# DeFi crypto coins — market cap, protocol fees and revenue

> DeFi vs Bitcoin — Relative Strength & Breadth

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.

## Agent research brief

- What matters now: DeFi is -1.4% versus Bitcoin over 13 weeks. Only 8% of covered assets are above trend; leadership is narrow.
- Best research lead: JUST ranks first at 72.6/100 with 50% total evidence and 0% native evidence.
- The contradiction: The score leader is tape-led: price and liquidity are doing more work than verified network economics.
- What to do with it: Keep this as a research queue, not an entry list. The market gate reopens only when Bitcoin trend and sector breadth improve.

Data: price 2026-07-31; protocol 2026-07-31; chain users/transactions unavailable; chain TVL 2026-07-25; market-cap snapshot 2026-07-04.

## 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.

1. JUST (JST): 72.6/100 — Tape-led · on-chain proof incomplete; 34.2 + 15.0 + 10.0 + 13.4 = 72.6; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
2. Chainflip (FLIP): 63.6/100 — Illiquid · research only; 31.6 + 16.0 + 10.0 + 6.0 = 63.6; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
3. Sun Token (SUN): 61.8/100 — Tape-led · on-chain proof incomplete; 23.8 + 13.8 + 10.0 + 14.2 = 61.8; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
4. IBS (IBS): 54.9/100 — Illiquid · research only; 22.9 + 15.0 + 10.0 + 7.0 = 54.9; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
5. USD.AI (CHIP): 54.5/100 — Illiquid · research only; 17.5 + 17.5 + 13.5 + 6.0 = 54.5; evidence 33%; native evidence 43%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
6. Bonfida (FIDA): 54.4/100 — Tape-led · on-chain proof incomplete; 19.2 + 15.0 + 10.0 + 10.2 = 54.4; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
7. Ethena (ENA): 54.1/100 — Tape-led · on-chain proof incomplete; 17.9 + 15.0 + 10.0 + 11.2 = 54.1; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
8. SoSoValue (SOSO): 52.5/100 — Illiquid · research only; 19.8 + 15.0 + 10.0 + 7.7 = 52.5; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
9. Numeraire (NMR): 52.1/100 — Tape-led · on-chain proof incomplete; 19.5 + 12.5 + 10.0 + 10.1 = 52.1; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
10. BIM (BIM): 51.4/100 — Illiquid · research only; 20.6 + 15.0 + 10.0 + 5.8 = 51.4; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
11. yearn.finance (YFI): 49.6/100 — Illiquid · research only; 17.6 + 15.0 + 10.0 + 7.0 = 49.6; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
12. Anvil (ANVL): 48.6/100 — Illiquid · research only; 22.0 + 13.3 + 10.0 + 3.3 = 48.6; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
13. Lombard (BARD): 47.5/100 — Illiquid · research only; 17.5 + 15.0 + 10.0 + 5.0 = 47.5; evidence 12%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
14. HOME (HOME): 47.2/100 — Illiquid · research only; 17.5 + 15.0 + 10.0 + 4.7 = 47.2; evidence 12%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
15. Fluid (FLUID): 46.5/100 — Illiquid · research only; 15.5 + 15.0 + 10.0 + 6.0 = 46.5; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
16. Triple Plus (TPT): 46.2/100 — Illiquid · research only; 16.3 + 15.0 + 10.0 + 4.9 = 46.2; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
17. Stargate Finance (STG): 45.8/100 — Illiquid · research only; 17.5 + 15.0 + 10.0 + 3.3 = 45.8; evidence 12%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
18. Convex Finance (CVX): 44.8/100 — Lagging · market gate closed; 14.9 + 8.2 + 13.5 + 8.2 = 44.8; evidence 91%; native evidence 82%
   Decision use: Cheap on network economics while activity contracts: investigate value-capture trap risk.
19. Bounce (AUCTION): 44.7/100 — Tape-led · on-chain proof incomplete; 8.0 + 15.5 + 10.0 + 11.2 = 44.7; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
20. Terra Luna Classic (LUNC): 41.3/100 — Tape-led · on-chain proof incomplete; 6.1 + 14.8 + 10.0 + 10.4 = 41.3; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
21. Orbs (ORBS): 41.3/100 — Illiquid · research only; 8.7 + 15.0 + 10.0 + 7.6 = 41.3; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
22. DeXe (DEXE): 40/100 — Tape-led · on-chain proof incomplete; 6.2 + 15.0 + 10.0 + 8.8 = 40.0; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
23. Yield Basis (YB): 39.4/100 — Illiquid · research only; 7.6 + 15.0 + 10.0 + 6.8 = 39.4; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
24. Renzo (REZ): 39.3/100 — Tape-led · on-chain proof incomplete; 3.6 + 13.0 + 14.0 + 8.7 = 39.3; evidence 71%; native evidence 43%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
25. Fogo (FOGO): 39.3/100 — Illiquid · research only; 8.7 + 15.0 + 10.0 + 5.6 = 39.3; evidence 43%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
26. Liquity (LQTY): 37.3/100 — Illiquid · research only; 7.3 + 15.0 + 10.0 + 5.0 = 37.3; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
27. Sei (SEI): 37.1/100 — Lagging · market gate closed; 9.6 + 14.0 + 1.9 + 11.6 = 37.1; evidence 81%; native evidence 63%
   Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.
28. Spell (SPELL): 34.8/100 — Illiquid · research only; 4.1 + 15.0 + 10.0 + 5.7 = 34.8; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
29. Altura Vault Tokens (AVLT): 32.8/100 — Illiquid · research only; 7.0 + 15.0 + 10.0 + 0.8 = 32.8; evidence 43%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
30. Berachain (BERA): 32.4/100 — Tape-led · on-chain proof incomplete; 1.6 + 13.5 + 7.5 + 9.8 = 32.4; evidence 65%; native evidence 30%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
31. AI Powered Finance (AIPF): 32.2/100 — Illiquid · research only; 4.1 + 15.0 + 10.0 + 3.1 = 32.2; evidence 43%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

## Which projects are generating the most network fees?

What the numbers say: 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.

- Convex Finance (CVX): $23.6M
- Renzo (REZ): $21.4M
- USD.AI (CHIP): $21.0M
- Sei (SEI): $133.3K
- Berachain (BERA): $96.9K

## Which projects convert activity into protocol revenue?

What the numbers say: 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.

- Convex Finance (CVX): $23.1M
- USD.AI (CHIP): $6.8M
- Renzo (REZ): $2.2M
- Sei (SEI): $111.0K

## Where is capital actually committed on-chain?

What the numbers say: 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.

- Convex Finance (CVX): $463.6M
- USD.AI (CHIP): $195.9M
- Yield Basis (YB): $111.9M
- Renzo (REZ): $87.3M
- Berachain (BERA): $54.7M

## Every rated asset

- JUST (JST) — 90d +22%; RS-BTC +43%; score 72.6; activity tape only
- Chainflip (FLIP) — 90d +58%; RS-BTC +78%; score 63.6; activity chain TVL
- Sun Token (SUN) — 90d -3.8%; RS-BTC +16%; score 61.8; activity protocol
- IBS (IBS) — 90d -4.1%; RS-BTC +16%; score 54.9; activity tape only
- USD.AI (CHIP) — 90d —; RS-BTC —; score 54.5; activity protocol
- Bonfida (FIDA) — 90d -1.1%; RS-BTC +19%; score 54.4; activity tape only
- Ethena (ENA) — 90d -22%; RS-BTC -1.6%; score 54.1; activity tape only
- SoSoValue (SOSO) — 90d -20%; RS-BTC +0.3%; score 52.5; activity tape only
- Numeraire (NMR) — 90d -5.8%; RS-BTC +14%; score 52.1; activity protocol
- BIM (BIM) — 90d -17%; RS-BTC +2.9%; score 51.4; activity tape only
- yearn.finance (YFI) — 90d -24%; RS-BTC -4.3%; score 49.6; activity tape only
- Anvil (ANVL) — 90d -13%; RS-BTC +7.0%; score 48.6; activity protocol
- Lombard (BARD) — 90d —; RS-BTC —; score 47.5; activity tape only
- HOME (HOME) — 90d —; RS-BTC —; score 47.2; activity tape only
- Fluid (FLUID) — 90d -28%; RS-BTC -7.4%; score 46.5; activity tape only
- Triple Plus (TPT) — 90d -21%; RS-BTC -1.3%; score 46.2; activity tape only
- Stargate Finance (STG) — 90d —; RS-BTC —; score 45.8; activity tape only
- Convex Finance (CVX) — 90d -28%; RS-BTC -7.6%; score 44.8; activity protocol
- Bounce (AUCTION) — 90d -37%; RS-BTC -17%; score 44.7; activity protocol
- Terra Luna Classic (LUNC) — 90d -46%; RS-BTC -26%; score 41.3; activity chain TVL
- Orbs (ORBS) — 90d -36%; RS-BTC -16%; score 41.3; activity protocol
- DeXe (DEXE) — 90d -75%; RS-BTC -55%; score 40; activity tape only
- Yield Basis (YB) — 90d -43%; RS-BTC -23%; score 39.4; activity protocol
- Renzo (REZ) — 90d -50%; RS-BTC -30%; score 39.3; activity protocol
- Fogo (FOGO) — 90d -55%; RS-BTC -35%; score 39.3; activity chain TVL
- Liquity (LQTY) — 90d -45%; RS-BTC -25%; score 37.3; activity tape only
- Sei (SEI) — 90d -30%; RS-BTC -9.8%; score 37.1; activity protocol + chain TVL
- Spell (SPELL) — 90d -54%; RS-BTC -34%; score 34.8; activity tape only
- Altura Vault Tokens (AVLT) — 90d -72%; RS-BTC -52%; score 32.8; activity protocol
- Berachain (BERA) — 90d -59%; RS-BTC -39%; score 32.4; activity protocol + chain TVL
- AI Powered Finance (AIPF) — 90d -71%; RS-BTC -51%; score 32.2; activity tape only

## 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.

- Rain (RAIN) — No price this week: Last traded price is 2026-04-29, 93 days before this page's 2026-07-31 reading.
- LAB (LAB) — No price this week: No traded price in the 95 days to 2026-07-31.
- Sky (SKY) — No traded volume reported: No traded volume is reported on most of the last 30 days, so it has no liquidity reading.
- Bitway (BTW) — No price this week: No traded price in the 95 days to 2026-07-31.
- Vision (VSN) — No price this week: No traded price in the 95 days to 2026-07-31.
- Solstice (SLX) — No price this week: No traded price in the 95 days to 2026-07-31.
- Nexus Mutual (NXM) — No price this week: No traded price in the 95 days to 2026-07-31.
- TronBank (TBK) — No price this week: No traded price in the 95 days to 2026-07-31.
- Block Street (BSB) — No price this week: No traded price in the 95 days to 2026-07-31.
- DeepBook (DEEP) — No price this week: No traded price in the 95 days to 2026-07-31.
- ORE (ORE) — No price this week: No traded price in the 95 days to 2026-07-31.
- Unitas (UP) — No price this week: No traded price in the 95 days to 2026-07-31.
- Everything (EV) — No price this week: No traded price in the 95 days to 2026-07-31.
- Sai (SAI) — No price this week: No traded price in the 95 days to 2026-07-31.
- Kelp Gain (AGETH) — No traded volume reported: No traded volume is reported on most of the last 30 days, so it has no liquidity reading.

## Limitations

- 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.

## FAQs

### 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.