EV/Holder Revenue
EV/Holder Revenue measures what you pay per dollar of revenue that actually reaches tokenholders — through buybacks, burns, or direct distributions.
How this framework works
Read the full article →Enterprise Value
EV = Market Cap + Token Debt - Claimable Treasury. Claimable Treasury = Gross Treasury × (1 - Claim Discount %). Discount ranges from 0% (fully accessible) to 100% (no holder claim).
Revenue Waterfall
Fees (what users pay) → Protocol Revenue (what the protocol keeps) → Holder Revenue (what reaches tokenholders via buybacks, burns, or distributions). Take Rate = Protocol Rev / Fees. Accrual Ratio = Holder Rev / Protocol Rev.
Valuation Multiples
EV/Holder Revenue is the primary metric — what you pay per dollar that reaches you. Cost-Adjusted = EV / (HR - Token Costs). Token costs include Team Comp and Operating Costs but exclude Investor Overhang.
Tokenholder Tax
(Team Comp + Operating Costs + Investor Overhang) / Holder Revenue. A diagnostic, not in the multiple. Measures total supply headwind per $1 of holder revenue.
Protocols
5
Median EV/HR
9.4x
Most Undervalued
PUMP
4.3x
Most Overvalued
MAPLE
57.6x
Token Valuation Comp Table
| Protocol | MCap | EV | EV/HR ↑ | Accrual % | EV/PR | Cost-Adj | Tax % | Updated |
|---|---|---|---|---|---|---|---|---|
Pump.funToken LaunchpadView details → | $1.1B | $1.1B | 4.3x | 98.8% | 4.3x | 20.1x | 110.2% | 2026-03-06 |
Sky (MakerDAO)CDP / StablecoinView details → | $1.7B | $1.6B | 9.3x | 50% | 4.7x | 9.3x | 0.0% | 2026-03-06 |
HyperliquidPerp DEXView details → | $7.6B | $7.6B | 9.4x | 100% | 9.4x | 22.2x | 57.7% | 2026-03-06 |
JupiterDEX AggregatorView details → | $2.4B | $2.3B | 20.9x | 50% | 10.5x | 20.9x | 0.0% | 2026-03-06 |
Maple FinanceLendingView details → | $272.0M | $265.0M | 57.6x | 25.1% | 14.5x | 57.6x | 0.0% | 2026-03-06 |
Click any row to view full breakdown. Column headers are sortable.
EV/HR
4.3x
MCap
$1.1B
EV
$1.1B
Accrual
98.8%
Cost-Adj
20.1x
Tax
110.2%
EV/HR
9.3x
MCap
$1.7B
EV
$1.6B
Accrual
50%
Cost-Adj
9.3x
Tax
0.0%
EV/HR
9.4x
MCap
$7.6B
EV
$7.6B
Accrual
100%
Cost-Adj
22.2x
Tax
57.7%
EV/HR
20.9x
MCap
$2.4B
EV
$2.3B
Accrual
50%
Cost-Adj
20.9x
Tax
0.0%
EV/HR
57.6x
MCap
$272.0M
EV
$265.0M
Accrual
25.1%
Cost-Adj
57.6x
Tax
0.0%
Tap any card to view full breakdown.
EV Calculator
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Market Data
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Revenue ($M, annualized)
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Treasury ($M)
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Claim Discount: 100%
Token Costs ($M, annualized)
Analyst input
Accrual
EV Bridge
Valuation Multiples
EV / Holder Rev
9.4x
MCap / Holder Rev
9.4x
EV / Protocol Rev
9.4x
Cost-Adjusted
22.2x
Tokenholder Tax
57.7%
(Team + OpCosts + Overhang) / Holder Rev
Claim Discount Sensitivity
| Discount | EV/HR |
|---|---|
| 0% | 9.4x |
| 25% | 9.4x |
| 50% | 9.4x |
| 75% | 9.4x |
| 100% | 9.4x |
Notes
Revenue: DeFiLlama 30d annualized. Team comp: $464.9M from AF vesting schedule. Treasury: $0 claimable — pure burn mechanism, no treasury asset. 100% accrual ratio through buyback & burn.