XRP, DOGE, ADA, SHIB… they hold ~zero meaningful revenue, yet sitting on billions in FDV....MakerDAO pulls in ~$100M+ in organic annual revenue and struggles to stay in the top 100....High-growth SaaS stocks might stretch to 20-30x revenue, but they all stay in range....Assets with real revenue are the exception; but that doesn’t mean they’re rewarded for it.

Its former owner Argo Blockchain (a Bitcoin miner) was in desperate need of capital and sold the facility...Galaxy is the most attractive way to play the “Bitcoin miner pivoting to AI data center operator” investment...It is economically irrational for a miner to engage in Bitcoin mining if they are capable of pivoting...

Hyperliquid continues to impress, both from a fundamental revenue-generating perspective and strong outperformance...in miner profitability, but the underlying dynamics still reflect a fragile post-halving environment...Table: Miner Metrics Mining difficulty also rose steadily through May, with the latest adjustment pushing...

...with prospective token holders (whether this includes launchpad revenue, AMM revenue, or both remains...June alone saw $30.5 million in total fees and $5.1 million in protocol revenue....FDV/revenue multiple from the trailing 90-day period....Jupiter uses 50% of its revenue for buying back and locking $JUP, Raydium uses 12% of fees (not revenue...

Some of the most successful apps in the space are the ones actually generating consistent revenue, such...Fee Revenue....Incentivizing LPs, traders, and stakers of an application with redistribution of MEV revenue is much...The issue is that all of these sources of revenue will eventually erode over time.

Shuffle ($SHFL): Stacking USDC from Casino Profits While Awaiting Rerating Crypto casinos operate at revenue...This “revenue meta”, where markets value projects generating revenue from strong underlying businesses...The dashboard flashes impressive numbers-30-day casino revenue of $12.7 million, crypto futures revenue...

From 2019 to 2024, gross revenue grew from ₩113.6 billion ($87 million) to ₩711.9 billion ($547 million...While revenue from PC games was not insignificant, it is mobile that drives scale....Blockchain revenue has been both volatile and a relatively small portion of the company’s total revenue...

As long as it’s translated into revenue, it’ll be valid....And if usage spikes, revenue compounds linearly....: $7B / 20x P/S = $350M in annual revenue needed....that revenue upstream?...Beyond DA: Future Revenue Streams for $TIA So far, we’ve focused entirely on Celestia earning revenue...

Note that in our opinion, revenue derived from the direct sale of assets (e.g. capped supply NFTs or...(in-game revenue only). ...Impressively, the team states that roughly 65% of total revenue comes from NFT trading, up from 20% of...total revenue at launch. ...

For the past 14 months, app revenue has consistently surpassed protocol revenue and currently represents...Applications have sustainable revenue potential that outlasts the ephemeral valuation spikes of underutilized...Network Revenue and Incentives The Enso Network employs an incentive mechanism that aligns the payouts...

While its yearly revenue currently ranks 10th overall in DeFi, Pump’s growth trajectory tells a more...Looking at actual protocol revenue though (not fees) Raydium generated $154.2M in 2024, with $62.4M of...Today PumpSwap’s revenue as a percent of its average daily revenue is less than it was when charging...

Especially considering Circle is paying a majority of its revenue directly to Coinbase as a distribution...Now, from strictly a revenue standpoint, Tether isn’t really suffering from the disproportionate flow...It makes the vast majority of its revenue from interest earned on the reserves backing USD₮.

Bit Digital (NASDAQ: BTBT), originally a Bitcoin miner, has gradually rotated into Ethereum.

Alternatively, the team could take a percentage of revenue or fees and utilize a buyback model to provide...are clearly secondary priorities, designed to act as supplemental engagement tools rather than core revenue...Cyberpunk, Castlevania, and Persona, which have leveraged cross-platform success to fuel ecosystem and revenue...

When derivative (fine-tuned) models generate revenue, payments automatically flow through the contributor...Now, Mahojin turns datasets and models into traceable, revenue-generating assets that create an enforceable...As derivative models or outputs generate revenue, the protocol automatically distributes payouts across...

...investment interest from the market with most protocols trading anywhere between a 25-200x onchain revenue...

Value Capture & Revenue Mechanics While Mini Apps are great for onboarding users and making crypto...Compounding network effects: More users → more verifications → more fee revenue → more applications →...REV is not exactly the same as revenue, but for this analysis we’ll use them synonymously. ...

Pumpfun generates $3.5M daily revenue, with a monthly high of ~$106M in November....Clanker boasts a 1.9 P/S using 30d annualized revenue, which removes the revenue spike in November....Virtuals has begun diversifying its treasury to cbBTC and recently announced new revenue distribution...revenue of ~$9.3M (60% of fees). ...

Checking in on Sui’s DeFi Protocols Suilend Suilend reported $15 million in annualized revenue in February...2024, within less than a year of operation, with 70% of this revenue flowing into the SEND treasury....Time-lock encryption is on the roadmap to help with harmful MEVs, and MEV Revenue Distribution models...

(event ticketing), universities (academic credentials), and financial institutions create immediate revenue...Humanity: Usage-based fee structure (paid in $H) generates immediate protocol revenue....for rapid user acquisition hoping monetization eventually follows, while Humanity builds sustainable revenue...Value Capture & Revenue Let’s talk about how this works.