The Watchlist
Convex Finance remains the quiet yield layer at the heart of Curve, with revenue climbing 72% in 30 days. A small dilution gap and battle-tested contracts make it a satellite position worth watching.
The Watchlist
Definitive's EDGE token shows real revenue growth through a downturn, but a 26.56 diluted P/S and undisclosed unlocks demand patience. A small experimental position at best.
The Watchlist
Lido, the dominant liquid staking protocol, shows revenue growth amid downturn. With a trailing P/S of 8.07 and a diluted multiple of 9.74, the key is watching the spread narrow.
The Watchlist
Aethir's decentralized GPU compute platform shows real revenue growth, but a 52% unlock overhang tempers the opportunity. A fundamentals-first look at the token's valuation and risks.
The Watchlist
A two-person team with no VC backing is out-earning Solana's hottest protocols. FWA's 80% buyback ratio and violent revenue growth demand attention, but the valuation is rich and the base is thin.
The Watchlist
A $121K market cap against $7.7M trailing revenue is an extreme outlier. With 1800% monthly growth, the market is pricing in either collapse or deep scepticism. Watch the next 30-day revenue print.
The Watchlist
Sushi trades at a 4.1x revenue multiple with 93.7% of supply circulating. Monthly revenue growth of 21% suggests a base may be forming. A patient starter position candidate.
The Watchlist
Usual's trailing P/S of 1.39 looks cheap, but 36.6% of supply is unissued and revenue is down 0.3x from peak. A 45% 30-day revenue rebound offers hope, but confirmation is needed.
The Watchlist
Quickswap, a DEX that survived the 2022 bear, trades below 1x trailing revenue with a live buyback. A fundamentals-first play on a veteran protocol, but diluted P/S and founder focus warrant caution.
The Watchlist
Securitize is a regulated financial infrastructure company issuing a token, not a typical crypto project. With a tiny market cap, real revenue, and a structural moat as NYSE's transfer agent, it's a bet on tokenised capital markets—but diluted multiples and unlock overhang demand caution.
The Watchlist
Warden is a live agentic wallet with named integrations like Uniswap and Messari, at a $3.2M FDV. If agentic commerce grows, the wallet layer agents default to captures disproportionate value.
The Watchlist
OpenGradient is a live verifiable AI inference network on Base, processing 2M+ inferences with zkML proofs. At a $17.3M market cap, it offers a conviction-per-dollar case for auditable agent compute, though token dilution and competition loom.