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

> DeFi vs Bitcoin — Relative Strength & Breadth

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.

## Agent research brief

- What matters now: DeFi is +4.4% versus Bitcoin over 13 weeks. Only 15% of covered assets are above trend; leadership is narrow.
- Best research lead: Convex Finance ranks first at 43/100 with 87% total evidence and 74% native evidence.
- The contradiction: 2/46 assets clear the native-evidence gate; the rest should not be treated as fundamentally confirmed.
- 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 2026-07-24; protocol 2026-07-24; chain users/transactions unavailable; chain TVL 2026-07-24; market-cap snapshot 2026-07-04.

## 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.

1. Convex Finance (CVX): 43/100 — Illiquid · research only; 13.1 + 7.9 + 14.5 + 7.5 = 43.0; evidence 87%; native evidence 74%
   Decision use: Cheap on network economics while activity contracts: investigate value-capture trap risk.
2. Sei (SEI): 38.5/100 — Lagging · market gate closed; 7.4 + 14.0 + 5.6 + 11.5 = 38.5; evidence 78%; native evidence 56%
   Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.
3. JUST (JST): 72.7/100 — Tape-led · on-chain proof incomplete; 34.2 + 15.0 + 10.0 + 13.5 = 72.7; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
4. Sun Token (SUN): 65.2/100 — Tape-led · on-chain proof incomplete; 27.7 + 13.5 + 10.0 + 14.0 = 65.2; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
5. Numeraire (NMR): 59.8/100 — Tape-led · on-chain proof incomplete; 27.4 + 12.5 + 10.0 + 9.9 = 59.8; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
6. Chainflip (FLIP): 59.5/100 — Illiquid · research only; 27.6 + 15.8 + 10.0 + 6.1 = 59.5; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
7. Terra Luna Classic (LUNC): 57.5/100 — Tape-led · on-chain proof incomplete; 22.2 + 14.7 + 10.0 + 10.6 = 57.5; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
8. Bonfida (FIDA): 56.8/100 — Tape-led · on-chain proof incomplete; 21.5 + 15.0 + 10.0 + 10.3 = 56.8; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
9. USD.AI (CHIP): 56.1/100 — Illiquid · research only; 17.5 + 17.3 + 14.4 + 6.9 = 56.1; evidence 30%; native evidence 36%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
10. Altura Vault Tokens (AVLT): 54.5/100 — Illiquid · research only; 26.4 + 15.0 + 10.0 + 3.1 = 54.5; evidence 43%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
11. IBS (IBS): 53.2/100 — Illiquid · research only; 20.9 + 15.0 + 10.0 + 7.3 = 53.2; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
12. Unitas (UP): 52.5/100 — Tape-led · on-chain proof incomplete; 17.5 + 17.5 + 10.0 + 7.5 = 52.5; evidence 5%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
13. Ethena (ENA): 51.8/100 — Tape-led · on-chain proof incomplete; 15.6 + 15.0 + 10.0 + 11.2 = 51.8; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
14. Bitway (BTW): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
15. Block Street (BSB): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
16. DeepBook (DEEP): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
17. Everything (EV): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
18. ORE (ORE): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
19. Sai (SAI): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
20. Solstice (SLX): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
21. TronBank (TBK): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
22. Vision (VSN): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
23. Kelp Gain (AGETH): 49.8/100 — Illiquid · research only; 20.3 + 15.0 + 10.0 + 4.5 = 49.8; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
24. BIM (BIM): 49.7/100 — Illiquid · research only; 18.5 + 15.0 + 10.0 + 6.2 = 49.7; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
25. LAB (LAB): 49.4/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 9.4 + 7.5 = 49.4; evidence 8%; native evidence 16%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
26. Nexus Mutual (NXM): 49.1/100 — Tape-led · on-chain proof incomplete; 17.5 + 14.0 + 10.1 + 7.5 = 49.1; evidence 18%; native evidence 36%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
27. Sky (SKY): 49/100 — Illiquid · research only; 17.6 + 15.0 + 10.0 + 6.4 = 49.0; evidence 42%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
28. yearn.finance (YFI): 48.6/100 — Illiquid · research only; 17.1 + 15.0 + 10.0 + 6.5 = 48.6; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
29. Lombard (BARD): 47.7/100 — Illiquid · research only; 17.5 + 15.0 + 10.0 + 5.2 = 47.7; evidence 12%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
30. HOME (HOME): 47.3/100 — Illiquid · research only; 17.5 + 15.0 + 10.0 + 4.8 = 47.3; evidence 12%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
31. Stargate Finance (STG): 46.3/100 — Illiquid · research only; 17.5 + 15.0 + 10.0 + 3.8 = 46.3; evidence 12%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
32. SoSoValue (SOSO): 46.2/100 — Illiquid · research only; 14.5 + 15.0 + 10.0 + 6.7 = 46.2; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
33. Fluid (FLUID): 44.1/100 — Illiquid · research only; 14.6 + 15.0 + 10.0 + 4.5 = 44.1; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
34. Bounce (AUCTION): 41.8/100 — Tape-led · on-chain proof incomplete; 5.3 + 15.4 + 10.0 + 11.1 = 41.8; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
35. Orbs (ORBS): 41.6/100 — Illiquid · research only; 8.5 + 15.0 + 10.0 + 8.1 = 41.6; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
36. Triple Plus (TPT): 41/100 — Illiquid · research only; 10.7 + 15.0 + 10.0 + 5.3 = 41.0; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
37. Rain (RAIN): 41/100 — Illiquid · research only; 17.5 + 15.0 + 3.5 + 5.0 = 41.0; evidence 25%; native evidence 26%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
38. Renzo (REZ): 40.5/100 — Tape-led · on-chain proof incomplete; 4.2 + 12.9 + 14.5 + 8.9 = 40.5; evidence 68%; native evidence 36%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
39. Yield Basis (YB): 40.4/100 — Illiquid · research only; 8.3 + 15.0 + 10.0 + 7.1 = 40.4; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
40. DeXe (DEXE): 40/100 — Tape-led · on-chain proof incomplete; 6.3 + 15.0 + 10.0 + 8.7 = 40.0; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
41. Anvil (ANVL): 37/100 — Illiquid · research only; 10.3 + 13.1 + 10.0 + 3.6 = 37.0; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
42. Fogo (FOGO): 36.3/100 — Illiquid · research only; 5.5 + 15.0 + 10.0 + 5.8 = 36.3; evidence 43%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
43. Liquity (LQTY): 34.2/100 — Illiquid · research only; 3.7 + 15.0 + 10.0 + 5.5 = 34.2; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
44. AI Powered Finance (AIPF): 33.7/100 — Illiquid · research only; 4.6 + 15.0 + 10.0 + 4.1 = 33.7; evidence 43%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
45. Spell (SPELL): 33.4/100 — Illiquid · research only; 2.2 + 15.0 + 10.0 + 6.2 = 33.4; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
46. Berachain (BERA): 32.8/100 — Tape-led · on-chain proof incomplete; 1.5 + 13.3 + 8.3 + 9.7 = 32.8; evidence 63%; native evidence 26%
   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 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.

- Convex Finance (CVX): $23.6M
- Renzo (REZ): $21.4M
- USD.AI (CHIP): $21.0M
- LAB (LAB): $11.9M
- Nexus Mutual (NXM): $4.0M

## 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 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.

- Convex Finance (CVX): $23.1M
- USD.AI (CHIP): $6.8M
- Renzo (REZ): $2.2M
- Nexus Mutual (NXM): $2.0M
- Rain (RAIN): $790.0K

## Where is capital actually committed on-chain?

What the numbers say: 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.

- Solstice (SLX): $505.6M
- Convex Finance (CVX): $463.6M
- USD.AI (CHIP): $195.9M
- Yield Basis (YB): $111.9M
- Renzo (REZ): $87.3M

## Every asset

- Convex Finance (CVX) — 90d -28%; RS-BTC -11%; score 43; activity protocol
- Sei (SEI) — 90d -27%; RS-BTC -9.9%; score 38.5; activity protocol + chain TVL
- JUST (JST) — 90d +30%; RS-BTC +48%; score 72.7; activity tape only
- Sun Token (SUN) — 90d -0.9%; RS-BTC +17%; score 65.2; activity protocol
- Numeraire (NMR) — 90d +0.5%; RS-BTC +18%; score 59.8; activity protocol
- Chainflip (FLIP) — 90d +48%; RS-BTC +65%; score 59.5; activity chain TVL
- Terra Luna Classic (LUNC) — 90d +1.9%; RS-BTC +19%; score 57.5; activity chain TVL
- Bonfida (FIDA) — 90d +20%; RS-BTC +37%; score 56.8; activity tape only
- USD.AI (CHIP) — 90d —; RS-BTC —; score 56.1; activity protocol
- Altura Vault Tokens (AVLT) — 90d -3.5%; RS-BTC +14%; score 54.5; activity protocol
- IBS (IBS) — 90d -4.5%; RS-BTC +13%; score 53.2; activity tape only
- Unitas (UP) — 90d —; RS-BTC —; score 52.5; activity protocol
- Ethena (ENA) — 90d -19%; RS-BTC -1.4%; score 51.8; activity tape only
- Bitway (BTW) — 90d —; RS-BTC —; score 50; activity protocol
- Block Street (BSB) — 90d —; RS-BTC —; score 50; activity tape only
- DeepBook (DEEP) — 90d —; RS-BTC —; score 50; activity tape only
- Everything (EV) — 90d —; RS-BTC —; score 50; activity protocol
- ORE (ORE) — 90d —; RS-BTC —; score 50; activity protocol
- Sai (SAI) — 90d —; RS-BTC —; score 50; activity tape only
- Solstice (SLX) — 90d —; RS-BTC —; score 50; activity protocol
- TronBank (TBK) — 90d —; RS-BTC —; score 50; activity tape only
- Vision (VSN) — 90d —; RS-BTC —; score 50; activity tape only
- Kelp Gain (AGETH) — 90d -13%; RS-BTC +4.4%; score 49.8; activity tape only
- BIM (BIM) — 90d -17%; RS-BTC +0.2%; score 49.7; activity tape only
- LAB (LAB) — 90d —; RS-BTC —; score 49.4; activity protocol
- Nexus Mutual (NXM) — 90d —; RS-BTC —; score 49.1; activity protocol
- Sky (SKY) — 90d -1.9%; RS-BTC +16%; score 49; activity tape only
- yearn.finance (YFI) — 90d -24%; RS-BTC -6.9%; score 48.6; activity tape only
- Lombard (BARD) — 90d —; RS-BTC —; score 47.7; activity tape only
- HOME (HOME) — 90d —; RS-BTC —; score 47.3; activity tape only
- Stargate Finance (STG) — 90d —; RS-BTC —; score 46.3; activity tape only
- SoSoValue (SOSO) — 90d -24%; RS-BTC -6.3%; score 46.2; activity tape only
- Fluid (FLUID) — 90d -30%; RS-BTC -13%; score 44.1; activity tape only
- Bounce (AUCTION) — 90d -37%; RS-BTC -20%; score 41.8; activity protocol
- Orbs (ORBS) — 90d -32%; RS-BTC -14%; score 41.6; activity protocol
- Triple Plus (TPT) — 90d -26%; RS-BTC -8.6%; score 41; activity tape only
- Rain (RAIN) — 90d —; RS-BTC —; score 41; activity protocol
- Renzo (REZ) — 90d -36%; RS-BTC -19%; score 40.5; activity protocol
- Yield Basis (YB) — 90d -40%; RS-BTC -23%; score 40.4; activity protocol
- DeXe (DEXE) — 90d -72%; RS-BTC -55%; score 40; activity tape only
- Anvil (ANVL) — 90d -24%; RS-BTC -7.0%; score 37; activity protocol
- Fogo (FOGO) — 90d -54%; RS-BTC -36%; score 36.3; activity chain TVL
- Liquity (LQTY) — 90d -46%; RS-BTC -28%; score 34.2; activity tape only
- AI Powered Finance (AIPF) — 90d -54%; RS-BTC -36%; score 33.7; activity tape only
- Spell (SPELL) — 90d -50%; RS-BTC -33%; score 33.4; activity tape only
- Berachain (BERA) — 90d -55%; RS-BTC -38%; score 32.8; activity protocol + chain TVL

## 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 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.

### Which are the biggest DeFi crypto coins by market cap?

Rain is the largest DeFi crypto coin by market capitalisation at $10.2B, ahead of LAB at $4.1B and Sky at $1.3B. The 46 DeFi coins on this page carry $21.1B between them, with a market-cap figure on file for 46 of them. Market-cap metadata is dated 2026-07-04.