Five-year price · 20 complete calendar quarters · BTC-relative

DeFi Crypto Coins

Is DeFi outperforming Bitcoin, and is leadership broad?

Bottom line

JUST ranks first for research priority in DeFi crypto at 72.6/100, and its native activity proof is incomplete. The theme's 13-week excess versus Bitcoin is -1.4% on 8% breadth, which is what decides whether that lead is isolated or broad. 2 of the 31 assets here carry enough native evidence to move past a tape-led label.

These DeFi coins are part of the cryptocurrency universe this site tracks daily — 894 of the top 1,000 crypto currency assets by market cap, priced from exchange closes 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 34% behind Bitcoin. Protocol revenue across its protocols grew 41% on average over the last four reported quarters.

ASLEEP · 1y +7.7%·Fundamentals up, price down19 of 37 coins ahead of Bitcoin by 5% or more over three months

RS — · 3/37 >200d (−2) · 19/37 lead (+1) · EPS —

DeFi, equal-weighted, based at 200 Bitcoin, same base, same start trailing 12-month protocol revenue rising falling

Both lines start at 200 in the same week, so the distance between them is the whole story: the theme line is an equal-weighted index of its 37 coins. The bars underneath are trailing 12-month protocol revenue, one bar per reported quarter, each member rebased to 100 at the start and the theme taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically 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 any point to read both values and the gap. This is a description of what the numbers did, not advice.

RISK OFF market context

DeFi vs Bitcoin — Relative Strength & Breadth

DeFi crypto has underperformed Bitcoin by 12.2% over 52 weeks on an equal-weight index of current members. Over 13 weeks the figure is -1.4%. 2 of 26 covered assets are above their own 200-day average. Chainflip leads Bitcoin-relative strength at +78%. Price readings are as of 2026-07-31.

-1.4%13w vs BTC

-12%52w vs BTC

2/26Above 200-DMA

FLIPRS leader · +78%

Assets

canonical functional membership

Activity-covered

2/31

enough native evidence

Top score

72.6/100

JUST

Calendar quarters

complete; missing stays missing

Global asset selection · top 20 shown

Showing 20 of 31 assets

00 · exact additive research priority

4-Factor Crypto Evidence Score

A within-theme research-priority score for the 31 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 72.6/100 on 50% evidence. It ranks research attention, not portfolio action.

Market leadership · 35Network & economic traction · 30Value capture · 20Liquidity & downside risk · 15

JUST leads the current research queue at 72.6/100 with 50% evidence.

2/31 assets have enough native activity evidence to move beyond a tape-led label.

15 of the 46 DeFi coins are not rated this week: 13 have no price within 7 days, 2 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

72.6/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 34.2 + 15.0 + 10.0 + 13.4 = 72.6

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

34.2/35Market leadership

RS-BTC 42.5 pp · RS-sector 22.8 pp · 200-DMA above

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

13.4/15Liquidity & downside risk

30d median volume $27,400,220 · vol 37.4%

100% evidence

2. Chainflip · FLIP

63.6/100 · Illiquid · research only · 55% evidence

Exact sum: 31.6 + 16.0 + 10.0 + 6.0 = 63.6

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

31.6/35Market leadership

RS-BTC 78 pp · RS-sector 19.5 pp · 200-DMA above

100% evidence

16.0/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

6.0/15Liquidity & downside risk

30d median volume $103,970 · vol 33.5%

100% evidence

3. Sun Token · SUN

61.8/100 · Tape-led · on-chain proof incomplete · 55% evidence

Exact sum: 23.8 + 13.8 + 10.0 + 14.2 = 61.8

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

23.8/35Market leadership

RS-BTC 16.3 pp · RS-sector 13.8 pp · 200-DMA below

100% evidence

13.8/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

14.2/15Liquidity & downside risk

30d median volume $58,245,390 · vol 29.9%

100% evidence

4. IBS · IBS

54.9/100 · Illiquid · research only · 50% evidence

Exact sum: 22.9 + 15.0 + 10.0 + 7.0 = 54.9

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

22.9/35Market leadership

RS-BTC 16 pp · RS-sector 6.4 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

7.0/15Liquidity & downside risk

30d median volume $145,306 · vol 6.3%

100% evidence

5. USD.AI · CHIP

54.5/100 · Illiquid · research only · 33% evidence

Exact sum: 17.5 + 17.5 + 13.5 + 6.0 = 54.5

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

17.5/35Market leadership

RS-BTC — · RS-sector — · 200-DMA —

0% evidence

17.5/30Network & economic traction

Fees — · revenue — · users —

17% evidence

13.5/20Value capture

Fee yield 32% · revenue yield 10.31%

81% evidence

6.0/15Liquidity & downside risk

30d median volume $1,237,490 · vol —

80% evidence

6. Bonfida · FIDA

54.4/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 19.2 + 15.0 + 10.0 + 10.2 = 54.4

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

19.2/35Market leadership

RS-BTC 19.1 pp · RS-sector -16.2 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

10.2/15Liquidity & downside risk

30d median volume $6,232,486 · vol 36%

100% evidence

7. Ethena · ENA

54.1/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 17.9 + 15.0 + 10.0 + 11.2 = 54.1

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

17.9/35Market leadership

RS-BTC -1.6 pp · RS-sector 18.7 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

11.2/15Liquidity & downside risk

30d median volume $113,699,237 · vol 71.4%

100% evidence

8. SoSoValue · SOSO

52.5/100 · Illiquid · research only · 50% evidence

Exact sum: 19.8 + 15.0 + 10.0 + 7.7 = 52.5

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

19.8/35Market leadership

RS-BTC 0.3 pp · RS-sector 25.5 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

7.7/15Liquidity & downside risk

30d median volume $4,128,093 · vol 69.7%

100% evidence

9. Numeraire · NMR

52.1/100 · Tape-led · on-chain proof incomplete · 55% evidence

Exact sum: 19.5 + 12.5 + 10.0 + 10.1 = 52.1

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

19.5/35Market leadership

RS-BTC 14.4 pp · RS-sector -4 pp · 200-DMA below

100% evidence

12.5/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

10.1/15Liquidity & downside risk

30d median volume $5,034,342 · vol 46.5%

100% evidence

10. BIM · BIM

51.4/100 · Illiquid · research only · 50% evidence

Exact sum: 20.6 + 15.0 + 10.0 + 5.8 = 51.4

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

20.6/35Market leadership

RS-BTC 2.9 pp · RS-sector 22.7 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

5.8/15Liquidity & downside risk

30d median volume $215,154 · vol 44.9%

100% evidence

11. yearn.finance · YFI

49.6/100 · Illiquid · research only · 50% evidence

Exact sum: 17.6 + 15.0 + 10.0 + 7.0 = 49.6

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

17.6/35Market leadership

RS-BTC -4.3 pp · RS-sector 21.3 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

7.0/15Liquidity & downside risk

30d median volume $4,369,366 · vol 160.7%

100% evidence

12. Anvil · ANVL

48.6/100 · Illiquid · research only · 55% evidence

Exact sum: 22.0 + 13.3 + 10.0 + 3.3 = 48.6

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

22.0/35Market leadership

RS-BTC 7 pp · RS-sector 42.6 pp · 200-DMA below

100% evidence

13.3/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

3.3/15Liquidity & downside risk

30d median volume $126,415 · vol 86%

100% evidence

13. Lombard · BARD

47.5/100 · Illiquid · research only · 12% evidence

Exact sum: 17.5 + 15.0 + 10.0 + 5.0 = 47.5

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

17.5/35Market leadership

RS-BTC — · RS-sector — · 200-DMA —

0% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

5.0/15Liquidity & downside risk

30d median volume $431,561 · vol —

80% evidence

14. HOME · HOME

47.2/100 · Illiquid · research only · 12% evidence

Exact sum: 17.5 + 15.0 + 10.0 + 4.7 = 47.2

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

17.5/35Market leadership

RS-BTC — · RS-sector — · 200-DMA —

0% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

4.7/15Liquidity & downside risk

30d median volume $1,622,393 · vol —

80% evidence

15. Fluid · FLUID

46.5/100 · Illiquid · research only · 50% evidence

Exact sum: 15.5 + 15.0 + 10.0 + 6.0 = 46.5

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

15.5/35Market leadership

RS-BTC -7.4 pp · RS-sector 18 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

6.0/15Liquidity & downside risk

30d median volume $2,526,199 · vol 71.4%

100% evidence

16. Triple Plus · TPT

46.2/100 · Illiquid · research only · 50% evidence

Exact sum: 16.3 + 15.0 + 10.0 + 4.9 = 46.2

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

16.3/35Market leadership

RS-BTC -1.3 pp · RS-sector 9.5 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

4.9/15Liquidity & downside risk

30d median volume $8,321 · vol 43.3%

100% evidence

17. Stargate Finance · STG

45.8/100 · Illiquid · research only · 12% evidence

Exact sum: 17.5 + 15.0 + 10.0 + 3.3 = 45.8

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

17.5/35Market leadership

RS-BTC — · RS-sector — · 200-DMA —

0% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

3.3/15Liquidity & downside risk

30d median volume $455,565 · vol —

80% evidence

18. Convex Finance · CVX

44.8/100 · Lagging · market gate closed · 91% evidence

Exact sum: 14.9 + 8.2 + 13.5 + 8.2 = 44.8

Decision use: Cheap on network economics while activity contracts: investigate value-capture trap risk.

14.9/35Market leadership

RS-BTC -7.6 pp · RS-sector 17.8 pp · 200-DMA below

100% evidence

8.2/30Network & economic traction

Fees -27% · revenue -24.1% · users —

70% evidence

13.5/20Value capture

Fee yield 21.44% · revenue yield 20.94%

100% evidence

8.2/15Liquidity & downside risk

30d median volume $5,089,962 · vol 72.8%

100% evidence

19. Bounce · AUCTION

44.7/100 · Tape-led · on-chain proof incomplete · 55% evidence

Exact sum: 8.0 + 15.5 + 10.0 + 11.2 = 44.7

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

8.0/35Market leadership

RS-BTC -16.5 pp · RS-sector -0.4 pp · 200-DMA below

100% evidence

15.5/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

11.2/15Liquidity & downside risk

30d median volume $6,786,185 · vol 43.9%

100% evidence

20. Terra Luna Classic · LUNC

41.3/100 · Tape-led · on-chain proof incomplete · 55% evidence

Exact sum: 6.1 + 14.8 + 10.0 + 10.4 = 41.3

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

6.1/35Market leadership

RS-BTC -26 pp · RS-sector -12.3 pp · 200-DMA below

100% evidence

14.8/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

10.4/15Liquidity & downside risk

30d median volume $11,196,525 · vol 50.1%

100% evidence

Showing 20 of 31 ranked assets

01 · complete calendar-quarter evidence

Which projects are generating the most network fees?

LeaderConvex Finance · $23.6M

Gap10% versus #2

Persistence0 assets have positive comparable growth

Coverage5/31 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 five

1Convex Finance CVX$23.6M

2Renzo REZ$21.4M

3USD.AI CHIP$21.0M

4Sei SEI$133.3K

5Berachain BERA$96.9K

Fee growthtop five

1Sei SEI-18%

2Convex Finance CVX-27%

Network fees · asset comparison

5/31 level · 2/31 change

Latest comparable data · top 20 shown first

Asset	Trailing 12-month fees	Fee growth
just	—	—
chainflip	—	—
sun-token	—	—
ibs-3	—	—
chip-2	$8.9M	—
bonfida	—	—
ethena	—	—
sosovalue	—	—
numeraire	—	—
bim-2	—	—
yearn-finance	—	—
anvil	—	—
lombard-protocol	—	—
home	—	—
instadapp	—	—
triple-plus	—	—
stargate-finance	—	—
convex-finance	$2.7M	-27%
auction	—	—
terra-luna	—	—
orbs	—	—
dexe	—	—
yield-basis	$915.9K	—
renzo	$1.7M	—
fogo	—	—
liquity	—	—
sei-network	$12.2K	-18%
spell-token	—	—
altura-2	—	—
berachain-bera	$6.1K	—
ai-powered-finance	—	—

Showing 20 of 31 assets

02 · complete calendar-quarter evidence

Which projects convert activity into protocol revenue?

LeaderConvex Finance · $23.1M

Gap242% versus #2

Persistence0 assets have positive comparable growth

Coverage4/31 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 five

1Convex Finance CVX$23.1M

2USD.AI CHIP$6.8M

3Renzo REZ$2.2M

4Sei SEI$111.0K

Revenue growthtop five

1Convex Finance CVX-24%

Protocol revenue · asset comparison

4/31 level · 1/31 change

Latest comparable data · top 20 shown first

Asset	Trailing 12-month revenue	Revenue growth
just	—	—
chainflip	—	—
sun-token	—	—
ibs-3	—	—
chip-2	$5.1M	—
bonfida	—	—
ethena	—	—
sosovalue	—	—
numeraire	—	—
bim-2	—	—
yearn-finance	—	—
anvil	—	—
lombard-protocol	—	—
home	—	—
instadapp	—	—
triple-plus	—	—
stargate-finance	—	—
convex-finance	$2.7M	-24%
auction	—	—
terra-luna	—	—
orbs	—	—
dexe	—	—
yield-basis	$143.2K	—
renzo	$473.5K	—
fogo	—	—
liquity	—	—
sei-network	$12.2K	—
spell-token	—	—
altura-2	—	—
berachain-bera	$6.1K	—
ai-powered-finance	—	—

Showing 20 of 31 assets

03 · complete calendar-quarter evidence

Where is capital actually committed on-chain?

LeaderConvex Finance · $463.6M

Gap137% versus #2

Persistence2 assets have positive comparable growth

Coverage15/31 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 five

1Convex Finance CVX$463.6M

2USD.AI CHIP$195.9M

3Yield Basis YB$111.9M

4Renzo REZ$87.3M

5Berachain BERA$54.7M

TVL growthtop five

1USD.AI CHIP+684%

2Chainflip FLIP+7.6%

3Bounce AUCTION-0.1%

4Terra Luna Classic LUNC-24%

5Convex Finance CVX-56%

Total value locked · asset comparison

15/31 level · 11/31 change

Latest comparable data · top 20 shown first

Asset	Quarter-end TVL	TVL growth
just	—	—
chainflip	$12.6M	+7.6%
sun-token	$777.9K	-77%
ibs-3	—	—
chip-2	$195.9M	+684%
bonfida	—	—
ethena	—	—
sosovalue	—	—
numeraire	$4.8K	-100%
bim-2	—	—
yearn-finance	—	—
anvil	$10.0M	-89%
lombard-protocol	—	—
home	—	—
instadapp	—	—
triple-plus	—	—
stargate-finance	—	—
convex-finance	$463.6M	-56%
auction	$6.1K	-0.1%
terra-luna	$774.5K	-24%
orbs	$0	—
dexe	—	—
yield-basis	$111.9M	—
renzo	$87.3M	-91%
fogo	$1.8M	—
liquity	—	—
sei-network	$50.2M	-91%
spell-token	—	—
altura-2	$32.4M	—
berachain-bera	$54.7M	-87%
ai-powered-finance	—	—

Showing 20 of 31 assets

04 · let price answer last

Which assets lead on price and relative strength?

Chainflip leads the DeFi tape on Bitcoin-relative strength at +78% over 90 days. 2 of 26 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 2026-07-31.

Complete set · no silent drops

Which assets are in DeFi?

31 of the 46 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 — tape-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.

Rank	Asset	Price	90d	RS-BTC	200-DMA	30d vol	Median volume	Price quality	Activity source	Score	Evidence
1	JUST JST	$0.1030	+22%	+43%	Above	37%	$27.4M	usable	tape only	72.6	50%
2	Chainflip FLIP	$0.3248	+58%	+78%	Above	33%	$104.0K	usable	chain TVL	63.6	55%
3	Sun Token SUN	$0.0178	-3.8%	+16%	Below	30%	$58.2M	usable	protocol	61.8	55%
4	IBS IBS	$0.0007	-4.1%	+16%	Below	6%	$145.3K	usable	tape only	54.9	50%
5	USD.AI CHIP	$0.0253	—	—	—	—	$1.2M	usable	protocol	54.5	33%
6	Bonfida FIDA	$0.0170	-1.1%	+19%	Below	36%	$6.2M	usable	tape only	54.4	50%
7	Ethena ENA	$0.0803	-22%	-1.6%	Below	71%	$113.7M	usable	tape only	54.1	50%
8	SoSoValue SOSO	$0.3393	-20%	+0.3%	Below	70%	$4.1M	usable	tape only	52.5	50%
9	Numeraire NMR	$8.51	-5.8%	+14%	Below	47%	$5.0M	usable	protocol	52.1	55%
10	BIM BIM	$1.21	-17%	+2.9%	Below	45%	$215.2K	usable	tape only	51.4	50%
11	yearn.finance YFI	$2,009.66	-24%	-4.3%	Below	161%	$4.4M	usable	tape only	49.6	50%
12	Anvil ANVL	$0.0005	-13%	+7.0%	Below	86%	$126.4K	usable	protocol	48.6	55%
13	Lombard BARD	$0.1148	—	—	—	—	$431.6K	usable	tape only	47.5	12%
14	HOME HOME	$0.0051	—	—	—	—	$1.6M	usable	tape only	47.2	12%
15	Fluid FLUID	$1.16	-28%	-7.4%	Below	71%	$2.5M	usable	tape only	46.5	50%
16	Triple Plus TPT	$0.0058	-21%	-1.3%	Below	43%	$8.3K	usable	tape only	46.2	50%
17	Stargate Finance STG	$0.1192	—	—	—	—	$455.6K	usable	tape only	45.8	12%
18	Convex Finance CVX	$1.26	-28%	-7.6%	Below	73%	$5.1M	usable	protocol	44.8	91%
19	Bounce AUCTION	$3.02	-37%	-17%	Below	44%	$6.8M	usable	protocol	44.7	55%
20	Terra Luna Classic LUNC	$0.0000	-46%	-26%	Below	50%	$11.2M	usable	chain TVL	41.3	55%
21	Orbs ORBS	$0.0054	-36%	-16%	Below	36%	$2.4M	usable	protocol	41.3	50%
22	DeXe DEXE	$2.60	-75%	-55%	Below	792%	$117.2M	usable	tape only	40.0	50%
23	Yield Basis YB	$0.0661	-43%	-23%	Below	100%	$4.9M	usable	protocol	39.4	50%
24	Renzo REZ	$0.0026	-50%	-30%	Below	52%	$5.6M	usable	protocol	39.3	71%
25	Fogo FOGO	$0.0083	-55%	-35%	Below	72%	$4.1M	usable	chain TVL	39.3	43%
26	Liquity LQTY	$0.1696	-45%	-25%	Below	75%	$2.4M	usable	tape only	37.3	50%
27	Sei SEI	$0.0415	-30%	-9.8%	Below	47%	$22.9M	usable	protocol + chain TVL	37.1	81%
28	Spell SPELL	$0.0001	-54%	-34%	Below	90%	$4.0M	usable	tape only	34.8	50%
29	Altura Vault Tokens AVLT	$0.2967	-72%	-52%	—	436%	$36.8K	usable	protocol	32.8	43%
30	Berachain BERA	$0.1526	-59%	-39%	Below	71%	$16.4M	usable	protocol + chain TVL	32.4	65%
31	AI Powered Finance AIPF	$0.6201	-71%	-51%	Below	72%	$605.9K	usable	tape only	32.2	43%

Showing 20 of 31 assets

Not rated — and why

15 of the 46 DeFi coins are not rated this week: 13 have no price within 7 days, 2 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.

Coin	Market cap	Reason	Detail
Rain RAIN	$10.2B	No price this week	Last traded price is 2026-04-29, 93 days before this page's 2026-07-31 reading.
LAB LAB	$4.1B	No price this week	No traded price in the 95 days to 2026-07-31.
Sky SKY	$1.3B	No traded volume reported	No traded volume is reported on most of the last 30 days, so it has no liquidity reading.
Bitway BTW	$143.7M	No price this week	No traded price in the 95 days to 2026-07-31.
Vision VSN	$126.0M	No price this week	No traded price in the 95 days to 2026-07-31.
Solstice SLX	$89.1M	No price this week	No traded price in the 95 days to 2026-07-31.
Nexus Mutual NXM	$81.6M	No price this week	No traded price in the 95 days to 2026-07-31.
TronBank TBK	$63.9M	No price this week	No traded price in the 95 days to 2026-07-31.
Block Street BSB	$48.4M	No price this week	No traded price in the 95 days to 2026-07-31.
DeepBook DEEP	$45.2M	No price this week	No traded price in the 95 days to 2026-07-31.
ORE ORE	$43.2M	No price this week	No traded price in the 95 days to 2026-07-31.
Unitas UP	$38.2M	No price this week	No traded price in the 95 days to 2026-07-31.
Everything EV	$31.1M	No price this week	No traded price in the 95 days to 2026-07-31.
Sai SAI	$24.5M	No price this week	No traded price in the 95 days to 2026-07-31.
Kelp Gain AGETH	$16.3M	No traded volume reported	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 — 2 of 31 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 2026-07-31. Five-year weekly observations benchmarked to Bitcoin.

Protocol activityThrough 2026-07-31. Fees, revenue, protocol TVL and DEX volume.

Chain activityUsers and transactions through unavailable; separately sourced chain TVL through 2026-07-25.

Market capSnapshot dated 2026-07-04; no historical supply series is implied.

Questions the page should answer directly

Crypto analysis FAQs

These 20 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 refers to cryptocurrency projects grouped by what they actually do rather than by market fashion. This page tracks 31 such coins by market cap, price and Bitcoin-relative strength, with protocol fees and revenue where a project publishes them. Readings are as of 2026-07-31.

What is the total market cap of DeFi crypto coins?

The DeFi coins on this page are tracked against a universe of 894 of the top 1,000 crypto currency assets by market cap. Market-cap metadata is dated 2026-07-04, separately from the price series, and each coin's own figure is in the table on this page.

Are DeFi crypto coins outperforming Bitcoin?

DeFi has returned -12.2% versus Bitcoin over 52 weeks and -1.4% over 13 weeks on an equal-weight current-member index. 2/26 covered assets are above their 200-day averages as of 2026-07-31.

Which DeFi asset has the strongest research score?

JUST ranks first at 72.6/100: 34.2 + 15.0 + 10.0 + 13.4 = 72.6. It is labelled “Tape-led · on-chain proof incomplete” with 50% overall evidence and 0% native-economics evidence.

Why are some DeFi coins not rated?

15 of the 46 coins are not rated this week: 13 have no price within 7 days, 2 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 tape-led?

Tape-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 2026-07-31; protocol activity through 2026-07-31; chain users and transactions through the latest available chain date; chain TVL through 2026-07-25; market capitalisation is a separate snapshot dated 2026-07-04.

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 public MLA pages 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?

The read weakens if the sector’s 13-week relative return versus Bitcoin falls below zero, fewer than one-third of covered assets remain above the 200-day average, and the leading asset’s native activity also 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?

Convex Finance leads DeFi crypto on Trailing 12-month fees at $23.6M, 10% ahead of Renzo. 0 of 2 assets with comparable change data are growing. Coverage is 5 of the 31 ranked assets in this theme, through the Q2 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 $23.1M, 242% ahead of USD.AI. 0 of 1 asset with comparable change data are growing. Coverage is 4 of the 31 ranked assets in this theme, through the Q2 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 $463.6M, 137% ahead of USD.AI. 2 of 11 assets with comparable change data are growing, fastest at USD.AI. Coverage is 15 of the 31 ranked assets in this theme, through the Q2 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 DeFi project has the largest fee base?

Convex Finance leads covered trailing-12-month fees at $23.6M. Coverage is 5/31; this is network activity, not automatically token-holder income.

Which are the biggest DeFi crypto coins by market cap?

DeXe is the largest DeFi crypto coin by market capitalisation at $1.1B, ahead of JUST at $769.5M and Ethena at $728M. The 31 DeFi coins on this page carry $4.8B between them, with a market-cap figure on file for 31 of them. Market-cap metadata is dated 2026-07-04.