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

DeFi Crypto Coins

Is DeFi outperforming Bitcoin, and is leadership broad?

Bottom line

Convex Finance ranks first for research priority in DeFi crypto at 43/100, and its native activity evidence clears the coverage gate. The theme's 13-week excess versus Bitcoin is +4.4% on 15% breadth, which is what decides whether that lead is isolated or broad. 2 of the 46 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 5 years. Over the most recent two of them this theme is 36% behind Bitcoin. Protocol revenue across its protocols grew 41% on average over the last four reported quarters. It has been ahead of Bitcoin on a rolling three-month view for 9 weeks running.

BREAKING OUT · ahead 9w·Fundamentals up, price down18 of 37 coins ahead of Bitcoin by 5% or more over three months

RS ↑9w · 4/36 >200d (−1) · 18/37 lead (+0) · EPS —

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

Strength anatomy MixedHow much of the theme is participating, how recently, and whether the movers score well.

Together18 of 37 coins moving

Fresh3 crossed in the last 4 weeks

Down the cap ladder — bar is now, tick is four weeks ago

Large 4/8−1

Mid 6/130

Small 8/16+1

Participation is spreading downward — the mid and small companies added more this month than the large ones did.

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 outperformed Bitcoin by 3.5% over 52 weeks on an equal-weight index of current members. Over 13 weeks the figure is +4.4%. 4 of 26 covered assets are above their own 200-day average. Chainflip leads Bitcoin-relative strength at +65.5%. Price readings are as of 2026-07-24.

+4.4%13w vs BTC

+3.5%52w vs BTC

4/26Above 200-DMA

FLIPRS leader · +65%

Assets

canonical functional membership

Activity-covered

2/46

enough native evidence

Top score

43.0/100

Convex Finance

Calendar quarters

complete; missing stays missing

Global asset selection · top 20 shown

Showing 20 of 46 assets

00 · exact additive research priority

4-Factor Crypto Evidence Score

A within-theme research-priority score for the 46 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. Convex Finance is highest at 43/100 on 87% evidence. It ranks research attention, not portfolio action.

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

Convex Finance leads the current research queue at 43/100 with 87% evidence.

2/46 assets have enough native activity evidence to move beyond a tape-led label.

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.

1. Convex Finance · CVX

43.0/100 · Illiquid · research only · 87% evidence

Exact sum: 13.1 + 7.9 + 14.5 + 7.5 = 43.0

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

13.1/35Market leadership

RS-BTC -11 pp · RS-sector 11.3 pp · 200-DMA below

100% evidence

7.9/30Network & economic traction

Fees -27% · revenue -24.1% · users —

70% evidence

14.5/20Value capture

Fee yield 21.44% · revenue yield 20.94%

80% evidence

7.5/15Liquidity & downside risk

30d median volume $4,590,470 · vol 71.1%

100% evidence

2. Sei · SEI

38.5/100 · Lagging · market gate closed · 78% evidence

Exact sum: 7.4 + 14.0 + 5.6 + 11.5 = 38.5

Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.

7.4/35Market leadership

RS-BTC -9.9 pp · RS-sector -20.1 pp · 200-DMA below

100% evidence

14.0/30Network & economic traction

Fees -18.1% · revenue — · users —

50% evidence

5.6/20Value capture

Fee yield 0.04% · revenue yield 0.03%

65% evidence

11.5/15Liquidity & downside risk

30d median volume $25,548,419 · vol 52.2%

100% evidence

3. JUST · JST

72.7/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 34.2 + 15.0 + 10.0 + 13.5 = 72.7

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

34.2/35Market leadership

RS-BTC 47.8 pp · RS-sector 26.7 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

13.5/15Liquidity & downside risk

30d median volume $29,656,901 · vol 37.2%

100% evidence

4. Sun Token · SUN

65.2/100 · Tape-led · on-chain proof incomplete · 55% evidence

Exact sum: 27.7 + 13.5 + 10.0 + 14.0 = 65.2

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

27.7/35Market leadership

RS-BTC 16.6 pp · RS-sector 8 pp · 200-DMA above

100% evidence

13.5/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

14.0/15Liquidity & downside risk

30d median volume $58,610,479 · vol 32%

100% evidence

5. Numeraire · NMR

59.8/100 · Tape-led · on-chain proof incomplete · 55% evidence

Exact sum: 27.4 + 12.5 + 10.0 + 9.9 = 59.8

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

27.4/35Market leadership

RS-BTC 17.9 pp · RS-sector 6.6 pp · 200-DMA above

100% evidence

12.5/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

9.9/15Liquidity & downside risk

30d median volume $5,304,245 · vol 54.1%

100% evidence

6. Chainflip · FLIP

59.5/100 · Illiquid · research only · 55% evidence

Exact sum: 27.6 + 15.8 + 10.0 + 6.1 = 59.5

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

27.6/35Market leadership

RS-BTC 65.5 pp · RS-sector -4.7 pp · 200-DMA above

100% evidence

15.8/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

6.1/15Liquidity & downside risk

30d median volume $112,052 · vol 37.2%

100% evidence

7. Terra Luna Classic · LUNC

57.5/100 · Tape-led · on-chain proof incomplete · 55% evidence

Exact sum: 22.2 + 14.7 + 10.0 + 10.6 = 57.5

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

22.2/35Market leadership

RS-BTC 19.3 pp · RS-sector -13.1 pp · 200-DMA below

100% evidence

14.7/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

10.6/15Liquidity & downside risk

30d median volume $12,324,474 · vol 50.9%

100% evidence

8. Bonfida · FIDA

56.8/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 21.5 + 15.0 + 10.0 + 10.3 = 56.8

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

21.5/35Market leadership

RS-BTC 37.3 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

10.3/15Liquidity & downside risk

30d median volume $7,413,739 · vol 43.8%

100% evidence

9. USD.AI · CHIP

56.1/100 · Illiquid · research only · 30% evidence

Exact sum: 17.5 + 17.3 + 14.4 + 6.9 = 56.1

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

17.3/30Network & economic traction

Fees — · revenue — · users —

17% evidence

14.4/20Value capture

Fee yield 32% · revenue yield 10.31%

65% evidence

6.9/15Liquidity & downside risk

30d median volume $1,595,707 · vol —

80% evidence

10. Altura Vault Tokens · AVLT

54.5/100 · Illiquid · research only · 43% evidence

Exact sum: 26.4 + 15.0 + 10.0 + 3.1 = 54.5

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

26.4/35Market leadership

RS-BTC 13.9 pp · RS-sector 39.8 pp · 200-DMA —

80% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

3.1/15Liquidity & downside risk

30d median volume $114,482 · vol 98.5%

100% evidence

11. IBS · IBS

53.2/100 · Illiquid · research only · 50% evidence

Exact sum: 20.9 + 15.0 + 10.0 + 7.3 = 53.2

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

20.9/35Market leadership

RS-BTC 12.9 pp · RS-sector 0 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

7.3/15Liquidity & downside risk

30d median volume $145,172 · vol 6.2%

100% evidence

12. Unitas · UP

52.5/100 · Tape-led · on-chain proof incomplete · 5% evidence

Exact sum: 17.5 + 17.5 + 10.0 + 7.5 = 52.5

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

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

7.5/15Liquidity & downside risk

30d median volume — · vol —

0% evidence

13. Ethena · ENA

51.8/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 15.6 + 15.0 + 10.0 + 11.2 = 51.8

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

15.6/35Market leadership

RS-BTC -1.4 pp · RS-sector 2.5 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

11.2/15Liquidity & downside risk

30d median volume $117,853,127 · vol 67.8%

100% evidence

14. Bitway · BTW

50.0/100 · Tape-led · on-chain proof incomplete · 0% evidence

Exact sum: 17.5 + 15.0 + 10.0 + 7.5 = 50.0

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

7.5/15Liquidity & downside risk

30d median volume — · vol —

0% evidence

15. Block Street · BSB

50.0/100 · Tape-led · on-chain proof incomplete · 0% evidence

Exact sum: 17.5 + 15.0 + 10.0 + 7.5 = 50.0

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

7.5/15Liquidity & downside risk

30d median volume — · vol —

0% evidence

16. DeepBook · DEEP

50.0/100 · Tape-led · on-chain proof incomplete · 0% evidence

Exact sum: 17.5 + 15.0 + 10.0 + 7.5 = 50.0

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

7.5/15Liquidity & downside risk

30d median volume — · vol —

0% evidence

17. Everything · EV

50.0/100 · Tape-led · on-chain proof incomplete · 0% evidence

Exact sum: 17.5 + 15.0 + 10.0 + 7.5 = 50.0

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

7.5/15Liquidity & downside risk

30d median volume — · vol —

0% evidence

18. ORE · ORE

50.0/100 · Tape-led · on-chain proof incomplete · 0% evidence

Exact sum: 17.5 + 15.0 + 10.0 + 7.5 = 50.0

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

7.5/15Liquidity & downside risk

30d median volume — · vol —

0% evidence

19. Sai · SAI

50.0/100 · Tape-led · on-chain proof incomplete · 0% evidence

Exact sum: 17.5 + 15.0 + 10.0 + 7.5 = 50.0

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

7.5/15Liquidity & downside risk

30d median volume — · vol —

0% evidence

20. Solstice · SLX

50.0/100 · Tape-led · on-chain proof incomplete · 0% evidence

Exact sum: 17.5 + 15.0 + 10.0 + 7.5 = 50.0

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

7.5/15Liquidity & downside risk

30d median volume — · vol —

0% evidence

Showing 20 of 46 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

Coverage8/46 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

4LAB LAB$11.9M

5Nexus Mutual NXM$4.0M

Fee growthtop five

1Sei SEI-18%

2Convex Finance CVX-27%

Network fees · asset comparison

8/46 level · 2/46 change

Latest comparable data · top 20 shown first

Asset	Trailing 12-month fees	Fee growth
convex-finance	$2.7M	-27%
sei-network	$12.2K	-18%
just	—	—
sun-token	—	—
numeraire	—	—
chainflip	—	—
terra-luna	—	—
bonfida	—	—
chip-2	$8.9M	—
altura-2	—	—
ibs-3	—	—
unitas	—	—
ethena	—	—
bitway	$1.1M	—
block-street	—	—
deep	—	—
everything	—	—
ore	$8.0M	—
sai	—	—
solstice	$880.4K	—
tronbank	—	—
vision-3	—	—
kelp-gain	—	—
bim-2	—	—
lab	$548.3K	—
nxm	$823.2K	—
sky	—	—
yearn-finance	—	—
lombard-protocol	—	—
home	—	—
stargate-finance	—	—
sosovalue	—	—
instadapp	—	—
auction	—	—
orbs	—	—
triple-plus	—	—
rain	$805.9K	—
renzo	$1.7M	—
yield-basis	$915.9K	—
dexe	—	—
anvil	—	—
fogo	—	—
liquity	—	—
ai-powered-finance	—	—
spell-token	—	—
berachain-bera	$6.1K	—

Showing 20 of 46 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

Coverage6/46 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

4Nexus Mutual NXM$2.0M

5Rain RAIN$790.0K

Revenue growthtop five

1Convex Finance CVX-24%

Protocol revenue · asset comparison

6/46 level · 1/46 change

Latest comparable data · top 20 shown first

Asset	Trailing 12-month revenue	Revenue growth
convex-finance	$2.7M	-24%
sei-network	$12.2K	—
just	—	—
sun-token	—	—
numeraire	—	—
chainflip	—	—
terra-luna	—	—
bonfida	—	—
chip-2	$5.1M	—
altura-2	—	—
ibs-3	—	—
unitas	—	—
ethena	—	—
bitway	$205.5K	—
block-street	—	—
deep	—	—
everything	—	—
ore	$8.0M	—
sai	—	—
solstice	$0	—
tronbank	—	—
vision-3	—	—
kelp-gain	—	—
bim-2	—	—
lab	—	—
nxm	$411.6K	—
sky	—	—
yearn-finance	—	—
lombard-protocol	—	—
home	—	—
stargate-finance	—	—
sosovalue	—	—
instadapp	—	—
auction	—	—
orbs	—	—
triple-plus	—	—
rain	$549.7K	—
renzo	$473.5K	—
yield-basis	$143.2K	—
dexe	—	—
anvil	—	—
fogo	—	—
liquity	—	—
ai-powered-finance	—	—
spell-token	—	—
berachain-bera	$6.1K	—

Showing 20 of 46 assets

03 · complete calendar-quarter evidence

Where is capital actually committed on-chain?

LeaderSolstice · $505.6M

Gap9% versus #2

Persistence3 assets have positive comparable growth

Coverage21/46 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

1Solstice SLX$505.6M

2Convex Finance CVX$463.6M

3USD.AI CHIP$195.9M

4Yield Basis YB$111.9M

5Renzo REZ$87.3M

TVL growthtop five

1Unitas UP+6,186%

2USD.AI CHIP+684%

3Chainflip FLIP+7.6%

4Bounce AUCTION-0.1%

5Terra Luna Classic LUNC-24%

Total value locked · asset comparison

21/46 level · 13/46 change

Latest comparable data · top 20 shown first

Asset	Quarter-end TVL	TVL growth
convex-finance	$463.6M	-56%
sei-network	$50.2M	-91%
just	—	—
sun-token	$777.9K	-77%
numeraire	$4.8K	-100%
chainflip	$12.6M	+7.6%
terra-luna	$774.5K	-24%
bonfida	—	—
chip-2	$195.9M	+684%
altura-2	$32.4M	—
ibs-3	—	—
unitas	$57.4M	+6,186%
ethena	—	—
bitway	$60.5M	—
block-street	—	—
deep	—	—
everything	$1.2M	—
ore	—	—
sai	—	—
solstice	$505.6M	—
tronbank	—	—
vision-3	—	—
kelp-gain	—	—
bim-2	—	—
lab	—	—
nxm	$75.9M	-50%
sky	—	—
yearn-finance	—	—
lombard-protocol	—	—
home	—	—
stargate-finance	—	—
sosovalue	—	—
instadapp	—	—
auction	$6.1K	-0.1%
orbs	$0	—
triple-plus	—	—
rain	$29.9M	—
renzo	$87.3M	-91%
yield-basis	$111.9M	—
dexe	—	—
anvil	$10.0M	-89%
fogo	$1.8M	—
liquity	—	—
ai-powered-finance	—	—
spell-token	—	—
berachain-bera	$54.7M	-87%

Showing 20 of 46 assets

04 · let price answer last

Which assets lead on price and relative strength?

Chainflip leads the DeFi tape on Bitcoin-relative strength at +65% over 90 days. 4 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 2026-07-24.

Complete set · no silent drops

Which assets are in DeFi?

46 priced assets are assigned to DeFi, listed below by rank with every one visible — including tape-only names that publish no protocol activity. Each asset has exactly one canonical functional theme, chosen by a specific-to-general first match on its categories. Pegged, wrapped, liquid-staking receipt and tokenized-asset instruments are excluded because they have no independent price discovery.

Rank	Asset	Price	90d	RS-BTC	200-DMA	30d vol	Median volume	Price quality	Activity source	Score	Evidence
1	Convex Finance CVX	$1.27	-28%	-11%	Below	71%	$4.6M	usable	protocol	43.0	87%
2	Sei SEI	$0.0442	-27%	-9.9%	Below	52%	$25.5M	usable	protocol + chain TVL	38.5	78%
3	JUST JST	$0.1029	+30%	+48%	Above	37%	$29.7M	usable	tape only	72.7	50%
4	Sun Token SUN	$0.0184	-0.9%	+17%	Above	32%	$58.6M	usable	protocol	65.2	55%
5	Numeraire NMR	$8.98	+0.5%	+18%	Above	54%	$5.3M	usable	protocol	59.8	55%
6	Chainflip FLIP	$0.2961	+48%	+65%	Above	37%	$112.1K	usable	chain TVL	59.5	55%
7	Terra Luna Classic LUNC	$0.0001	+1.9%	+19%	Below	51%	$12.3M	usable	chain TVL	57.5	55%
8	Bonfida FIDA	$0.0199	+20%	+37%	Below	44%	$7.4M	usable	tape only	56.8	50%
9	USD.AI CHIP	$0.0303	—	—	—	—	$1.6M	usable	protocol	56.1	30%
10	Altura Vault Tokens AVLT	$1.03	-3.5%	+14%	—	99%	$114.5K	usable	protocol	54.5	43%
11	IBS IBS	$0.0007	-4.5%	+13%	Below	6%	$145.2K	usable	tape only	53.2	50%
12	Unitas UP	—	—	—	—	—	—	usable	protocol	52.5	5%
13	Ethena ENA	$0.0872	-19%	-1.4%	Below	68%	$117.9M	usable	tape only	51.8	50%
14	Bitway BTW	—	—	—	—	—	—	usable	protocol	50.0	0%
15	Block Street BSB	—	—	—	—	—	—	usable	tape only	50.0	0%
16	DeepBook DEEP	—	—	—	—	—	—	usable	tape only	50.0	0%
17	Everything EV	—	—	—	—	—	—	usable	protocol	50.0	0%
18	ORE ORE	—	—	—	—	—	—	usable	protocol	50.0	0%
19	Sai SAI	—	—	—	—	—	—	usable	tape only	50.0	0%
20	Solstice SLX	—	—	—	—	—	—	usable	protocol	50.0	0%
21	TronBank TBK	—	—	—	—	—	—	usable	tape only	50.0	0%
22	Vision VSN	—	—	—	—	—	—	usable	tape only	50.0	0%
23	Kelp Gain AGETH	$1,973.14	-13%	+4.4%	Below	54%	$0	usable	tape only	49.8	50%
24	BIM BIM	$1.21	-17%	+0.2%	Below	42%	$205.0K	usable	tape only	49.7	50%
25	LAB LAB	—	—	—	—	—	—	usable	protocol	49.4	8%
26	Nexus Mutual NXM	—	—	—	—	—	—	usable	protocol	49.1	18%
27	Sky SKY	$0.0150	-1.9%	+16%	Below	0%	$0	usable	tape only	49.0	42%
28	yearn.finance YFI	$2,077.70	-24%	-6.9%	Below	161%	$4.2M	usable	tape only	48.6	50%
29	Lombard BARD	$0.1241	—	—	—	—	$286.3K	usable	tape only	47.7	12%
30	HOME HOME	$0.0062	—	—	—	—	$1.4M	usable	tape only	47.3	12%
31	Stargate Finance STG	$0.1411	—	—	—	—	$733.6K	usable	tape only	46.3	12%
32	SoSoValue SOSO	$0.3186	-24%	-6.3%	Below	77%	$3.7M	usable	tape only	46.2	50%
33	Fluid FLUID	$1.17	-30%	-13%	Below	108%	$2.1M	usable	tape only	44.1	50%
34	Bounce AUCTION	$3.09	-37%	-20%	Below	48%	$6.8M	usable	protocol	41.8	55%
35	Orbs ORBS	$0.0059	-32%	-14%	Below	39%	$2.5M	usable	protocol	41.6	50%
36	Triple Plus TPT	$0.0056	-26%	-8.6%	Below	42%	$36.3K	usable	tape only	41.0	50%
37	Rain RAIN	$0.0000	—	—	—	—	$0	usable	protocol	41.0	25%
38	Renzo REZ	$0.0025	-36%	-19%	Below	49%	$5.6M	usable	protocol	40.5	68%
39	Yield Basis YB	$0.0718	-40%	-23%	Below	101%	$4.9M	usable	protocol	40.4	50%
40	DeXe DEXE	$3.80	-72%	-55%	Below	775%	$70.6M	usable	tape only	40.0	50%
41	Anvil ANVL	$0.0004	-24%	-7.0%	Below	90%	$123.9K	usable	protocol	37.0	55%
42	Fogo FOGO	$0.0085	-54%	-36%	—	118%	$4.8M	usable	chain TVL	36.3	43%
43	Liquity LQTY	$0.1653	-46%	-28%	Below	54%	$2.5M	usable	tape only	34.2	50%
44	AI Powered Finance AIPF	$0.9848	-54%	-36%	—	70%	$738.0K	usable	tape only	33.7	43%
45	Spell SPELL	$0.0001	-50%	-33%	Below	94%	$4.0M	usable	tape only	33.4	50%
46	Berachain BERA	$0.1749	-55%	-38%	Below	63%	$14.5M	usable	protocol + chain TVL	32.8	63%

Showing 20 of 46 assets

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 46 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 2026-07-24. Five-year weekly observations benchmarked to Bitcoin.

Protocol activityThrough 2026-07-24. Fees, revenue, protocol TVL and DEX volume.

Chain activityUsers and transactions through unavailable; separately sourced chain TVL through 2026-07-24.

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

Questions the page should answer directly

Crypto analysis FAQs

These 18 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 46 such coins by market cap, price and Bitcoin-relative strength, with protocol fees and revenue where a project publishes them. Readings are as of 2026-07-24.

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 +3.5% versus Bitcoin over 52 weeks and +4.4% over 13 weeks on an equal-weight current-member index. 4/26 covered assets are above their 200-day averages as of 2026-07-24.

Which DeFi asset has the strongest research score?

Convex Finance ranks first at 43/100: 13.1 + 7.9 + 14.5 + 7.5 = 43.0. It is labelled “Illiquid · research only” with 87% overall evidence and 74% native-economics evidence.

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 2026-07-24; protocol activity through 2026-07-24; chain users and transactions through the latest available chain date; chain TVL through 2026-07-24; 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 8 of the 46 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 6 of the 46 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?

Solstice leads DeFi crypto on Quarter-end TVL at $505.6M, 9% ahead of Convex Finance. 3 of 13 assets with comparable change data are growing, fastest at Unitas. Coverage is 21 of the 46 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 8/46; this is network activity, not automatically token-holder income.