Valueverse

Data platform & Research firm
web3: Cashflows, Valuation, Holder P/FCF

[Valueverse @valueverse_ai]

Token Revenue Matters

Welcome to the "Selective Altseason"

Token revenue and multipliers: one of the clearest ways to identify fundamentally strong tokens early.

-> $RAIL @RAILGUN_Project + $WALLET @ambire
-> $VVV @venice_ai + $POD @dphnAI
-> $NEAR @NEARProtocol
-> $HYPE & some HyperEVM's projects such as @Kinetiq_xyz $KNTQ, @NestExchange & $NEST
(all of them + many others are on the Valueverse's listing track).

You need not surface-level “good to know” data, but investable data that drives actual allocation decisions.

Great time to be in crypto. Early access -> link in comment👇

[Valueverse @valueverse_ai]

@stacy_muur Maybe it’s “self reported data” as it often is? ;)

[Valueverse @valueverse_ai]

@newmichwill Bitcoin isn’t required to be “fancy modern art” to serve its purpose.

Old, but not obsolete (c)

[Valueverse @valueverse_ai]

Token fundamentals have a particular valuation.

It’s revenue multiplier, accounting only token holders’ revenue.

https://t.co/YT7C7MQWzj

[Valueverse @valueverse_ai]

We count $HYPE M.Cap as ~$23.7B (effective)
Effective M.Cap = Total Supply - Future Emissions

We account staked team tokens in Effective Cap since they are economically active.

Revenue streams for $HYPE holders:
- $HYPE Buybacks
- $HYPE staking income (emissions)
- HyperEVM/HyperCore $HYPE burn

[Jack @Jackkk]

DeFi Monk explains why Hyperliquid shouldn’t be valued using FDV

“Right now we think it should probably be somewhere in between, if not closer to circulating”

“That’s a massive shift in the story if all of a sudden Hyperliquid is not worth like $60B. I’ve had a background in equities before and there is no such thing as an FDV for the average stock”

“No one ever sits down and goes what is the maximum amount of shares Nvidia could ever issue over the entire history of the stock. I think now that we’re introducing HYPE to this more traditional investor, we kind of need to speak on their terms”

“The reality is the 40% or so of supply allocated for future incentives, I just don’t think that makes sense to be including in any sort of real market cap discussion”

“One, we have no idea when and if that supply will ever come online and two, if it does, I think there’s a real chance Jeff and the team decide to use it in an accretive way where let’s say a dollar worth of HYPE incentives generates a dollar or more of HYPE buybacks”

“So what is inflation really? It’s probably just staking rewards and team unlocks. That’s basically what investors should be focusing on”

[Valueverse @valueverse_ai]

Early access to ACCRUAL by Valueverse:
https://t.co/J4o4JiqD6R

[Valueverse @valueverse_ai]

Institutional capital is allocating to digital assets at scale.

The data layer beneath those allocations is built on assumptions borrowed from the wrong asset class.
🧵

[Valueverse @valueverse_ai]

ACCRUAL represents a standard for that layer..
- human-verified holder cashflow, isolated from protocol revenue
- independent research focused on value accrual mechanisms & stats
- proprietary calculated data
- expressed as Holder P/FCF, Cashflow Yield, FCF Momentum, Yield-to-Vol

TradFi-legible. Designed to add revenue fundamentals to a scope of an IC meeting.

[Valueverse @valueverse_ai]

Early Access: https://t.co/J4o4JiraWp

[Valueverse @valueverse_ai]

Token Revenue Matters

Welcome to the "Selective Altseason"

Token revenue and multipliers: one of the clearest ways to identify fundamentally strong tokens early.

-> $RAIL @RAILGUN_Project + $WALLET @ambire
-> $VVV @venice_ai + $POD @dphnAI
-> $NEAR @NEARProtocol
-> $HYPE & some HyperEVM's projects such as @Kinetiq_xyz $KNTQ, @NestExchange & $NEST
(all of them + many others are on the Valueverse's listing track).

You need not surface-level “good to know” data, but investable data that drives actual allocation decisions.

Great time to be in crypto. Early access -> link in comment👇

[Valueverse @valueverse_ai]

There are much more protocols doing that, ~80

[Emperor Osmo 🐂 🎯 @Flowslikeosmo]

Only 17 protocols paid their token holders last month.

Here they are, ranked by holder revenue:

1. @HyperliquidX: $50.8M
2. @edgeX_exchange: $22.0M
3. @Pumpfun: $20.4M
4. @chainlink: $4.5M
5. @AerodromeFi: $3.8M
6. @Uniswap: $3.2M
7. @OREsupply: $2.4M
8. @PancakeSwap: $2.2M
9. @lighter_xyz: $2.1M
10. @JupiterExchange: $2.0M
11. @helium: $1.4M
12. @THORChain: $1.4M
13. @SkyEcosystem: $1.1M
14. @Raydium : $866K
15. @GEODNET : $700K
16. @pendle_fi: $625K
17. @gmx: $550K

Out of over 1400 protocols, only 1.3% of the industry actually pays you.

[Valueverse @valueverse_ai]

Cannot wait to add v3 pools to https://t.co/JM0wUMLYMk

The most detailed independent data source for @yieldbasis protocol

[yieldbasis @yieldbasis]

https://t.co/RUNQFe44E7

[Valueverse @valueverse_ai]

@iruletrenches @AerodromeFi Only fundamentals matter.

[Valueverse @valueverse_ai]

The implication of the 'TradFi Takeover' for token issuers:
If your protocol doesn't have a number you can put in front of a credit committee, you're not in the fight for that next dollar.

https://t.co/8WwP5Z1xnb via @coindesk

[Valueverse @valueverse_ai]

@JasonYanowitz Tracking price vs fundamentals to make true data visible (and possibly be able to look into the future..)

https://t.co/VaEJKr3CuC

[Valueverse @valueverse_ai]

Could $VVV bull run have been foreseen?

Chart below suggests: possibly YES.

Cooking: $VVV price vs. fundamentals using our original framework centered around Holder P/FCF multiplier

[Valueverse @valueverse_ai]

Agree on the industry maturing, but diversified revenue ≠ diversified value capture.

Of all that protocol revenue, how much actually reaches token holders? Pumpfun, Axiom, Hyperliquid, Aerodrome — each has very different mechanics for translating fees into holder cash flow.

Revenue is the input. Value mechanics determine the output.
That's the gap we're closing with Accrual - full revenue attribution and true valuation multipliers across the stack.

[Valueverse @valueverse_ai]

Could $VVV bull run have been foreseen?

Chart below suggests: possibly YES.

Cooking: $VVV price vs. fundamentals using our original framework centered around Holder P/FCF multiplier

[Vasily Sumanov @vasily_sumanov]

@jesseproudman @KSimback @AskVenice $VVV price growth followed fundamentals.

Eff. MCap (the value of all staked $VVV) -> is highly correlated with token holder revenue growth.

According to our calculations, @AskVenice annualized $VVV holder revenue is ~$110M.

[Valueverse @valueverse_ai]

Tokens are great if have programmatic value accrual (meaning code-guaranteed revenue & other utility).

If we can solve legal problem and guarantee that everything goes to the token, it could be much better asset class. I

It also means that creating an "equity token" possibly is a solution for some types of projects.

[Valueverse @valueverse_ai]

It’s coming: Accrual.

- Real data on what tokens actually earn (full revenue attribution, all cashflow sources, and true valuation multipliers).
- Built for investors, not IR decks.
- Fully proprietary. Verified from scratch.

DM if you want early access.

[Vasily Sumanov @vasily_sumanov]

Tokens: Investable <> or Dying?
Core question for @consensus2026

Market opinions (not mine):
1.“Unregulated, volatile, scammy. I’ll stick to stocks.”
→ $BTC, $ETH maybe ok (they aren't just "tokens", lol)
2. “Only majors matter.”
→ Buybacks narrative creeping in
3. “No dividends/buybacks.”
→ Reinvest everything into growth (equity mindset). (Nobody answers how programmatic distribution in $AERO or $CRV must reinvest in growth -> they simple don't know how it works).

Why do these opinions exist? ~99% of market participants still don’t understand:
- what tokens are
- how they capture value
- what metrics actually matter for investment decisions

Other "dashboards" cover a lot of stuff that doesn't matter, but don't cover what you need to know about tokens (to make investment decisions, not just "good to know" stuff that is industry is full of).

When I show my Multipliers/Metrics I use for my own capital, the conversation stops being theoretical.
- "Can You Give Me API? I want to test this data, I want to test decision making."

Already shared (or promised) to ~10 sharp people across research and liquid funds. Below is the basic table with "Holder P/FCF, adjusted for eligibility" or "what tokens truly earn and how is it priced".
+ all necessary charts inside.

Thanks everyone for discussions on Consensus 2026. Welcome to the Accrual by @valueverse_ai

[Valueverse @valueverse_ai]

@wagmiAlexander @newmichwill @0iqWireshark @DefiLlama You can also use our dune (same data) https://t.co/mbh7Qmazho