US$61.03M of tokenholder cash flow, implying a cash-return/revenue ratio of 64.2%.

Valuation, supply, and price performance

• Circulating market cap: US$458.57M; trailing-12-month (TTM) holder-cash-flow multiple: 7.5×; latest-30-day annualized multiple: 24.4×; FDV holder-cash-flow multiple: 9.3×.
• DefiLlama trailing-12-month Revenue: US$94.99M; trailing-12-month P/S: 4.8×. A 20× earnings multiple would require an implied Revenue-to-Earnings margin of about 24.1%. The 90-day/30-day annualized Revenue run rates equal 0.4×/0.3× of the trailing 12 months; data confidence is Medium.
• Token Terminal standardized earnings were US$279.18M, implying a circulating-market-cap/earnings multiple of 1.6×. Provider-defined earnings are an on-chain profit proxy and can overstate net income when off-chain costs are missing.
• Circulating supply: 322.75M; total supply: 335.08M; maximum supply: 400.00M. Circulating/total supply: 96.3%; reference supply base: 400.00M.
• Last 2 years price change: -26.4%; range: US$1.16–US$4.39; maximum drawdown: -73.6%.

Key risks and monitoring priorities

Multiple products and chains make data scope complex. DEX competition, smart-contract, bridge, and governance risks remain. The annualized multiple based on the latest 30 days of holder cash flow is already above 20×, so a cheap TTM valuation should not be treated as evidence that the current trend is equally cheap.

Monitor: Monthly net issuance versus burns, Infinity trading share, perpetuals profitability, incentive expense, and the latest 30-day value-return run rate.

Primary rules: CAKE tokenomics, veCAKE sunset.

Price-chart reading

Last 2 years: US$1.93 to US$1.42, a change of -26.4%, with a maximum drawdown of -73.6%. Prices use DefiLlama coins series keyed to CoinGecko identifiers; duplicate dates retain the observation nearest UTC midnight, and missing days are not linearly interpolated.

Complete-quarter financial-chart reading

The chart retains every available series that passes the completeness threshold: Token Terminal Revenue 2026-Q2 US$23.07M; Token Terminal Earnings 2026-Q2 US$20.24M; DefiLlama Revenue 2026-Q2 US$10.63M; DefiLlama Tokenholder cash flow (not net income) 2026-Q2 US$7.01M. Token Terminal and DefiLlama may cover different product scopes, so the series are shown side by side but never subtracted across providers. Token Terminal Earnings are a provider-defined on-chain profit proxy; DefiLlama tokenholder cash flow is adapter-classified buybacks, burns, or distributions, not net income. The current incomplete quarter is excluded and missing observations are not zero-filled.

AERO | Aerodrome Finance

Screen status: Holder-cash-flow P/E proxy <20× | TTM and latest 30 days both pass

What it does, how it works, and who pays

Aerodrome is a ve(3,3) liquidity marketplace and DEX on Base. It combines trading, liquidity incentives, and a voting market in which token issuers compete to attract liquidity. Traders pay swap fees and LPs supply liquidity. Holders who lock AERO for veAERO direct AERO emissions and receive the trading fees and external voting incentives associated with the pools they support.

Operating status | Snapshot through July 15, 2026

• Market position: Aerodrome generated about US$12.77B of 30-day volume, roughly 49.5% of DefiLlama's Base DEX sample, with about US$329.3M of TVL. It remains a core Base liquidity venue. DefiLlama
• CMC spot DEX ranks by venue: Aerodrome SlipStream No. 4, Aerodrome Finance No. 42, Slipstream 3 No. 311, and Slipstream 2 No. 320. CMC spot DEX table
• User metric: No same-date, cross-project-comparable count of unique trading wallets was found, so incomplete active-address adapters are not presented as users. Base share, fees relative to AERO emissions, and the Velodrome merger migration are the operating priorities.

Revenue ownership and token value capture

Official documentation states that 100% of trading revenue is returned to voting veAERO positions. Access requires locking tokens for as long as four years; it is not an unconditional dividend to ordinary AERO holders and does not reduce supply. Policy intensity: 100% of trading revenue goes to voting veAERO positions; ordinary AERO has no automatic dividend right. Over the past 12 months, DefiLlama recorded US$126.36M of protocol revenue and US$126.36M of tokenholder cash flow, implying a cash-return/revenue ratio of 100.0%.

Valuation, supply, and price performance

• Circulating market cap: US$498.31M; trailing-12-month (TTM) holder-cash-flow multiple: 3.9×; latest-30-day annualized multiple: 8.8×; FDV holder-cash-flow multiple: 7.9×.
• DefiLlama trailing-12-month Revenue: US$126.36M; trailing-12-month P/S: 3.9×. A 20× earnings multiple would require an implied Revenue-to-Earnings margin of about 19.7%. The 90-day/30-day annualized Revenue run rates equal 0.5×/0.5× of the trailing 12 months; data confidence is High.
• Token Terminal standardized earnings were -US$19.04M, a loss; loss-making projects are shown as N/M rather than assigned a negative P/E. Provider-defined earnings are an on-chain profit proxy and can overstate net income when off-chain costs are missing.
• Circulating supply: 964.74M; total supply: 1.94B; maximum supply: N/A. Circulating/total supply: 49.8%; reference supply base: 1.94B.
• Last 2 years price change: -32.4%; range: US$0.2790–US$2.20; maximum drawdown: -87.3%.

Key risks and monitoring priorities

AERO has no hard cap and continues to emit. Token Terminal earnings are negative, showing that ignoring emissions can materially overstate economic profit. The Velodrome combination, Base activity, and the quality of voting incentives are key variables.

Monitor: Trading fees relative to AERO emissions, the ve-lock ratio, Base DEX market share, and the terms of the Aero/MetaDEX03 migration.

Primary rules: Aerodrome docs.

Price-chart reading

Last 2 years: US$0.7680 to US$0.5194, a change of -32.4%, with a maximum drawdown of -87.3%. Prices use DefiLlama coins series keyed to CoinGecko identifiers; duplicate dates retain the observation nearest UTC midnight, and missing days are not linearly interpolated.

Complete-quarter financial-chart reading

The chart retains every available series that passes the completeness threshold: Token Terminal Revenue 2026-Q2 US$10.10M; Token Terminal Earnings 2026-Q2 -US$4.86M; DefiLlama Revenue 2026-Q2 US$16.10M; DefiLlama Tokenholder cash flow (not net income) 2026-Q2 US$16.10M. Token Terminal and DefiLlama may cover different product scopes, so the series are shown side by side but never subtracted across providers. Token Terminal Earnings are a provider-defined on-chain profit proxy; DefiLlama tokenholder cash flow is adapter-classified buybacks, burns, or distributions, not net income. The current incomplete quarter is excluded and missing observations are not zero-filled.

GMX | GMX

Screen status: Standardized earnings multiple <20× | Value return active

What it does, how it works, and who pays

GMX is an on-chain perpetuals and spot trading protocol on Arbitrum and Avalanche. Traders transact against oracle-priced GM liquidity pools, while LPs bear trader P&L and inventory risk. Opening and closing positions, borrowing/capital usage, swaps, and liquidations generate on-chain fees. The protocol allocates revenue among LPs, the treasury, and GMX buybacks according to published rules. Positive Token Terminal earnings make GMX one of the few projects in the screen for which a standardized earnings multiple can be estimated.

Operating status | Snapshot through July 15, 2026

• Current business: DefiLlama reports about US$2.73B of 30-day perpetual volume, US$62.5M of open interest, US$180.8M of TVL, and roughly US$330.9B of cumulative perpetual volume. DefiLlama
• Distribution and adoption: The project page lists 80+ integrations, but no reliable same-date total of unique traders was found; incomplete adapter address counts are therefore not shown as users.
• CMC derivatives DEX rank: GMX was not listed in CMC's explicit 22-venue derivatives table on July 15, 2026. This does not mean zero activity. CMC derivatives DEX table
• Operating read: Volume and open interest are modest relative to historical cumulative scale. GM-pool returns, trader P&L, buyback execution, and LP inventory/counterparty exposure should be monitored together.

Revenue ownership and token value capture

Current documentation allocates 27% of applicable fees to open-market GMX buybacks. Repurchased tokens are initially held by the protocol; distribution to stakers is subject to a price threshold. It is therefore neither an immediate cash dividend nor a permanent burn today. Policy intensity: 27% of applicable fees buys back GMX; distribution of repurchased tokens to stakers is currently price-conditional. Over the past 12 months, DefiLlama recorded US$13.59M of protocol revenue and US$9.92M of tokenholder cash flow, implying a cash-return/revenue ratio of 73.0%.

Valuation, supply, and price performance

• Circulating market cap: US$62.07M; trailing-12-month (TTM) holder-cash-flow multiple: 6.3×; latest-30-day annualized multiple: 10.8×; FDV holder-cash-flow multiple: 7.9×.
• DefiLlama trailing-12-month Revenue: US$13.59M; trailing-12-month P/S: 4.6×. A 20× earnings multiple would require an implied Revenue-to-Earnings margin of about 22.8%. The 90-day/30-day annualized Revenue run rates equal 0.7×/0.6× of the trailing 12 months; data confidence is Medium.
• Token Terminal standardized earnings were US$25.10M, implying a circulating-market-cap/earnings multiple of 2.5×. Provider-defined earnings are an on-chain profit proxy and can overstate net income when off-chain costs are missing.
• Circulating supply: 10.44M; total supply: 10.44M; maximum supply: 13.25M. Circulating/total supply: 100.0%; reference supply base: 13.25M.
• Last 2 years price change: -76.9%; range: US$5.28–US$44.35; maximum drawdown: -88.1%.

Key risks and monitoring priorities

The small market capitalization creates liquidity risk. GM pools bear counterparty and asset-volatility exposure, while oracle, smart-contract, governance, and perpetual-trading cycle risks can all change cash flow materially.

Monitor: V2 trading volume, net returns of GM pools, the buyback wallet, any change to distribution thresholds, and the gap between incentives and earnings.

Primary rules: GMX tokenomics, GMX trading fees.

Price-chart reading

Last 2 years: US$25.75 to US$5.94, a change of -76.9%, with a maximum drawdown of -88.1%. Prices use DefiLlama coins series keyed to CoinGecko identifiers; duplicate dates retain the observation nearest UTC midnight, and missing days are not linearly interpolated.

Complete-quarter financial-chart reading

The chart retains every available series that passes the completeness threshold: Token Terminal Revenue 2026-Q2 US$7.28M; Token Terminal Earnings 2026-Q2 US$7.27M; DefiLlama Revenue 2026-Q2 US$2.34M; DefiLlama Tokenholder cash flow (not net income) 2026-Q2 US$1.70M. Token Terminal and DefiLlama may cover different product scopes, so the series are shown side by side but never subtracted across providers. Token Terminal Earnings are a provider-defined on-chain profit proxy; DefiLlama tokenholder cash flow is adapter-classified buybacks, burns, or distributions, not net income. The current incomplete quarter is excluded and missing observations are not zero-filled.

XVS | Venus

Screen status: Standardized earnings multiple <20× | Conditional on current run rate / FDV

What it does, how it works, and who pays

Venus is a multichain lending market. Depositors supply assets, overcollateralized borrowers take loans, and liquidators help maintain solvency. Protocol revenue primarily comes from lending reserves/spreads and liquidation-related charges. The real fee payers are on-chain borrowers and liquidated positions. Each market accrues reserves, which are allocated among the treasury, risk fund, Venus Prime, and XVS buybacks under governance-approved tokenomics.

Operating status | Snapshot through July 15, 2026

• Market position: Based on DefiLlama's lending category, Venus Core ranks about No. 7 globally and No. 1 on BNB Chain, representing roughly 56.1% of lending TVL on that chain. Core TVL is about US$1.05B, with roughly US$398M borrowed. DefiLlama
• Operating quality: The June 2026 project report disclosed US$1.33B supplied, US$365.1M of debt, 1,697 liquidations, and US$4.24M of collateral disposed. The top three borrowers represented about 24.5% of debt. June 2026 report
• User proxy: The report lists 2,177, 1,879, and 616 wallets in three BTCB-related borrowing combinations, but the sets overlap and must not be summed into total users.
• CMC rank: Not applicable—Venus is a lending market, not an exchange. Bad debt, liquidations, BNB/BTC concentration, and chain-level eligibility for buybacks are more relevant.

Revenue ownership and token value capture

Under current Tokenomics V4.1, 20% of eligible-chain revenue buys XVS in the market and distributes it to XVS Vault stakers. The purchased tokens are not burned: this is a conditional token distribution that requires staking, not a cash dividend for ordinary holders, and it does not reduce total XVS supply. Current policy intensity: 20% of eligible-chain revenue buys XVS for the Vault; no burn.

How the XVS buyback and distribution actually works

Current allocation:

• Borrow reserves, mainly protocol-share interest: Treasury 40%, Risk Fund 20%, XVS buyback and Vault distribution 20%, Venus Prime 20%.
• Liquidation penalties and other revenue: Treasury 60%, Risk Fund 20%, XVS buyback and Vault distribution 20%, Prime 0%.
• Chain eligibility: rolling six-month average monthly revenue must reach US$50,000; otherwise 100% of that chain's revenue goes to Treasury. The latest July 2026 proposal showed only BNB Chain qualifying.

The official Q2 2026 BNB Chain allocation verifies the executed intensity: US$138,971 of US$694,857 in protocol fees bought 48,607 XVS, exactly 20%. Those tokens moved to the Vault reward store for Q3 distribution; they were not destroyed. Prime received US$89,729, equal to 20% of reserve income rather than 20% of total revenue.

The Vault also receives a base reward of 308.7 XVS per day from preallocated tokens in the Distributor. This is token release, not revenue-funded cash flow, and must be separated from organic buyback yield.

Why older material says “burn”: a 2022 program included both XVS buyback-and-burn and Vault buybacks, but it is no longer the current rule. A later program burned BNB, not XVS, and was discontinued through VIP-585. The accurate current classification is “conditional buyback and redistribution, no burn.”

Forward policy risk: the proposed Prime V2 redesign would redirect the Vault's 20% revenue allocation to Prime. The July 2026 Vault proposal still applied the existing buyback rule, so this page treats Prime V2 as a pending governance transition rather than current policy.

Why Token Terminal Revenue is so much higher than DefiLlama

In this page's July 15, 2026 snapshot, Token Terminal trailing-12-month Revenue is US$11.60M versus US$3.73M from DefiLlama, a 3.1× difference. Complete-quarter cross-checks show that the gap mainly reflects liquidation income omitted from older DefiLlama history:

• Q4 2025: Token Terminal US$4.60M; DefiLlama US$1.27M; Venus disclosed about US$4.26M.
• Q1 2026: Token Terminal US$2.47M; DefiLlama US$0.64M; Venus disclosed US$2.36M on BNB Chain, including US$1.77M of liquidation income, or 75.2% of the total.
• Q2 2026: Token Terminal US$0.682M; DefiLlama US$0.679M; Venus disclosed US$0.695M, so the three sources had largely converged.

DefiLlama explicitly added Venus liquidation-income tracking only in a May 13, 2026 adapter fix. Older quarters were not fully backfilled. Token Terminal is therefore the more complete XVS source for historical TTM Revenue, while recent post-fix DefiLlama Revenue is useful. Liquidation fees are real on-chain revenue but volatile and event-driven; recurring reserve income and episodic liquidation income should be valued separately.

Holder cash flow has another methodology break: DefiLlama corrected Venus's holdersRevenueRatio to 40% only on December 2, 2025. This page rebases earlier values that were recorded at roughly 100% to today's 40% method. Even the adjusted series combines theoretical Vault and Prime allocations and is not the same as pure 20% XVS buybacks or a dividend to ordinary XVS holders.

Token Terminal defines XVS Earnings as Revenue minus token incentives and excludes payroll, development, legal, and other operating expenses. It is an on-chain profit proxy, not accounting net income or free cash flow. Exceptional liquidation income and missing off-chain costs can both make the Earnings multiple look artificially low.

Valuation, supply, and price performance

• Circulating market cap: US$46.27M. After rebasing DefiLlama's pre-December 1, 2025 100% holdersRevenue ratio to today's 40% method, the trailing-12-month Vault-plus-Prime allocation proxy is US$1.42M, or 38.1% of Revenue, implying 32.6×. The old raw series—US$2.63M and 17.6×—is no longer used for valuation. The latest-30-day annualized multiple is 47.4×; the FDV multiple is 57.5×.
• Token Terminal trailing-12-month Revenue is US$11.60M; Token Terminal standardized earnings were US$11.03M, implying a circulating-market-cap/earnings multiple of 4.2×. Liquidation income is volatile and Earnings excludes off-chain operating costs, so 4.2× is a provider-defined on-chain Earnings multiple—not a stable accounting P/E.
• Recent post-fix Revenue now converges: Token Terminal's latest 30 days were US$218.85K, versus US$231.24K summed from DefiLlama's daily series. DefiLlama's historical trailing-12-month Revenue of US$3.73M still contains the old liquidation-income gap and is not used as the primary historical XVS P/S denominator.
• Circulating supply: 16.86M; total supply: 29.75M; maximum supply: 30.00M. Circulating/total supply: 56.7%; reference supply base: 30.00M.
• Last 2 years price change: -56.5%; range: US$2.28–US$11.91; maximum drawdown: -80.9%.

Key risks and monitoring priorities

Trailing earnings are heavily influenced by volatile liquidation income, while Token Terminal excludes off-chain operating costs. Prime V2 could also change the Vault's revenue share. Roughly half of total supply remains outside circulation, and bad debt, liquidations, chain eligibility, multichain deployments, and token releases can all change realized returns.

Monitor: Recurring reserve income versus liquidation income, chain eligibility, XVS buybacks actually completed, Vault base emissions, Prime V2 implementation, bad debt, and token releases.

Primary rules: Venus Tokenomics V4.1, 2026 Q2 buyback allocation, Prime V2 proposal.

Price-chart reading

Last 2 years: US$6.30 to US$2.74, a change of -56.5%, with a maximum drawdown of -80.9%. Prices use DefiLlama coins series keyed to CoinGecko identifiers; duplicate dates retain the observation nearest UTC midnight, and missing days are not linearly interpolated.

Complete-quarter financial-chart reading

The chart retains every available series that passes the completeness threshold: Token Terminal Revenue 2026-Q2 US$682.01K; Token Terminal Earnings 2026-Q2 US$653.40K; DefiLlama Revenue 2026-Q2 US$679.48K; DefiLlama Tokenholder cash flow (not net income) 2026-Q2 US$218.25K. Token Terminal and DefiLlama may cover different product scopes, so the series are shown side by side but never subtracted across providers. For XVS, pre-December 1, 2025 DefiLlama holder cash flow is rebased from the old 100% ratio to today's 40% method; it remains a Vault-plus-Prime allocation proxy, not pure 20% XVS buybacks. Token Terminal Earnings are a provider-defined on-chain profit proxy; DefiLlama tokenholder cash flow is adapter-classified buybacks, burns, or distributions, not net income. The current incomplete quarter is excluded and missing observations are not zero-filled.

GNS | Gains Network

Screen status: Holder-cash-flow P/E proxy <20× | TTM and latest 30 days both pass

What it does, how it works, and who pays

Gains Network's gTrade is an on-chain synthetic leveraged-trading platform covering crypto assets, foreign exchange, commodities, and other markets. The protocol does not need to hold the spot asset for every instrument it lists. Traders pay opening, closing, spread, and related fees. gToken vaults provide settlement capital and are the economic counterparty to traders.

Operating status | Snapshot through July 15, 2026

• Cumulative adoption: Gains' website reports 44K+ users, 4M+ trades, US$135B+ total volume, and 290+ pairs. “Users” is a project metric, not an audited count of unique people. Gains
• Current business: DefiLlama reports about US$1.07B of 30-day perpetual volume, US$7.39M of open interest, and roughly US$12.0M of TVL. DefiLlama Its cumulative volume differs from the project figure because of coverage/method differences; the two are not spliced into one trend.
• CMC derivatives DEX rank: Gains Network was not listed in the explicit derivatives table on July 15, 2026. CMC derivatives DEX table
• Operating read: Trading activity persists, but open interest and vault scale are small. gToken-vault health, trader net profitability, and stress-driven GNS minting matter most.

Revenue ownership and token value capture

Official documentation states that about 60% of opening and closing fees is used to buy GNS, of which 90% is burned. This implies buyback-and-burn equal to roughly 54% of total fees, with the balance supporting governance, staking, and related uses. Policy intensity: About 60% of opening/closing fees funds buybacks; 90% of that amount is burned, equal to roughly 54% of total fees. Over the past 12 months, DefiLlama recorded US$7.16M of protocol revenue and US$4.89M of tokenholder cash flow, implying a cash-return/revenue ratio of 68.3%.

Valuation, supply, and price performance

• Circulating market cap: US$14.91M; trailing-12-month (TTM) holder-cash-flow multiple: 3.0×; latest-30-day annualized multiple: 14.3×; FDV holder-cash-flow multiple: 3.0×.
• DefiLlama trailing-12-month Revenue: US$7.16M; trailing-12-month P/S: 2.1×. A 20× earnings multiple would require an implied Revenue-to-Earnings margin of about 10.4%. The 90-day/30-day annualized Revenue run rates equal 0.5×/0.5× of the trailing 12 months; data confidence is High.
• The current extraction did not return usable earnings; missing coverage does not mean the project has no economic profit. Provider-defined earnings are an on-chain profit proxy and can overstate net income when off-chain costs are missing.
• Circulating supply: 23.86M; total supply: 23.86M; maximum supply: N/A. Circulating/total supply: 100.0%; reference supply base: 23.86M.
• Last 2 years price change: -79.8%; range: US$0.4557–US$3.50; maximum drawdown: -87.0%.

Key risks and monitoring priorities

The protocol may mint GNS when vault health deteriorates, so crisis-period issuance can reverse ordinary-period burns. Market capitalization and trading liquidity are very small, and the protocol also carries oracle, synthetic-exposure, and regulatory risks.

Monitor: gToken vault collateralization, net minting versus burning, trader P&L, on-chain trading volume, and execution of buybacks.

Primary rules: GNS staking/tokenomics, gTrade fees, gToken vaults.

Price-chart reading

Last 2 years: US$3.10 to US$0.6257, a change of -79.8%, with a maximum drawdown of -87.0%. Prices use DefiLlama coins series keyed to CoinGecko identifiers; duplicate dates retain the observation nearest UTC midnight, and missing days are not linearly interpolated.

Complete-quarter financial-chart reading

The chart retains every available series that passes the completeness threshold: DefiLlama Revenue 2026-Q2 US$919.47K; DefiLlama Tokenholder cash flow (not net income) 2026-Q2 US$604.78K. Token Terminal and DefiLlama may cover different product scopes, so the series are shown side by side but never subtracted across providers. Token Terminal Earnings are a provider-defined on-chain profit proxy; DefiLlama tokenholder cash flow is adapter-classified buybacks, burns, or distributions, not net income. The current incomplete quarter is excluded and missing observations are not zero-filled.

VELO | Velodrome Finance

Screen status: Holder-cash-flow P/E proxy <20× | TTM and latest 30 days both pass

What it does, how it works, and who pays

Velodrome is a ve(3,3) DEX and liquidity-coordination marketplace on Optimism and the Superchain. It is Aerodrome's sister protocol. Traders pay swap fees and projects can offer voting incentives to attract emissions. veVELO holders vote on the allocation of VELO emissions and receive the corresponding revenue.

Operating status | Snapshot through July 15, 2026

• Market position: Velodrome generated about US$405.3M of 30-day volume, roughly 49.7% of DefiLlama's OP Mainnet DEX sample, with about US$37.6M of TVL. DefiLlama
• CMC spot DEX ranks by venue: v3 Optimism No. 56, Velodrome Finance No. 80, v2 No. 100, v3 Unichain No. 173, and v3 Ink No. 338. CMC spot DEX table
• User metric: No same-date, cross-protocol-comparable unique-wallet count was found, so incomplete address metrics are omitted. Velodrome remains important on OP Mainnet, but absolute volume and TVL are far below Aerodrome; the Aero merger and VELO migration are the key operating events.

Revenue ownership and token value capture

The official model allocates 100% of protocol swap fees and voting incentives to veVELO. Ordinary VELO holders must first lock their tokens to acquire these rights, and the mechanism does not burn supply. Policy intensity: 100% of swap fees and voting incentives goes to voting veVELO positions. Over the past 12 months, DefiLlama recorded US$7.61M of protocol revenue and US$7.61M of tokenholder cash flow, implying a cash-return/revenue ratio of 100.0%.

Valuation, supply, and price performance

• Circulating market cap: US$26.62M; trailing-12-month (TTM) holder-cash-flow multiple: 3.5×; latest-30-day annualized multiple: 7.0×; FDV holder-cash-flow multiple: 7.1×.
• DefiLlama trailing-12-month Revenue: US$7.61M; trailing-12-month P/S: 3.5×. A 20× earnings multiple would require an implied Revenue-to-Earnings margin of about 17.5%. The 90-day/30-day annualized Revenue run rates equal 0.6×/0.5× of the trailing 12 months; data confidence is Medium.
• Token Terminal standardized earnings were -US$1.61M, a loss; loss-making projects are shown as N/M rather than assigned a negative P/E. Provider-defined earnings are an on-chain profit proxy and can overstate net income when off-chain costs are missing.
• Circulating supply: 1.24B; total supply: 2.54B; maximum supply: N/A. Circulating/total supply: 48.9%; reference supply base: 2.54B.
• Last 2 years price change: -71.4%; range: US$0.0125–US$0.2775; maximum drawdown: -95.5%.

Key risks and monitoring priorities

VELO has no hard cap, emissions continue, and Token Terminal earnings are negative. The protocol is being combined with Aero, so conversion terms and migration execution may change the relevant valuation object.

Monitor: The Aero combination ratio and timetable, weekly emissions, the ve-lock ratio, and Optimism trading share.

Primary rules: Velodrome docs.

Price-chart reading

Last 2 years: US$0.0752 to US$0.0215, a change of -71.4%, with a maximum drawdown of -95.5%. Prices use DefiLlama coins series keyed to CoinGecko identifiers; duplicate dates retain the observation nearest UTC midnight, and missing days are not linearly interpolated.

Complete-quarter financial-chart reading

The chart retains every available series that passes the completeness threshold: Token Terminal Revenue 2026-Q2 US$540.75K; Token Terminal Earnings 2026-Q2 -US$317.48K; DefiLlama Revenue 2026-Q2 US$1.08M; DefiLlama Tokenholder cash flow (not net income) 2026-Q2 US$1.08M. Token Terminal and DefiLlama may cover different product scopes, so the series are shown side by side but never subtracted across providers. Token Terminal Earnings are a provider-defined on-chain profit proxy; DefiLlama tokenholder cash flow is adapter-classified buybacks, burns, or distributions, not net income. The current incomplete quarter is excluded and missing observations are not zero-filled.

MPLX | Metaplex

Screen status: Holder-cash-flow P/E proxy <20× | TTM and latest 30 days both pass

What it does, how it works, and who pays

Metaplex is digital-asset infrastructure on Solana. It provides standards and programs such as Token Metadata, Core, and Bubblegum that are widely used for NFTs, compressed assets, and tokenization applications. Developers and users pay protocol fees when performing on-chain operations such as minting, creating, or updating digital assets. Revenue therefore varies with digital-asset creation activity on Solana.

Operating status | Snapshot through July 15, 2026

• Adoption scale: Metaplex says its standards power more than 99% of tokens and NFTs on Solana, with 22M+ fungible tokens and nearly 1B total assets created. The 99% share is project-reported, not treated as independently audited. Metaplex App
• Recent operations: About 120K signing wallets used Metaplex in May 2026, up roughly 5.3% MoM. The month added 144K Token Metadata assets and 273K Core mints, while protocol revenue was about US$172K, 73% from Token Metadata. May roundup
• Commercial adoption: Collector Crypt has created 130K+ assets, while Candy Digital plans to migrate licensed digital collectibles to Core. Wallets are not unique people.
• CMC rank: Not applicable—Metaplex is issuance infrastructure, not an exchange. Solana concentration, Core adoption, mint activity, and revenue dependence on Token Metadata are the operating priorities.

Revenue ownership and token value capture

The official protocol-fee page states that 50% of fees is converted into MPLX and placed in the DAO treasury, while the other 50% supports Foundation operations. Treasury-held repurchases can be reallocated by governance, making the mechanism economically weaker than a permanent burn. Policy intensity: 50% of protocol fees is converted into MPLX for the DAO treasury; the tokens are not burned. Over the past 12 months, DefiLlama recorded US$11.12M of protocol revenue and US$5.56M of tokenholder cash flow, implying a cash-return/revenue ratio of 50.0%.

Valuation, supply, and price performance

• Circulating market cap: US$16.29M; trailing-12-month (TTM) holder-cash-flow multiple: 2.9×; latest-30-day annualized multiple: 16.9×; FDV holder-cash-flow multiple: 5.7×.
• DefiLlama trailing-12-month Revenue: US$11.12M; trailing-12-month P/S: 1.5×. A 20× earnings multiple would require an implied Revenue-to-Earnings margin of about 7.3%. The 90-day/30-day annualized Revenue run rates equal 0.1×/0.2× of the trailing 12 months; data confidence is High.
• The current extraction did not return usable earnings; missing coverage does not mean the project has no economic profit. Provider-defined earnings are an on-chain profit proxy and can overstate net income when off-chain costs are missing.
• Circulating supply: 509.98M; total supply: 999.98M; maximum supply: 1.00B. Circulating/total supply: 51.0%; reference supply base: 1.00B.
• Last 2 years price change: -89.1%; range: US$0.0183–US$0.5028; maximum drawdown: -96.4%.

Key risks and monitoring priorities

Only about half of supply is circulating, and the DAO's future treatment of repurchased tokens matters. Revenue durability depends on Solana NFT and meme activity, concentration among major customers, and competition between digital-asset standards.

Monitor: Usage of each program, protocol fees, the DAO treasury's MPLX balance, supply unlocks, and new-asset issuance on Solana.

Primary rules: Metaplex protocol fees, Metaplex whitepaper.

Price-chart reading

Last 2 years: US$0.2999 to US$0.0325, a change of -89.1%, with a maximum drawdown of -96.4%. Prices use DefiLlama coins series keyed to CoinGecko identifiers; duplicate dates retain the observation nearest UTC midnight, and missing days are not linearly interpolated.

Complete-quarter financial-chart reading

The chart retains every available series that passes the completeness threshold: DefiLlama Revenue 2026-Q2 US$359.80K; DefiLlama Tokenholder cash flow (not net income) 2026-Q2 US$179.90K. Token Terminal and DefiLlama may cover different product scopes, so the series are shown side by side but never subtracted across providers. Token Terminal Earnings are a provider-defined on-chain profit proxy; DefiLlama tokenholder cash flow is adapter-classified buybacks, burns, or distributions, not net income. The current incomplete quarter is excluded and missing observations are not zero-filled.

FLIP | Chainflip

Screen status: Standardized earnings multiple <20× | Value return active

What it does, how it works, and who pays

Chainflip is a native-asset cross-chain AMM. Users can swap native assets across chains without first bridging wrapped tokens, while a validator network uses threshold signatures to manage cross-chain vaults. Cross-chain swaps pay specified fees. The protocol uses those fees to buy and burn FLIP, while FLIP emissions fund the validator security budget.

Operating status | Snapshot through July 15, 2026

• Cumulative adoption: By June 10, 2026, Chainflip had completed 830K+ swaps and about US$7.9B of volume. SafePal and Xverse integrations expand potential distribution, but partner-wallet users are not actual Chainflip users. Chainflip
• Current business: DefiLlama reports about US$288.5M of 30-day volume and roughly US$10.1M of AMM TVL. Native TRX and USDT-TRC20 routes launched in June 2026. DefiLlama · TRON launch
• CMC spot DEX rank: Chainflip AMM was not listed in the explicit spot table. CMC spot DEX table
• Operating risk: On June 11, 2026, old broker software caused a deposit-channel misattribution; the project changed its identification logic. Broker and integration-layer reliability therefore belongs in protocol-risk analysis. Incident report

Revenue ownership and token value capture

Official token-economics documentation states that swap fees and part of boost fees buy and burn FLIP. Positive Token Terminal earnings allow a circulating-market-cap-to-earnings calculation, but burns must be evaluated alongside validator issuance. Policy intensity: Swap fees automatically buy and burn FLIP; roughly half of boost fees is also burned. Over the past 12 months, DefiLlama recorded US$3.04M of protocol revenue and US$3.04M of tokenholder cash flow, implying a cash-return/revenue ratio of 100.0%.

Valuation, supply, and price performance

• Circulating market cap: US$24.39M; trailing-12-month (TTM) holder-cash-flow multiple: 8.0×; latest-30-day annualized multiple: 11.8×; FDV holder-cash-flow multiple: 8.1×.
• DefiLlama trailing-12-month Revenue: US$3.04M; trailing-12-month P/S: 8.0×. A 20× earnings multiple would require an implied Revenue-to-Earnings margin of about 40.1%. The 90-day/30-day annualized Revenue run rates equal 0.9×/0.7× of the trailing 12 months; data confidence is High.
• Token Terminal standardized earnings were US$1.68M, implying a circulating-market-cap/earnings multiple of 14.5×. Provider-defined earnings are an on-chain profit proxy and can overstate net income when off-chain costs are missing.
• Circulating supply: 88.81M; total supply: 89.63M; maximum supply: N/A. Circulating/total supply: 99.1%; reference supply base: 89.63M.
• Last 2 years price change: -81.3%; range: US$0.1985–US$2.50; maximum drawdown: -92.1%.

Key risks and monitoring priorities

The current annualized validator emission rate may exceed TTM burns, meaning net supply can still rise. Cross-chain threshold-signature/validator attacks, vault security, low liquidity, and team unlocks are all material risks.

Monitor: Monthly burns versus emissions, cross-chain trading volume, validator concentration, unlocks, and changes in net supply.

Primary rules: Chainflip token economics, Chainflip emissions and burning.

Price-chart reading

Last 2 years: US$1.47 to US$0.2746, a change of -81.3%, with a maximum drawdown of -92.1%. Prices use DefiLlama coins series keyed to CoinGecko identifiers; duplicate dates retain the observation nearest UTC midnight, and missing days are not linearly interpolated.

Complete-quarter financial-chart reading

The chart retains every available series that passes the completeness threshold: Token Terminal Revenue 2026-Q2 US$701.29K; Token Terminal Earnings 2026-Q2 US$482.52K; DefiLlama Revenue 2026-Q2 US$700.69K; DefiLlama Tokenholder cash flow (not net income) 2026-Q2 US$700.69K. Token Terminal and DefiLlama may cover different product scopes, so the series are shown side by side but never subtracted across providers. Token Terminal Earnings are a provider-defined on-chain profit proxy; DefiLlama tokenholder cash flow is adapter-classified buybacks, burns, or distributions, not net income. The current incomplete quarter is excluded and missing observations are not zero-filled.

DBR | deBridge

Screen status: Standardized earnings multiple <20× | Value return active

What it does, how it works, and who pays

deBridge is an intents- and solver-based cross-chain messaging and DLN trading network. Market makers/solvers complete transfers on the source and destination chains without relying on a traditional locked-TVL bridge model. Users pay a fixed native fee and a variable trading fee, while solvers compete to fill cross-chain orders. Protocol revenue comes from genuine on-chain cross-chain users.

Operating status | Snapshot through July 15, 2026

• Business scale: deBridge DLN's official statistics API reported about US$20.70B cumulatively settled, 6.97M fulfilled orders, and roughly 1.48M unique order-creator wallets by July 15, 2026. Wallets are not unique people. DLN statistics API
• Recent operations: The latest 30 days processed about US$580.3M across 389,519 orders and produced roughly US$467.9K of official protocol fees. DefiLlama reports about US$500K for the same broad period—a 6.9% difference—so the two methodologies remain separate. deBridge analytics · DefiLlama
• Why TVL is small: Solver competition executes intents without a large shared pool, so about US$2.2M of TVL materially understates operating scale.
• CMC rank: Not applicable—DLN is a cross-chain order-execution network, not a conventional exchange. The project reports 27+ audits, a US$200K bug bounty, and zero security incidents; these remain project claims. Security

Revenue ownership and token value capture

The Foundation Reserve Fund states that it uses 100% of protocol earnings to accumulate DBR or other strategic assets. DBR repurchases are redeployable treasury assets, not permanent burns, and the policy does not guarantee that every dollar is spent on DBR. Policy intensity: The Foundation Reserve Fund uses 100% of protocol earnings, but may purchase DBR or other strategic assets. Over the past 12 months, DefiLlama recorded US$9.91M of protocol revenue and US$10.30M of tokenholder cash flow, implying a cash-return/revenue ratio of 103.9%.

Valuation, supply, and price performance

• Circulating market cap: US$86.72M; trailing-12-month (TTM) holder-cash-flow multiple: 8.4×; latest-30-day annualized multiple: 10.2×; FDV holder-cash-flow multiple: 15.8×.
• DefiLlama trailing-12-month Revenue: US$9.91M; trailing-12-month P/S: 8.7×. A 20× earnings multiple would require an implied Revenue-to-Earnings margin of about 43.7%. The 90-day/30-day annualized Revenue run rates equal 0.7×/0.6× of the trailing 12 months; data confidence is Medium.
• Token Terminal standardized earnings were US$6.37M, implying a circulating-market-cap/earnings multiple of 13.6×. Provider-defined earnings are an on-chain profit proxy and can overstate net income when off-chain costs are missing.
• Circulating supply: 5.33B; total supply: 10.00B; maximum supply: 10.00B. Circulating/total supply: 53.3%; reference supply base: 10.00B.
• Since listing price change: -56.2%; range: US$0.0124–US$0.0540; maximum drawdown: -77.0%.

Key risks and monitoring priorities

DefiLlama holder cash flow can exceed revenue for the same period because of recognition and execution timing, so the two should not be treated as an accounting identity. Supply unlocks, solver concentration, cross-chain security, and the choice of reserve assets are the principal risks.

Monitor: Public reserve-fund wallets, the DBR share of reserves, the unlock calendar, DLN trading volume, and solver concentration.

Primary rules: deBridge Reserve Fund, DLN fee structure, DBR tokenomics.

Price-chart reading

Since listing: US$0.0372 to US$0.0163, a change of -56.2%, with a maximum drawdown of -77.0%. Prices use DefiLlama coins series keyed to CoinGecko identifiers; duplicate dates retain the observation nearest UTC midnight, and missing days are not linearly interpolated.

Complete-quarter financial-chart reading

The chart retains every available series that passes the completeness threshold: Token Terminal Revenue 2026-Q2 US$705.28K; Token Terminal Earnings 2026-Q2 US$705.28K; DefiLlama Revenue 2026-Q2 US$1.77M; DefiLlama Tokenholder cash flow (not net income) 2026-Q2 US$1.69M. Token Terminal and DefiLlama may cover different product scopes, so the series are shown side by side but never subtracted across providers. Token Terminal Earnings are a provider-defined on-chain profit proxy; DefiLlama tokenholder cash flow is adapter-classified buybacks, burns, or distributions, not net income. The current incomplete quarter is excluded and missing observations are not zero-filled.

APEX | ApeX Protocol

Screen status: Holder-cash-flow P/E proxy <20× | TTM and latest 30 days both pass

What it does, how it works, and who pays

ApeX is an order-book perpetuals DEX with on-chain settlement, offering perpetuals, spot markets, and related trading products to active traders. Traders pay fees in markets that settle on-chain. The protocol pools part of daily revenue under its buyback program and executes purchases weekly.

Operating status | Snapshot through July 15, 2026

• Current trading: CMC's ApeX Omni venue snapshot, updated at 09:10 UTC on July 15, 2026, showed about US$500.0M of 24-hour derivatives volume and US$115.7M of open interest. These are volatile point-in-time CMC figures. ApeX Omni on CMC
• CMC derivatives DEX rank: ApeX Omni ranked No. 11. CMC derivatives DEX table
• Capital scale: DefiLlama reports about US$33.3M of current protocol TVL. DefiLlama No same-date, transparently defined unique-trader count was found, so unverified registered-user figures are omitted.
• Operating read: 24-hour volume is high relative to TVL. Market-maker concentration, real open interest, incentive-driven trading, and whether repurchased tokens remain in treasury or are burned need verification.

Revenue ownership and token value capture

The official October 2025 buyback program allocates 50% of daily protocol revenue to weekly repurchases and launched with funding based on historical revenue. Public materials do not make all repurchased tokens subject to an automatic permanent burn, so this screen treats them as treasury buybacks. Policy intensity: Since October 2025, 50% of daily protocol revenue has been allocated to weekly APEX buybacks. Over the past 12 months, DefiLlama recorded US$9.34M of protocol revenue and US$9.34M of tokenholder cash flow, implying a cash-return/revenue ratio of 100.0%.

Valuation, supply, and price performance

• Circulating market cap: US$39.66M; trailing-12-month (TTM) holder-cash-flow multiple: 4.2×; latest-30-day annualized multiple: 16.3×; FDV holder-cash-flow multiple: 14.5×.
• DefiLlama trailing-12-month Revenue: US$9.34M; trailing-12-month P/S: 4.2×. A 20× earnings multiple would require an implied Revenue-to-Earnings margin of about 21.2%. The 90-day/30-day annualized Revenue run rates equal 0.3×/0.3× of the trailing 12 months; data confidence is Medium.
• The current extraction did not return usable earnings; missing coverage does not mean the project has no economic profit. Provider-defined earnings are an on-chain profit proxy and can overstate net income when off-chain costs are missing.
• Circulating supply: 146.20M; total supply: 500.00M; maximum supply: 500.00M. Circulating/total supply: 29.2%; reference supply base: 500.00M.
• Last 2 years price change: -87.7%; range: US$0.1455–US$2.37; maximum drawdown: -93.9%.

Key risks and monitoring priorities

The circulating ratio is low, and release programs such as esAPEX12 can create sustained selling pressure. Peak periods inflate TTM revenue. Exchange competition, market-making quality, and execution transparency are key risks.

Monitor: Weekly buybacks, the destination of repurchased tokens, unlocks, daily trading volume, and the latest 30-day holder cash flow.

Primary rules: ApeX buyback program, APEX supply reduction, esAPEX12 unlock.

Price-chart reading

Last 2 years: US$2.19 to US$0.2704, a change of -87.7%, with a maximum drawdown of -93.9%. Prices use DefiLlama coins series keyed to CoinGecko identifiers; duplicate dates retain the observation nearest UTC midnight, and missing days are not linearly interpolated.

Complete-quarter financial-chart reading

The chart retains every available series that passes the completeness threshold: DefiLlama Revenue 2026-Q2 US$597.99K; DefiLlama Tokenholder cash flow (not net income) 2026-Q2 US$597.99K. Token Terminal and DefiLlama may cover different product scopes, so the series are shown side by side but never subtracted across providers. Token Terminal Earnings are a provider-defined on-chain profit proxy; DefiLlama tokenholder cash flow is adapter-classified buybacks, burns, or distributions, not net income. The current incomplete quarter is excluded and missing observations are not zero-filled.

THOR | THORSwap

Screen status: Holder-cash-flow P/E proxy <20× | TTM and latest 30 days both pass

What it does, how it works, and who pays

THORSwap is a cross-chain swap aggregator. It routes liquidity from underlying networks such as THORChain, Maya, and Chainflip so users can exchange native assets across chains. Traders pay underlying swap and affiliate fees. Under governance rules, the aggregator allocates protocol revenue among THOR liquidity/staking, buyback and burn, and the treasury.

Operating status | Snapshot through July 15, 2026

• Product coverage: THORSwap documentation says its interface supports 8,000+ assets across 18+ chains and routes through THORChain, Maya, Chainflip, NEAR, and other infrastructure. This is accessible coverage, not active users. THORSwap docs
• Current business: DefiLlama records about US$29.9M of 30-day aggregator volume. Among five measurable peers in that category it ranks about No. 3, with roughly 7.35% share. Protocol staking is about US$6.3M, but THORSwap must not inherit underlying THORChain TVL or rank. DefiLlama
• CMC rank: No THORSwap venue appears in CMC's explicit spot DEX table, so it is marked not listed; THORChain's rank is not substituted. CMC spot DEX table
• Operating read: Routing volume is small and depends on several external networks. Underlying-route mix, failure rate, slippage, interface/compliance risk, and the persistence of THOR buyback-and-burn matter most.

Revenue ownership and token value capture

The official buyback-and-burn page allocates 55% to THOR LPs/stakers, 20% to buyback and burn, and 25% to the treasury. Roughly 75% therefore returns directly or indirectly to token participants, although receiving the 55% component requires active participation. Policy intensity: 55% of revenue goes to THOR LPs/stakers, 20% to buyback and burn, and 25% to the treasury. Over the past 12 months, DefiLlama recorded US$4.98M of protocol revenue and US$3.73M of tokenholder cash flow, implying a cash-return/revenue ratio of 75.0%.

Valuation, supply, and price performance

• Circulating market cap: US$9.05M; trailing-12-month (TTM) holder-cash-flow multiple: 2.4×; latest-30-day annualized multiple: 6.3×; FDV holder-cash-flow multiple: 2.4×.
• DefiLlama trailing-12-month Revenue: US$4.98M; trailing-12-month P/S: 1.8×. A 20× earnings multiple would require an implied Revenue-to-Earnings margin of about 9.1%. The 90-day/30-day annualized Revenue run rates equal 0.7×/0.4× of the trailing 12 months; data confidence is High.
• The current extraction did not return usable earnings; missing coverage does not mean the project has no economic profit. Provider-defined earnings are an on-chain profit proxy and can overstate net income when off-chain costs are missing.
• Circulating supply: 254.41M; total supply: 254.41M; maximum supply: 500.00M. Circulating/total supply: 100.0%; reference supply base: 500.00M.
• Last 2 years price change: -82.2%; range: US$0.0287–US$0.4669; maximum drawdown: -93.8%.

Key risks and monitoring priorities

This is a micro-cap token with extremely limited trading liquidity, so the headline yield may not support a meaningful exit. The protocol also depends on the security and availability of several underlying cross-chain networks.

Monitor: Executable market depth, daily trading volume, the burn wallet, routing share across underlying networks, and governance changes.

Primary rules: THOR buyback + burn, THOR emissions.

Price-chart reading

Last 2 years: US$0.1996 to US$0.0356, a change of -82.2%, with a maximum drawdown of -93.8%. Prices use DefiLlama coins series keyed to CoinGecko identifiers; duplicate dates retain the observation nearest UTC midnight, and missing days are not linearly interpolated.

Complete-quarter financial-chart reading

The chart retains every available series that passes the completeness threshold: DefiLlama Revenue 2026-Q2 US$963.03K; DefiLlama Tokenholder cash flow (not net income) 2026-Q2 US$722.27K. Token Terminal and DefiLlama may cover different product scopes, so the series are shown side by side but never subtracted across providers. Token Terminal Earnings are a provider-defined on-chain profit proxy; DefiLlama tokenholder cash flow is adapter-classified buybacks, burns, or distributions, not net income. The current incomplete quarter is excluded and missing observations are not zero-filled.

QUICK | QuickSwap

Screen status: Holder-cash-flow P/E proxy <20× | TTM and latest 30 days both pass

What it does, how it works, and who pays

QuickSwap is a multichain DEX that originated in the Polygon ecosystem and provides AMM and related DeFi trading functionality. On-chain traders pay swap fees, which are allocated among LPs, the protocol/foundation, and QUICK community-return mechanisms.

Operating status | Snapshot through July 15, 2026

• Current business: QuickSwap generated about US$566.5M of aggregated 30-day volume, roughly 0.28% of DefiLlama's global DEX sample and 5.83% of its Polygon DEX sample, with about US$284.4M of TVL. DefiLlama
• CMC spot DEX ranks by venue: QuickSwap No. 18, v3 Polygon No. 46, v2 Base No. 303, and v3 Manta No. 348. CMC spot DEX table
• User metric: No same-date, cross-protocol-comparable unique trading-wallet count was found, so fragmented address data are not presented as users.
• Operating read: TVL is high relative to volume, while current Polygon share and global absolute volume are limited. Polygon competition, whether multichain deployments add genuine activity, LP capital efficiency, and QUICK buyback/staking distributions need monitoring.

Revenue ownership and token value capture

Legacy documentation allocates part of trading fees to QUICK staking or repurchases, while later governance programs have temporarily directed protocol revenue to buyback and burn. Current official pages conflict, so the screen assigns only medium-to-low confidence to the present policy. Policy intensity: Historically, a 0.04% trading fee flowed back to the community; temporary governance programs have directed all protocol revenue to buyback and burn. Over the past 12 months, DefiLlama recorded US$5.27M of protocol revenue and US$4.15M of tokenholder cash flow, implying a cash-return/revenue ratio of 78.7%.

Valuation, supply, and price performance

• Circulating market cap: US$5.14M; trailing-12-month (TTM) holder-cash-flow multiple: 1.2×; latest-30-day annualized multiple: 2.6×; FDV holder-cash-flow multiple: 1.8×.
• DefiLlama trailing-12-month Revenue: US$5.27M; trailing-12-month P/S: 1.0×. A 20× earnings multiple would require an implied Revenue-to-Earnings margin of about 4.9%. The 90-day/30-day annualized Revenue run rates equal 0.5×/0.5× of the trailing 12 months; data confidence is Medium.
• The current extraction did not return usable earnings; missing coverage does not mean the project has no economic profit. Provider-defined earnings are an on-chain profit proxy and can overstate net income when off-chain costs are missing.
• Circulating supply: 670.00M; total supply: 1.00B; maximum supply: 1.00B. Circulating/total supply: 67.0%; reference supply base: 1.00B.
• Last 2 years price change: -80.6%; range: US$0.0069–US$0.0679; maximum drawdown: -89.8%.

Key risks and monitoring priorities

With a market capitalization of roughly $5 million, liquidity and governance risks are extreme. Competition among Polygon DEXs is intense. A high yield reported by a DefiLlama adapter should not be interpreted as proof that the policy will continue permanently.

Monitor: Governance proposals, the actual on-chain fee switch, burn transactions, Polygon/Base market share, and exit liquidity.

Primary rules: QuickSwap, QuickSwap fee split, QUICK tokenomics proposal.

Price-chart reading

Last 2 years: US$0.0395 to US$0.0077, a change of -80.6%, with a maximum drawdown of -89.8%. Prices use DefiLlama coins series keyed to CoinGecko identifiers; duplicate dates retain the observation nearest UTC midnight, and missing days are not linearly interpolated.

Complete-quarter financial-chart reading

The chart retains every available series that passes the completeness threshold: DefiLlama Revenue 2026-Q2 US$678.03K; DefiLlama Tokenholder cash flow (not net income) 2026-Q2 US$542.43K. Token Terminal and DefiLlama may cover different product scopes, so the series are shown side by side but never subtracted across providers. Token Terminal Earnings are a provider-defined on-chain profit proxy; DefiLlama tokenholder cash flow is adapter-classified buybacks, burns, or distributions, not net income. The current incomplete quarter is excluded and missing observations are not zero-filled.

What else matters for an investment decision

1. Start with net supply, not buybacks alone. FLIP/GNS can issue tokens, AERO/VELO have persistent emissions, and APEX/DBR/MPLX retain substantial uncirculated supply. If repurchases are smaller than new issuance, per-token value can still be diluted.
2. Rank where repurchased tokens go. Permanent burns (PUMP, CAKE, part of GNS, FLIP, part of THOR) are the least reversible. Treasury-held repurchases (GMX, MPLX, DBR, APEX, RAY) can be redeployed. ve/staking distributions (AERO, VELO, XVS, THOR) require participation and impose liquidity costs.
3. Use the 30-day run rate as a falsification test. A low trailing-12-month multiple may reflect a past trading frenzy. Current proxy candidates must also remain below 20× on the latest-30-day annualized basis; the watchlist retains historically cheap names whose recent cash flow weakened.
4. Apply a liquidity discount to micro-cap yields. THOR, QUICK, and GNS are small enough that entry and exit may move the market. A quoted 30%–80% holder yield cannot be extrapolated to a large position.
5. Protocol revenue is not a legal token claim. Most policies are controlled by governance or foundations; tokenholders are not shareholders or creditors. Pauses, percentage changes, and changes in the repurchased asset may occur legitimately.

Data quality, limitations, and recomputation

• Market/supply control snapshot: CoinMarketCap public data API at 2026-07-15T11:28:23.322Z. The screen always uses the higher CMC/CG circulating market cap and aligned supply; raw values from both providers remain available.
• DefiLlama adapters are reproducible but unaudited. DBR holdersRevenue above revenue is a recognition/execution-timing alert—not evidence of a profit margin above 100%.
• Token Terminal earnings base snapshot: 2026-07-16T22:23:02.553950+00:00. The attached CSV export is dated 2026-07-15 and has SHA-256 f37eeec31c3d056579d82760b57dc5f2eb522cff0e137e4281b93020370f0ca2; it does not contain Earnings. Quarterly charts use the public front-end financial interface; authentication was used only in memory and no token was persisted.
• Price coverage uses the two-year window ending 2026-07-15 where available. Later listings are explicitly labeled “Since listing”; no synthetic history is added.
• The operating snapshot runs through 2026-07-15. TVL, volume, and market share prioritize same-source DefiLlama data; CMC uses only explicit type=spot or type=derivatives tables and reports venue/version ranks. Wallets, addresses, accounts, order creators, and project-reported “users” are not unique people and should not be compared mechanically across protocols.
• This is a research screen, not investment advice. Tokens do not have the statutory profit rights of equity; every P/E-like figure must be read with governance, unlock, net-issuance, contract, and liquidity risk.

Recompute with the analysis notebook, valuation rows, normalized Token Terminal CSV audit, operating snapshot, month-end price rows, quarterly financial rows, and chart map.

Data sources

• DefiLlama data definitions and Earnings: Fees, Revenue, Holders Revenue, and Earnings = Revenue − Incentives.
• Token Terminal Financial data: Fees, Revenue, Expenses, and Earnings = Revenue − Expenses, explicitly excluding off-chain expenses.
• Normalized attachment audit: reviewed parent rows for the 22 page projects, field inventory, missing-data limitations, and SHA-256.
• CoinMarketCap: UCID market and circulating/total/maximum-supply control snapshots.
• CoinGecko API: market fallback when CMC lacks a valid value and identifiers for DefiLlama price series.
• Operating-metrics snapshot: user proxies, trading/lending scale, market shares, CMC venue ranks, dates, scopes, and original links for all 13 projects.
• The “Primary rules” links in each profile: official buyback, burn, locked-distribution, fee, and supply mechanisms.