SeiSEI: $328 million smart contract platform, layer 1 (L1)
Market cap is price times coins in circulation, from CoinGecko. The small words beside each coin are CoinGecko's own tags. A size ranking, not a pick.
What is DeFi crypto?
DeFi crypto coins are the coins CoinGecko tags as Decentralized Finance (DeFi) or Yield Farming. Each coin sits in one theme only: the first, most specific one its tags match. We track 44 DeFi coins, 29 of them rated below.
Bottom line
JUST ranks first for research priority in DeFi crypto at 67.4/100, and its native activity proof is incomplete. The theme's 13-week excess versus Bitcoin is -2.9% on 34% breadth, which is what decides whether that lead is isolated or broad. 3 of the 29 assets here carry enough native evidence to move past a price-led label.
These DeFi coins are part of the cryptocurrency universe this site tracks daily: the top 1,000 coins by market cap when the list was built, priced from exchange closes where we have a price we trust, and matched to protocol fees and revenue where a protocol publishes them.
The theme itself · before any single company
How has DeFi moved against Bitcoin?
The line below covers up to 5 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this theme is 5% ahead of Bitcoin. Protocol revenue across its protocols grew 3% on average over the last four reported quarters — close to flat.
FADING · −2 in 4w·Moving with the index8 of 28 coins ahead of Bitcoin by 5% or more over three months
Ahead of Bitcoin for 3 weeks running; 15/28 >200d (+1); 8 of 28 ahead of Bitcoin by 5% or more over three months (2 fewer than four weeks earlier).
DeFi, equal-weighted, based at 200Bitcoin, same base, same starttrailing 12-month protocol revenue risingfalling
DeFi, equal-weighted, based at 200Bitcoin, same base, same starttrailing 12-month protocol revenue risingfalling
DeFi, equal-weighted, based at 200Bitcoin, same base, same starttrailing 12-month protocol revenue risingfalling
Both lines start at 200 in the same week, so the gap between them tells the story: the theme line is an equal-weighted index of its 28 coins. The bars underneath are trailing 12-month protocol revenue, one bar per reported quarter, each member set to 100 at the start and the theme taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns red when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while protocol revenue grew 20% or more. Hover or tap any point to read both values and the gap.
BTC LED market context
DeFi vs Bitcoin: Relative Strength & Breadth
DeFi crypto has underperformed Bitcoin by 12.5% over 52 weeks on an equal-weight index of current members. Over 13 weeks the figure is -2.9%. 10 of 29 covered assets are above their own 200-day average. Anvil leads Bitcoin-relative strength at +253.9%. Price readings are as of 2026-10-30.
-2.9%13 weeks vs Bitcoin
-13%52 weeks vs Bitcoin
10 of 29above their 200-day average
ANVLfurthest ahead of Bitcoin · +254%
Assets
29
canonical functional membership
Activity-covered
3/29
enough native evidence
Top score
67.4/100
JUST
Calendar quarters
20
complete; missing stays missing
Global asset selection · top 20 shown
Showing 20 of 29 assets
00 · exact additive research priority
4-Factor Crypto Evidence Score
A within-theme research-priority score for the 29 assets in DeFi, out of 100. The four displayed point contributions add exactly to the total, and the market regime changes the action label, never the arithmetic. JUST is highest at 67.4/100 on 50% evidence. It ranks research attention, not portfolio action.
JUST leads the current research queue at 67.4/100 with 50% evidence.
3 of 29 assets have enough native activity evidence to move beyond a price-led label.
15 of the 44 DeFi coins are not rated this week: 15 report no traded volume. They are listed in full below the ranking.
Missing native metrics are not scored as zero and are not silently reweighted. They pull only the affected factor toward neutral and lower its visible evidence percentage. An asset with nothing measurable at all is not scored at 50 either: it is listed as not rated.
1. JUST · JST
67.4/100 · Price-led, little network data · 50% evidence
Exact sum: 29.1 + 15.0 + 10.0 + 13.3 = 67.4
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +8.2 pts · vs its theme (30 days): +19.1 pts · above its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
13.3/15Liquidity & risk
Typical daily trading: $36.8M · price swings: 45.7% a year
100% evidence
2. Fluid · FLUID
64.2/100 · Thinly traded · 50% evidence
Exact sum: 32.8 + 15.0 + 10.0 + 6.4 = 64.2
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +35.3 pts · vs its theme (30 days): +44 pts · above its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
6.4/15Liquidity & risk
Typical daily trading: $3.0M · price swings: 120.3% a year
100% evidence
3. Ethena · ENA
63.8/100 · Price-led, little network data · 50% evidence
Exact sum: 28.2 + 15.0 + 10.0 + 10.6 = 63.8
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +35.1 pts · vs its theme (30 days): +9 pts · above its 200-day average
100% evidence
11.4/30Usage growth
Fees -52.2% · revenue -56.3% · users —
70% evidence
9.6/20Value capture
Fee yield 10.69% · revenue yield 9.34%
100% evidence
8.5/15Liquidity & risk
Typical daily trading: $4.8M · price swings: 105.3% a year
100% evidence
5. USD.AI · CHIP
60.6/100 · Thinly traded · 64% evidence
Exact sum: 29.7 + 13.9 + 11.6 + 5.4 = 60.6
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +52.7 pts · vs its theme (30 days): +18.7 pts · above its 200-day average
80% evidence
13.9/30Usage growth
Fees — · revenue — · users —
17% evidence
11.6/20Value capture
Fee yield 30.62% · revenue yield 8.98%
81% evidence
5.4/15Liquidity & risk
Typical daily trading: $3.6M · price swings: 168.9% a year
100% evidence
6. Anvil · ANVL
60.4/100 · Thinly traded · 55% evidence
Exact sum: 35.0 + 13.2 + 10.0 + 2.2 = 60.4
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +37.7 pts · vs its theme (30 days): +2.1 pts · above its 200-day average
100% evidence
8.0/30Usage growth
Fees -64.2% · revenue -43.9% · users —
70% evidence
13.5/20Value capture
Fee yield 35.09% · revenue yield 4.42%
100% evidence
7.7/15Liquidity & risk
Typical daily trading: $5.6M · price swings: 127.8% a year
100% evidence
8. Triple Plus · TPT
59.2/100 · Thinly traded · 50% evidence
Exact sum: 29.8 + 15.0 + 10.0 + 4.4 = 59.2
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +24.4 pts · vs its theme (30 days): +1.9 pts · above its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
4.4/15Liquidity & risk
Typical daily trading: $3.2K · price swings: 47.8% a year
100% evidence
9. BIM · BIM
53.2/100 · Thinly traded · 50% evidence
Exact sum: 22.0 + 15.0 + 10.0 + 6.2 = 53.2
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −1.6 pts · vs its theme (30 days): −0.7 pts · above its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
6.2/15Liquidity & risk
Typical daily trading: $236.2K · price swings: 36.3% a year
100% evidence
10. Stargate Finance · STG
51.5/100 · Thinly traded · 43% evidence
Exact sum: 22.5 + 15.0 + 10.0 + 4.0 = 51.5
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +0.2 pts · vs its theme (30 days): +15 pts · below its 200-day average
80% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
4.0/15Liquidity & risk
Typical daily trading: $606.9K · price swings: 111.1% a year
100% evidence
11. Numeraire · NMR
50.6/100 · Price-led, little network data · 55% evidence
Exact sum: 19.5 + 12.5 + 10.0 + 8.6 = 50.6
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −12.6 pts · vs its theme (30 days): 0 pts · above its 200-day average
100% evidence
12.5/30Usage growth
Fees — · revenue — · users —
17% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
8.6/15Liquidity & risk
Typical daily trading: $16.5M · price swings: 124.9% a year
100% evidence
12. Bounce · AUCTION
49.4/100 · Price-led, little network data · 55% evidence
Exact sum: 13.5 + 15.6 + 10.0 + 10.3 = 49.4
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −10.7 pts · vs its theme (30 days): +6 pts · below its 200-day average
100% evidence
15.6/30Usage growth
Fees — · revenue — · users —
17% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
10.3/15Liquidity & risk
Typical daily trading: $5.4M · price swings: 54.5% a year
100% evidence
13. Yield Basis · YB
47.3/100 · Thinly traded · 71% evidence
Exact sum: 5.0 + 17.5 + 18.1 + 6.7 = 47.3
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −25.7 pts · vs its theme (30 days): −12.9 pts · below its 200-day average
100% evidence
17.5/30Usage growth
Fees — · revenue — · users —
17% evidence
18.1/20Value capture
Fee yield 163.16% · revenue yield 22.94%
81% evidence
6.7/15Liquidity & risk
Typical daily trading: $4.3M · price swings: 73.6% a year
100% evidence
14. Orbs · ORBS
45.2/100 · Thinly traded · 50% evidence
Exact sum: 12.1 + 15.0 + 10.0 + 8.1 = 45.2
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −8.8 pts · vs its theme (30 days): +1.5 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
8.1/15Liquidity & risk
Typical daily trading: $2.2M · price swings: 31.8% a year
100% evidence
15. Bonfida · FIDA
44.8/100 · Price-led, little network data · 50% evidence
Exact sum: 9.1 + 15.0 + 10.0 + 10.7 = 44.8
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −22.4 pts · vs its theme (30 days): −4.1 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
10.7/15Liquidity & risk
Typical daily trading: $8.2M · price swings: 59% a year
100% evidence
16. Sun Token · SUN
44.2/100 · Price-led, little network data · 55% evidence
Exact sum: 7.6 + 13.6 + 10.0 + 13.0 = 44.2
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −32.1 pts · vs its theme (30 days): +10.8 pts · below its 200-day average
100% evidence
13.6/30Usage growth
Fees — · revenue — · users —
17% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
13.0/15Liquidity & risk
Typical daily trading: $13.4M · price swings: 33.7% a year
100% evidence
17. Terra Luna Classic · LUNC
43.2/100 · Price-led, little network data · 50% evidence
Exact sum: 7.4 + 15.0 + 10.0 + 10.8 = 43.2
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −34.7 pts · vs its theme (30 days): −2 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
10.8/15Liquidity & risk
Typical daily trading: $8.0M · price swings: 48.2% a year
100% evidence
18. SoSoValue · SOSO
42.8/100 · Thinly traded · 50% evidence
Exact sum: 10.8 + 15.0 + 10.0 + 7.0 = 42.8
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −29.1 pts · vs its theme (30 days): +17.5 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
7.0/15Liquidity & risk
Typical daily trading: $4.0M · price swings: 93.7% a year
100% evidence
19. Liquity · LQTY
40.6/100 · Thinly traded · 50% evidence
Exact sum: 10.5 + 15.0 + 10.0 + 5.1 = 40.6
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −13.9 pts · vs its theme (30 days): −3.1 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
5.1/15Liquidity & risk
Typical daily trading: $1.3M · price swings: 73.1% a year
100% evidence
20. Lombard · BARD
40.1/100 · Thinly traded · 43% evidence
Exact sum: 10.4 + 15.0 + 10.0 + 4.7 = 40.1
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −21.6 pts · vs its theme (30 days): −4 pts · below its 200-day average
80% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
4.7/15Liquidity & risk
Typical daily trading: $251.7K · price swings: 49.1% a year
100% evidence
21. Chainflip · FLIP
39.8/100 · Thinly traded · 50% evidence
Exact sum: 10.4 + 15.0 + 10.0 + 4.4 = 39.8
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −31.6 pts · vs its theme (30 days): +12.2 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
4.4/15Liquidity & risk
Typical daily trading: $60.5K · price swings: 29.5% a year
100% evidence
22. Spell · SPELL
39.6/100 · Thinly traded · 50% evidence
Exact sum: 8.2 + 15.0 + 10.0 + 6.4 = 39.6
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −2.4 pts · vs its theme (30 days): −16.5 pts · below its 200-day average
100% evidence
12.5/30Usage growth
Fees -54.4% · revenue — · users —
33% evidence
1.9/20Value capture
Fee yield 0.03% · revenue yield 0.03%
81% evidence
10.4/15Liquidity & risk
Typical daily trading: $44.3M · price swings: 75.8% a year
100% evidence
24. HOME · HOME
38.6/100 · Thinly traded · 43% evidence
Exact sum: 10.2 + 15.0 + 10.0 + 3.4 = 38.6
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −39.5 pts · vs its theme (30 days): +5.9 pts · below its 200-day average
80% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
3.4/15Liquidity & risk
Typical daily trading: $511.4K · price swings: 61.4% a year
100% evidence
25. DeXe · DEXE
37.8/100 · Price-led, little network data · 50% evidence
Exact sum: 3.6 + 15.0 + 10.0 + 9.2 = 37.8
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −59.5 pts · vs its theme (30 days): −3 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
9.2/15Liquidity & risk
Typical daily trading: $8.9M · price swings: 49.1% a year
100% evidence
26. yearn.finance · YFI
37.8/100 · Thinly traded · 50% evidence
Exact sum: 5.2 + 15.0 + 10.0 + 7.6 = 37.8
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −28.4 pts · vs its theme (30 days): −5.7 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
7.6/15Liquidity & risk
Typical daily trading: $2.5M · price swings: 54.1% a year
100% evidence
27. Berachain · BERA
32.8/100 · Price-led, little network data · 66% evidence
Exact sum: 4.1 + 15.0 + 5.1 + 8.6 = 32.8
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −29.1 pts · vs its theme (30 days): −27.3 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
5.1/20Value capture
Fee yield 0.15% · revenue yield 0.15%
81% evidence
8.6/15Liquidity & risk
Typical daily trading: $15.4M · price swings: 106.3% a year
100% evidence
28. Fogo · FOGO
29.7/100 · Thinly traded · 50% evidence
Exact sum: 0.6 + 15.0 + 10.0 + 4.1 = 29.7
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −88.7 pts · vs its theme (30 days): −30.1 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
4.1/15Liquidity & risk
Typical daily trading: $2.3M · price swings: 101.6% a year
100% evidence
29. AI Powered Finance · AIPF
28.5/100 · Thinly traded · 50% evidence
Exact sum: 0.6 + 15.0 + 10.0 + 2.9 = 28.5
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −70.3 pts · vs its theme (30 days): −27.1 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
2.9/15Liquidity & risk
Typical daily trading: $272.4K · price swings: 65.6% a year
100% evidence
Showing 5 of 29 ranked assets
01 · complete calendar-quarter evidence
Which projects are generating the most network fees?
Yield Basis leads DeFi crypto on Trailing 12-month fees at $27.7M, 12% ahead of USD.AI. None of the 3 assets with comparable change data is growing. Coverage is 6 of the 29 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.
LeaderYield Basis · $27.7M
Gap12% versus #2
Persistence0 assets have positive comparable growth
Coverage6 of 29 assets
Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.
This conclusion weakens if: fee growth turns negative across two complete calendar quarters or fee coverage falls below the stated threshold.
Trailing 12-month fees is the sum of the latest four complete calendar quarters. Growth compares that sum with the prior four-quarter sum.
Trailing 12-month feestop 5
1Yield Basis YB$27.7M
2USD.AI CHIP$24.8M
3Convex Finance CVX$18.4M
4Renzo REZ$12.9M
5Sei SEI$84.7K
Fee growthtop 3
1Convex Finance CVX-52%
2Sei SEI-54%
3Renzo REZ-64%
Network fees · asset comparison
6 of 29 coins report it · 3 with a comparable change
Latest comparable data · top 20 shown first
Asset
Trailing 12-month fees
Fee growth
JUST JST
—
—
Fluid FLUID
—
—
Ethena ENA
—
—
Convex Finance CVX
$4.9M
-52%
USD.AI CHIP
$5.0M
—
Anvil ANVL
—
—
Renzo REZ
$657.2K
-64%
Triple Plus TPT
—
—
BIM BIM
—
—
Stargate Finance STG
—
—
Numeraire NMR
—
—
Bounce AUCTION
—
—
Yield Basis YB
$405.8K
—
Orbs ORBS
—
—
Bonfida FIDA
—
—
Sun Token SUN
—
—
Terra Luna Classic LUNC
—
—
SoSoValue SOSO
—
—
Liquity LQTY
—
—
Lombard BARD
—
—
Chainflip FLIP
—
—
Spell SPELL
—
—
Sei SEI
$3.6K
-54%
HOME HOME
—
—
DeXe DEXE
—
—
yearn.finance YFI
—
—
Berachain BERA
$6.0K
—
Fogo FOGO
—
—
AI Powered Finance AIPF
—
—
Showing 20 of 29 assets
02 · complete calendar-quarter evidence
Which projects convert activity into protocol revenue?
Convex Finance leads DeFi crypto on Trailing 12-month revenue at $16.1M, 121% ahead of USD.AI. None of the 2 assets with comparable change data is growing. Coverage is 6 of the 29 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.
LeaderConvex Finance · $16.1M
Gap121% versus #2
Persistence0 assets have positive comparable growth
Coverage6 of 29 assets
Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.
This conclusion weakens if: revenue growth turns negative or the revenue-to-fees take rate falls for two complete calendar quarters.
Trailing 12-month revenue is the sum of the latest four complete calendar quarters. Growth compares that sum with the prior four-quarter sum.
Trailing 12-month revenuetop 5
1Convex Finance CVX$16.1M
2USD.AI CHIP$7.3M
3Yield Basis YB$3.9M
4Renzo REZ$1.6M
5Sei SEI$84.7K
Revenue growthtop 2
1Renzo REZ-44%
2Convex Finance CVX-56%
Protocol revenue · asset comparison
6 of 29 coins report it · 2 with a comparable change
Latest comparable data · top 20 shown first
Asset
Trailing 12-month revenue
Revenue growth
JUST JST
—
—
Fluid FLUID
—
—
Ethena ENA
—
—
Convex Finance CVX
$2.8M
-56%
USD.AI CHIP
$634.7K
—
Anvil ANVL
—
—
Renzo REZ
$131.5K
-44%
Triple Plus TPT
—
—
BIM BIM
—
—
Stargate Finance STG
—
—
Numeraire NMR
—
—
Bounce AUCTION
—
—
Yield Basis YB
$53.1K
—
Orbs ORBS
—
—
Bonfida FIDA
—
—
Sun Token SUN
—
—
Terra Luna Classic LUNC
—
—
SoSoValue SOSO
—
—
Liquity LQTY
—
—
Lombard BARD
—
—
Chainflip FLIP
—
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Spell SPELL
—
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Sei SEI
$3.6K
—
HOME HOME
—
—
DeXe DEXE
—
—
yearn.finance YFI
—
—
Berachain BERA
$6.0K
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Fogo FOGO
—
—
AI Powered Finance AIPF
—
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Showing 20 of 29 assets
03 · complete calendar-quarter evidence
Where is capital actually committed on-chain?
Convex Finance leads DeFi crypto on Quarter-end TVL at $614.4M, 152% ahead of USD.AI. 1 of 8 assets with comparable change data is growing, fastest at Yield Basis. Coverage is 9 of the 29 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.
LeaderConvex Finance · $614.4M
Gap152% versus #2
Persistence1 asset has positive comparable growth
Coverage9 of 29 assets
Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.
This conclusion weakens if: TVL rises while fees and users fall; that pattern can be incentive-funded mercenary liquidity.
Quarter-end TVL uses protocol TVL first for protocol assets and exact-ID chain TVL for chain assets or where protocol TVL is unavailable. A blank is unavailable, not zero. Growth compares with the same complete quarter one year earlier.
Quarter-end TVLtop 5
1Convex Finance CVX$614.4M
2USD.AI CHIP$243.4M
3Yield Basis YB$136.4M
4Renzo REZ$124.1M
5Anvil ANVL$14.0M
TVL growthtop 5
1Yield Basis YB+4,222%
2Bounce AUCTION-0.1%
3Convex Finance CVX-45%
4USD.AI CHIP-52%
5Sun Token SUN-71%
Total value locked · asset comparison
9 of 29 coins report it · 8 with a comparable change
Latest comparable data · top 20 shown first
Asset
Quarter-end TVL
TVL growth
JUST JST
—
—
Fluid FLUID
—
—
Ethena ENA
—
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Convex Finance CVX
$614.4M
-45%
USD.AI CHIP
$243.4M
-52%
Anvil ANVL
$14.0M
-82%
Renzo REZ
$124.1M
-91%
Triple Plus TPT
—
—
BIM BIM
—
—
Stargate Finance STG
—
—
Numeraire NMR
$2.2K
-100%
Bounce AUCTION
$6.1K
-0.1%
Yield Basis YB
$136.4M
+4,222%
Orbs ORBS
$0
—
Bonfida FIDA
—
—
Sun Token SUN
$773.6K
-71%
Terra Luna Classic LUNC
—
—
SoSoValue SOSO
—
—
Liquity LQTY
—
—
Lombard BARD
—
—
Chainflip FLIP
—
—
Spell SPELL
—
—
Sei SEI
—
—
HOME HOME
—
—
DeXe DEXE
—
—
yearn.finance YFI
—
—
Berachain BERA
—
—
Fogo FOGO
—
—
AI Powered Finance AIPF
—
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Showing 20 of 29 assets
05 · complete calendar-quarter evidence
Which protocols are winning trading activity?
Yield Basis leads DeFi crypto on Trailing 12-month DEX volume at $756.9M. Coverage is 1 of the 29 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.
LeaderYield Basis · $756.9M
GapNot comparable
Persistence0 assets have positive comparable growth
Coverage1 of 29 assets
Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.
This conclusion weakens if: volume growth reverses or the activity is concentrated in one short-lived campaign.
Trailing 12-month DEX volume is the sum of the latest four complete calendar quarters. Growth compares that sum with the prior four-quarter sum.
Trailing 12-month DEX volumeonly one with data
1Yield Basis YB$756.9M
DEX volume growth
—Not enough comparable data—
DEX volume · asset comparison
1 of 29 coins report it · 0 with a comparable change
Latest comparable data · top 20 shown first
Asset
Trailing 12-month DEX volume
DEX volume growth
JUST JST
—
—
Fluid FLUID
—
—
Ethena ENA
—
—
Convex Finance CVX
—
—
USD.AI CHIP
—
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Anvil ANVL
—
—
Renzo REZ
—
—
Triple Plus TPT
—
—
BIM BIM
—
—
Stargate Finance STG
—
—
Numeraire NMR
—
—
Bounce AUCTION
—
—
Yield Basis YB
$98.3M
—
Orbs ORBS
—
—
Bonfida FIDA
—
—
Sun Token SUN
—
—
Terra Luna Classic LUNC
—
—
SoSoValue SOSO
—
—
Liquity LQTY
—
—
Lombard BARD
—
—
Chainflip FLIP
—
—
Spell SPELL
—
—
Sei SEI
—
—
HOME HOME
—
—
DeXe DEXE
—
—
yearn.finance YFI
—
—
Berachain BERA
—
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Fogo FOGO
—
—
AI Powered Finance AIPF
—
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Showing 20 of 29 assets
05 · let price answer last
Which assets lead on price and relative strength?
Anvil leads the DeFi tape on Bitcoin-relative strength at +254% over 90 days. 10 of 29 covered assets are above their own 200-day average. Price shows what happened; BTC-relative strength shows whether the asset beat crypto’s opportunity-cost benchmark. Both lines run through 2026-10-30.
Complete set · no silent drops
Which assets are in DeFi?
29 of the 44 coins assigned to DeFi are rated and ranked below, and the other 15 are listed under it with the reason each one is not rated: price-only names that publish no protocol activity included. Each asset has exactly one canonical functional theme, chosen by a specific-to-general first match on its categories.
15 of the 44 DeFi coins are not rated this week: 15 report no traded volume. Each one stays on this page with its reason instead of being scored at the midpoint of a range nothing measured.
No traded volume is reported on most of the last 30 days, so it has no liquidity reading.
Methodology · boundaries make the answer useful
What can make this comparison misleading?
This DeFi comparison names 5 ways its own evidence can mislead, all listed below. The largest is that crypto network activity is not company earnings: protocol revenue does not automatically accrue to token holders. Coverage is also uneven: 3 of 29 assets carry enough native evidence to rank on more than price.
Crypto network activity is not company earnings. Protocol revenue does not automatically accrue to token holders.
Market-cap values are a dated universe snapshot, not point-in-time historical supply data.
Current category labels are applied to historical prices; this creates survivorship and taxonomy hindsight.
Funding rates, open interest, liquidations, exchange flows, unlock schedules, historical circulating supply and developer activity are not held and are not inferred.
Equal weighting is used for sector history because true historical market-cap weights are unavailable.
Price and technicalsThrough 2026-10-30. Five-year weekly observations benchmarked to Bitcoin.
Protocol activityThrough 2026-10-30. Fees, revenue, protocol TVL and DEX volume.
Chain activityUsers and transactions: not published for these coins; chain TVL: not published for these coins.
Market capSnapshot dated 2026-11-05; no historical supply series is implied.
Questions the page should answer directly
Crypto analysis FAQs
These 21 answers cover the questions this page can settle from data it holds: what the category is, how the score is built, what the coverage gaps are, and what would change the read. Every answer below is also present in the page’s FAQ schema and in its plain-text rendition. None of them is a recommendation.
What is DeFi crypto?
DeFi crypto coins are the coins CoinGecko tags as Decentralized Finance (DeFi) or Yield Farming. Each coin sits in one theme only: the first, most specific one its tags match. We track 44 DeFi coins, 29 of them rated below.
What is the total market cap of DeFi crypto coins?
The 29 DeFi coins on this page with a current market cap were worth about $5.6 billion together, by CoinGecko's reading of 5 November 2026. Individual figures are in the table.
Are DeFi crypto coins outperforming Bitcoin?
DeFi has returned -12.5% versus Bitcoin over 52 weeks and -2.9% over 13 weeks on an equal-weight current-member index. 10/29 covered assets are above their 200-day averages as of 2026-10-30.
Which DeFi asset has the strongest research score?
JUST ranks first at 67.4/100: 29.1 + 15.0 + 10.0 + 13.3 = 67.4. It is labelled “Price-led, little network data” with 50% overall evidence and 0% native-economics evidence.
Why are some DeFi coins not rated?
15 of the 44 coins are not rated this week: 15 report no traded volume. They stay listed with the reason beside each one rather than being scored at a neutral midpoint, because a missing reading is not a middling reading.
How is the DeFi 4-factor score calculated?
The exact sum is Market leadership /35 + Network and economic traction /30 + Value capture /20 + Liquidity and downside risk /15. Missing data pulls only the affected factor toward neutral and lowers evidence; it is never silently reweighted.
Why can a DeFi asset be labelled price-led?
Price-led means price and relative-strength evidence exists but less than half of the native traction and value-capture evidence is available. Such assets remain visible but rank below fully evidenced assets.
Does protocol revenue accrue to the token?
Not necessarily. Protocol fees and revenue measure network economics; token-holder value depends on the protocol’s burn, buyback, staking, distribution and governance rules. This page never assumes accrual merely because revenue exists.
Does crypto have a P/E or PEG ratio?
No comparable company-style P/E or PEG is used. Where coverage permits, the page shows network fee yield and protocol-revenue yield against a dated market-cap snapshot, with an explicit token-accrual caveat.
How much history is shown for DeFi?
The page shows five years of weekly price and relative-strength history and 20 complete calendar quarters of on-chain activity where available. Missing periods remain gaps.
Why do the crypto data dates differ?
Prices and technical metrics run through 2026-10-30; protocol activity through 2026-10-30; chain users and transactions through the latest available chain date; chain TVL through the latest available chain-TVL date; market capitalisation is a separate snapshot dated 2026-11-05.
Are stablecoins and wrapped tokens included in DeFi?
No. Pegged, wrapped, liquid-staking receipt and tokenized-asset instruments are excluded because they do not have independent price discovery.
Can one token appear in multiple raw crypto categories?
Yes, but pages on this site assign each asset to exactly one functional theme using a specific-to-general first-match taxonomy. DeFi therefore has one canonical membership list.
What would invalidate the current DeFi theme read?
One of the three weakening conditions is already in place: 13-week Bitcoin-relative return is already negative (-2.9%). The read fully weakens if fewer than one-third of covered assets remain above the 200-day average and the leading asset’s native activity contracts.
Does this page include funding rates, open interest or token unlocks?
No. Those datasets are not held in the current research store, so the page names them as unavailable rather than inferring them from price.
Which projects are generating the most network fees?
Yield Basis leads DeFi crypto on Trailing 12-month fees at $27.7M, 12% ahead of USD.AI. None of the 3 assets with comparable change data is growing. Coverage is 6 of the 29 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if fee growth turns negative across two complete calendar quarters or fee coverage falls below the stated threshold.
Which projects convert activity into protocol revenue?
Convex Finance leads DeFi crypto on Trailing 12-month revenue at $16.1M, 121% ahead of USD.AI. None of the 2 assets with comparable change data is growing. Coverage is 6 of the 29 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if revenue growth turns negative or the revenue-to-fees take rate falls for two complete calendar quarters.
Where is capital actually committed on-chain?
Convex Finance leads DeFi crypto on Quarter-end TVL at $614.4M, 152% ahead of USD.AI. 1 of 8 assets with comparable change data is growing, fastest at Yield Basis. Coverage is 9 of the 29 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if TVL rises while fees and users fall; that pattern can be incentive-funded mercenary liquidity.
Which protocols are winning trading activity?
Yield Basis leads DeFi crypto on Trailing 12-month DEX volume at $756.9M. Coverage is 1 of the 29 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if volume growth reverses or the activity is concentrated in one short-lived campaign.
Which DeFi project has the largest fee base?
Yield Basis leads covered trailing-12-month fees at $27.7M. Coverage is 6/29; this is network activity, not automatically token-holder income.
Which are the biggest DeFi crypto coins by market cap?
Ethena is the largest DeFi crypto coin by market capitalisation at $2.3B, ahead of JUST at $1.1B and Sei at $327.9M. The 29 DeFi coins on this page carry $5.6B between them, with a market-cap figure on file for 29 of them. Market-cap metadata is dated 2026-11-05.