In the middle of this infographic, there's @SiloFinance.
Silo earns more per $1 of FDV than 90% of lending protocols.
• 17th by TVL at $530m deposits (+68% MoM)
• 12th by borrows at $244m active loans (+88% MoM)
• earns $2M in annualized revenue
Sitting at just $16M market cap & $38M FDV.
Crypto valuations now are not always fair.
But as institutionals enter, is this a signal for a repricing thesis?
PLUS:
Current DAO revenue is $124k vs. $68k at the same time last month.
Extrapolating revenue to be ~$180k (+50% MoM); 50% of it is used to buyback $SILO.
The list of protocols with the lowest P/F (fully diluted) ratio on @tokenterminal
Read as: POTENTIALLY UNDERVALUED
How to read a Low P/F Ratio ↓
• Undervalued (potentially): A low P/F ratio suggests the protocol is generating a lot of fees relative to its market cap. This can signal that the protocol is undervalued compared to its real economic activity.
• Efficient revenue capture: It shows the protocol is monetizing usage well — people are actually using it and paying for it.
• Possible hidden gem for investors looking for fundamental value in DeFi or infrastructure protocols.
If a DEX has:
FDV = $100M
Annualized fees = $50M
Then:
P/F = 2, which is quite low, meaning you're paying $2 in FDV per $1 of protocol revenue.
Compare that to another DEX with:
FDV = $1B
Fees = $25M
P/F = 40 → potentially overvalued relative to the actual usage.
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