Previously, when rating DeFi tokens, $ENA was classified as a Class C token, with the logic being that its valuation was indeed too high from a revenue perspective. However, the prices of tokens in the crypto space are mostly driven by hot cycles and growth expectations, rather than the so-called static valuation of the cross-section.
With the expectation of stock buybacks combined with a significant market trend in funding rates, $ENA has seen a substantial increase in a short period, greatly outperforming ETH. The next DeFi token that aligns with the stock narrative is expected to replicate a wave of growth myths.
Personal classification and examples of DeFi tokens, purely subjective view 👇
S Tier: Leading + Real Revenue + Growth Expectations
$AAVE
$PENDLE
$SKY
A Tier: Ecosystem incentives support and/or Hot narratives
$AERO
$EULER
$SYRUP
$LISTA
B Tier: Potential second growth curve
$FLUID
$FXN
C Tier: Institutional narrative but growth stagnation or overvaluation
$ENA
$CRV
$UNI
$APX
D Tier: Growth stagnation
$PUFFER
$COMP
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