1.56 bn of 10.00 bn CAP already issued. The closer to 100%, the less future issuance dilutes holders.
Protocol economics
Single chain
What it earns
Fees are everything users pay. Revenue is what the protocol keeps after settling with liquidity providers.
Revenue for the year$190.9 k
Fees for the year$7.0 mn
Revenue over 30 days$305
Growth over 90 days
−94.1%
Revenue per dollar of assets0.09%
How much annual revenue each dollar sitting in the protocol brings. The figure depends on what the protocol does: an exchange earns on turnover, a lending protocol on the rate spread, and their numbers are of different orders.
What the token holder gets
Protocol earnings and holder income are different things. The money may go to the project treasury, to token buybacks, to the developers, or not be distributed at all.
Payouts to holders for the year—
To market cap0.00%
Share of revenue that reached holders0.00%
This is a fact about the past year, not a promise for the next one: distribution rules are set by project governance and can be changed.
How much issuance takes away
New tokens go to validators, the team and early investors. For a holder that is a counter-flow: their share of the project shrinks.
Issuance rate for the year−0.41%
In money terms for the year$-329.0 k
Issuance to revenue—
Not yet in circulation6.40×
Over the last quarter the circulating supply did not grow but shrank: that happens with buybacks, burns and tokens moved into long-term locks.
The last line is how many times larger the full supply is than what is already circulating.
What it costs
The multiple links the token price to what the protocol earns. It makes sense to compare within a sector: exchanges and lending protocols have different norms.
P/S on circulating tokens812.8×
P/S on full supply5201.4×
Median for the "Lending" sector13.0×
Half of the sector falls between 7.00× and 419.3×; projects in the calculation: 7.
71% of the sector is cheaper than this project.
How sustainable this is
A one-off fee spike and a steady flow look the same in an annual total, so it is worth looking at both the spread and what keeps the assets there.
Monthly revenue spread1.40
The ratio of deviation to the 12-month average. Below 0.3 - revenue is steady; above one - it rests on individual months.
Share of the largest chain100.0%
Share of rewards in pool yields—
Protocol age1 year 2 months
How deep the price fell
How much the coin lost on the worst stretch of the year, how many days it took to win the drop back and what happened to it on days when bitcoin crashed. Calculated from daily prices over a year; its link to bitcoin over the quarter is below, in the \"Link to the market\" block.
Maximum drawdown for the year−45.9%
Recovery from it19 days
On days bitcoin falls 5%—
Assets in the protocol, $
The figure changes both with new money coming in and with the revaluation of what is already there: when the market falls it drops even if nobody withdrew anything.
Revenue by month, $
A monthly total - the daily series is too ragged to read anything from. The last bar may be incomplete if the month is still running.
Protocol data comes from an open aggregator, market cap and prices from this section's reference data.
Metrics calculated 27.10.2026.
How each metric is calculated.
Technical analysis
RSI14 days?
51.0
OversoldNeutralOverbought
Now neutral
Moving average trend?
Above the 50-day average
to the 50-day average +50.3%
Volatility30 days?
205%annualised
very high
For reference: stocks are usually 15–25% a year.
Link to the market (BTC)
Correlation with BTC?
-0.1
Moves against BTC
High correlation → weak diversification from bitcoin.
Beta to BTC?
-0.53×
Against BTC
Beta > 1 - sharper than the market (higher risk), < 1 - smoother.
Converter
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