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๐จ XRP EXCHANGE WITHDRAWALS REACH FIVE YEAR HIGHS
$AAVE โ 2โ3x
$UNI โ 2โ4x
$LDO โ 1.5โ3x
$PUMP โ 1.5โ2.5x
$AERO โ 2โ3x
$RAY โ 2โ3x
$CAKE โ 1.5โ2.5x
$JUP โ 2โ3x
$ONDO โ 2โ4x
$ETHFI โ 2โ3x
$CRV โ 2โ3x
Trailing twelve-month revenue multiples across the listed DEX, lending and liquid-staking protocols remain clustered between 1x and 9x.
That range sits well below prior-cycle peaks near 20โ40x and below comparable traditional financial infrastructure valuations. TVL-to-market-cap ratios for several of the names continue to exceed those of peers that generate lower absolute fees, while RWA-linked assets show measurable institutional custody flows and tokenized product AUM growth without commensurate equity re-rating.
On-chain fee and volume data for the same set remain elevated relative to circulating market capitalizations.
Exchange net flows and protocol-level usage metrics indicate sustained real activity that has not yet been reflected in price. The gap between cash-flow generation and current multiples leaves the group mispriced on a pure fundamental basis.
Still adding only on weakness. Position size stays conservative.
Desk notes for reference only. Independent verification required. Not investment advice.
#XRP #Crypto #DeFi
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