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Private access · Strategy Table
Vol. I — April 2026 Fundamental Analysis for the Discerning Investor strategytable.io
Strategy Table
Crypto Fundamental Research
Methodology About Logout
Graham-Style Analysis · DeFi Protocols

The numbers
don't lie.
Most people
don't read them.

We apply value investing principles to DeFi - P/E ratios, earnings per token, buyback yields, and margin analysis for 51 protocols. The same rigor. A different asset class.

Jump to:
Top Protocols by Revenue
01Hyperliquid$718.4M
02Pump.fun$282.4M
03Sky (MakerDAO)$179.8M
04Aave$75.0M
05Chainlink$68.7M
"Price is what you pay.
Value is what you get."
— Benjamin Graham
Platform at a Glance
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Protocols
40+
Metrics
Live
Data Feed
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●—
Initializing... Sources: DefiLlama · CoinGecko  ·  Manual: Inflation, Buyback
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Filter:
Tokens
Chains
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All categories
DEX / AMM
Perps
Lending
Launchpad
Liquid Staking
Yield
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AI / Social
Other
VALUATION⇅
INFLATION⇅
REVENUE & FEES⇅
BUYBACK⇅
GROWTH⇅
P/E CALCULATION BASIS
Auto: MCap if inflation <7%, FDV if >7%.
REVENUE BASIS
1M: Last month revenue × 12 (default, most reactive).
P/E CALCULATION BASIS
Auto: MCap if inflation <7%, FDV if >7%.
REVENUE BASIS
1M: Last 30 days × 12. Default. Balances recency and stability.
MEDIAN P/E
—
MEDIAN MARGIN
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TOTAL REVENUE
—
— protocols  ·  customize
Protocol Valuation Inflation Revenue & Buyback Growth
Market Cap ↓ FDV ↕ MC / FDV ↕ P/E AUTO ▾ ↕ EPT ↕ Inflation % ↕ Inflation $ ↕ Revenue ↕ Rev 24H ↕ Rev 7D ↕ Rev 1M ↕ Fees ↕ Margin % ↕ Op. Cost ↕ Buyback % ↕ Buyback $ ↕ BB / Inflation ↕ BB / MCap ↕ Rev 7d Δ% ↕ Rev 30d Δ% ↕ Rev/Px 7d ↕ Rev/Px 30d ↕
Loading data from DefiLlama & CoinGecko...
Strategy Table — Fundamental Analysis Dashboard  ·  Yellow = manual input 0 protocols
Graham-style analysis · DeFi protocols
Where revenue
leads price.
Protocols where fundamentals have outrun the market. Value investing applied to on-chain businesses.
ⓘ Only Token protocols (no chains, stocks, or untokenized projects)
Protocols scanned ⓘ
—
P/E ≤ 20x found ⓘ
—
Median P/E ⓘ
—
Avg gap (3M) ⓘ
—
Data feed ⓘ
Live
● Active
1Graham Divergence
The business is growing, the price isn't.
Possible opportunity.
⚠ FOMO zone
2Take Profit Radar
Price has outrun revenue — the market may have already priced in the asset's value.
Consider taking some profit.
⇌ Market share
3Ratio Analysis
Monitor multiple protocols at once with the metrics that matter to you.
📈 Relative strength
4Relative Strength
Who's beating the benchmark — pick BTC, ETH, SOL or HYPE and rank every protocol by relative momentum.
📈 Revenue growth
5Revenue Growth
The compounders — protocols whose monthly revenue has grown every single month this year. Real traction, not one-off spikes.
🔒 Coming soon
6Coming Soon
A new strategy is on the way. Stay tuned.
Graham Divergence · How it works
A value-investing screen for on-chain businesses.
What it is
A value-investing screen inspired by Benjamin Graham, adapted to on-chain businesses. It surfaces protocols whose fundamentals (revenue, TVL, users) are growing while the token price has stagnated or declined.
Why it's useful
When fundamentals outpace price, the market may be mispricing the asset. These divergences have historically offered asymmetric entries — limited downside because the business is already proving itself, meaningful upside when price reconverges.
How to use it
Treat the list as a watchlist, not a buy list. Inspect each protocol's growth source, competitive moat, and whether the gap is temporary or structural. Concentrate where your conviction is highest.
Take Profit Radar · How it works
When price runs ahead of the business.
What it is
The mirror of Graham Divergence. It surfaces protocols where the token price has outrun the business — revenue, fees and usage haven't kept up with the rally.
Why it's useful
Markets overshoot in both directions. When price detaches upward from fundamentals, the risk/reward inverts: shrinking upside, growing drawdown risk if multiples normalize.
How to use it
Use it as a risk-management signal, not a sell-everything alarm. Review the names in your portfolio that show up here, consider trimming where your thesis has weakened, and rebalance toward healthier fundamentals.
Ratio Analysis · How it works
Who is gaining ground — and who is losing it.
What it is
A peer-relative analysis that compares protocols inside the same vertical (DEX vs DEX, lending vs lending, etc.) on revenue, TVL, fees and market share — and ranks who is gaining ground vs losing it.
Why it's useful
Absolute metrics can mislead during sector-wide booms or busts. Relative performance reveals which protocols are actually winning the competitive game — taking share from incumbents or being slowly eaten by challengers.
How to use it
Use the auto-ranking to spot rising players before consensus. Or pick a direct pair (e.g. Uniswap vs Curve) to inspect head-to-head dynamics. The aim is to back the protocols compounding their edge.
Relative Strength · How it works
Find what's beating the benchmark.
What it is
A momentum ranking measured against a benchmark asset of your choice — default BTC, but switchable to ETH, SOL or HYPE. Each protocol's price change is compared to the benchmark over the same window (24h, 7d, 1m, 3m, 1y) and the spread is the metric.
Why it's useful
Relative strength filters out market-wide moves. When everything goes up in a BTC rally the absolute % return is misleading — what you want to know is who climbed faster than BTC. Persistent outperformance vs. the benchmark is the strongest signal of differentiated fundamentals.
How to use it
Pick a benchmark and a window. Top of the list = beating the benchmark by the widest margin. Bottom = underperforming. The benchmark itself sits as a neutral row (0%) for reference. Combine multiple windows (24h-vs-1m, 7d-vs-3m) to spot persistent leaders vs. one-shot spikes.
Revenue Growth · How it works
The compounders — revenue up every single month.
What it is
Protocols whose monthly revenue has grown month-over-month every single month this year (YTD). We sum each protocol's daily revenue into calendar months and keep only the ones that increased every step.
Why it's useful
A single big month can be a fluke. Revenue that climbs every month is a much stronger signal of real, compounding traction — exactly the kind of momentum that tends to precede a re-rating.
How to use it
Scan the leaderboard for names whose revenue is still small but accelerating (high YTD growth) — and watch the last column (latest month-over-month) to see who's still speeding up versus cooling off.
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Quick Notes
From your journal
ADD NOTE
🗓 Market Calendar
Macro releases and crypto-market events in one timeline
📰 The Weekly
Macro · BTC Cycle · Movers · Your watchlist
📣 Daily posts · auto-picked
Past issues
⏳
Building your brief...
Analyzing protocols...
📰
The Weekly
A structured recap of what moved this week.
🌐 Macro Pulse — Net Liquidity, M2, FFR, 10Y, DXY · WoW delta
📊 BTC Cycle — Fear & Greed, MVRV, Dominance, Hashrate
⭐ Watchlist — your protocols, what changed
📈 Movers — top revenue, lowest P/E, fair-value gaps
🚨 Signals — opportunities, inflation risk, unlocks
AI Commentary requires API key · Numbers always free
Research Journal
Your analysis notes — sorted by last edit
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WATCHLIST
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PREMIUM
OVERVIEW
Price chart
Years perf.
vs BTC
FUNDAMENTALS
Fundamental
Graham signal
Revenue
Margin
P/E history
MCap/Volume
P/E vs comps
INFLATION
Rate
Detail
Unlock chart
Notes
SEASONALITY
Outlook
Cumul. YTD
COMPETITORS
Table
📌
Click a chart in the sidebar to view it.
Or pin charts you want to track.
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Select charts to pin to this token's journal page.
BTC Metrics
Four year cycle analysis · On-chain metrics · Seasonality
Loading BTC price...
BTC
Bitcoin
BTC
—
BTC Price
Daily close · Binance (2017→) + pre-2017 weekly legacy
Loading chart...
📉 Retracements
Current — Deepest —
📊 Key Stats
My Dashboard
Pick the indicators you want to see at a glance
EDIT MODE · drag to move · drag corners to resize · click + below to add indicators
Add a chart
Pick a section, then choose a chart · already-added ones show ✓
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Click ✎ Edit Dashboard above to start adding indicators from the Indicators tab. You can drag, resize, and arrange them however you like.
ROI After Top
Indexed to 1.0 at top · drawdown from peak · log scale
ROI After Bottom
Indexed to 1.0 at bottom · log scale
ROI Bottom to Halving
Indexed to 1.0 at bottom · accumulation phase · log scale
ROI After Halving
Indexed to 1.0 at halving · post-halving rally · log scale
BTC vs Traditional Assets
Performance normalized to 100 at window start · BTC vs S&P 500 · Nasdaq · Gold · Oil · USD
Loading BTC vs traditional-asset comparison…
Reference Charts
Quarterly Seasonality
Click for details →
Return by year · 2011 → today
Monthly Seasonality
Click for details →
Return by year · 2011 → today
Weekly Seasonality
Click for details →
Return by year · W1–W52 · scroll → · 2011 → today
Daily Seasonality
Click for details →
Return by year · Mon–Sun · 2011 → today
Realized Volatility vs Price
Annualised realized vol from daily log returns · vs BTC price · 2011→today
CURRENT RV —
MEAN RV —
REGIME —
—
📊 Impulse Analysis
BTC zigzag swings (pivots) + statistics by direction
Window Reversal
Price Momentum
30d ROC, percentile-ranked 0–100 over 365d · 80/20 bands
CURRENT
—
⬤ Price⬤ Momentum⬤ Upper / Lower band
Spot Volume
Daily BTC USD volume vs price · 80/20 rolling bands
CURRENT
—
⬤ Price⬤ Volume⬤ Upper / Lower band
Spot CVD
Cumulative volume delta (taker buy − sell) vs price · 80/20 bands
CURRENT
—
⬤ Price⬤ CVD⬤ Upper / Lower band
Volatility Spread
Implied (DVOL) − realized (30d) vol · risk premium · 80/20 bands
CURRENT
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⬤ Price⬤ IV − RV⬤ Upper / Lower band
Options Delta Skew
25-delta put − call IV (~30d) · >0 = downside hedging demand · 80/20 bands
CURRENT
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⬤ Price⬤ Skew⬤ Upper / Lower band
Time Below Moving Average
BTC stress regime · how rare it is to trade below a key long-term MA · weekly
Current Status
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Distance from MA
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Time Below
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Longest Below
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Times Below
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Loading BTC moving-average stress test…
BTC Price & Moving Averages
Weekly · 20W · 50W · 100W · 200W SMAs · log scale · 2011→today
Fear & Greed Index
Crypto sentiment composite · 0 = extreme fear · 100 = extreme greed
—
CUSTOM RANGE drag the handles →
Source: alternative.me · daily · history from 2018
BTC Spot ETF · Daily Net Flows
Last 60 days · US$ million
SOON
Coming Soon
BTC Spot ETF · Cumulative Flow
Total accumulated since Jan 2024 · US$ million
SOON
Coming Soon
Long Term Holder Supply
BTC held by addresses inactive ≥155 days · vs price
SOON
Coming Soon
Short Term Holder Supply
BTC held by addresses for <155 days · companion to LTH
SOON
Coming Soon
Funding Rate
Perpetual swaps funding · sentiment indicator
SOON
Coming Soon
Open Interest
Aggregated futures open interest · market leverage
SOON
Coming Soon
Hashrate
Bitcoin network mining power · security & miner sentiment
SOON
Coming Soon
BTC Dominance
Bitcoin market cap as % of total crypto · alts vs BTC strength
SOON
Coming Soon
MVRV
Market vs realized cap · cycle top/bottom signal
—
Market value ÷ realised value. Above 3.7 = euphoria zone, below 1.0 = deep value zone.
Pi Cycle Top
111 DMA vs 2× 350 DMA · cross signals cycle top
—
111-day SMA crossing above 2× 350-day SMA has called every cycle top within ~3 days (2013, 2017, 2021). When the lines converge — pay attention.
Puell Multiple
Miner revenue vs 365-day avg · capitulation < 0.5, top > 4
—
Daily miner revenue ÷ 365-day avg. Above 4 = miners profit-taking near tops. Below 0.5 = miner capitulation = bottom.
SOPR
Spent output profit ratio · >1 profit-taking, <1 loss
—
Spent Output Profit Ratio. > 1.0 = on-chain coins moving in profit (distribution). < 1.0 = moving in loss (capitulation, often bottom).
US Net Liquidity
Fed balance sheet − Reverse Repo − Treasury General Account · USD billions
—
Source: FRED · WALCL − RRPONTSYD − WTREGEN · weekly
Yield Curve
2Y · 5Y · 10Y · 30Y Treasury yields + 2Y–10Y spread · daily
—
2Y 5Y 10Y 30Y 2Y–10Y spread (left axis)
Source: FRED · DGS2/DGS5/DGS10/DGS30 + T10Y2Y · daily · spread < 0 = inverted (recession signal)
M2 Money Supply
Trillions USD · weekly NSA
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Fed Funds Rate
Effective rate · daily
—
10Y Treasury
Yield · daily
—
USD Index (TWI)
Trade-weighted broad · NOT the ICE DXY
—
Chart
—
Seasonality Detail
Global Liquidity Dashboard
Is liquidity flowing in or out? · Central banks · Rates · Risk · Crypto
🏦 Central Bank Balance Sheets Fed · ECB · BoJ — are they expanding or shrinking?
Source: FRED (WALCL · ECBASSETS · JPNASSETS)
💵 Money Supply US M2 · Japan M2 — is money in the system growing?
Source: FRED (M2SL · MABMM201JPM189S)
📊 Central Bank Policy Rates Fed · ECB · BoJ — accommodative or restrictive?
Source: FRED (DFF · IRSTCB01EZM156N · INTDSRJPM193N)
⚡ US Net Liquidity (Fed - RRP - TGA) The single most-watched liquidity gauge for crypto
Formula: WALCL − RRPONTSYD − WTREGEN · weekly
💲 Dollar Strength USD strong = pressure on risk assets
Source: FRED (DTWEXBGS · DEXJPUS · DEXUSEU)
📈 US Bond Yields & Curve 2Y · 10Y · 30Y + 10Y-2Y spread
Source: FRED (DGS2 · DGS10 · DGS30 · T10Y2Y)
🌡 Financial Conditions NFCI > 0 = tighter than average · HY spread = credit stress
Source: FRED (NFCI · STLFSI4 · BAMLH0A0HYM2)
🎢 Risk Sentiment S&P 500 · VIX · Gold · BTC — normalised
Source: FRED (SP500 · VIXCLS · GOLDAMGBD228NLBM) + Strategy Table BTC
🪙 Crypto Liquidity Stablecoin supply · Total crypto market cap · BTC dominance
Source: DefiLlama (stablecoins) · CoinGecko (global)
Market Pulse
Where is the crypto market valued today?
Historical median P/E across 906 protocols · percentile bands · cheap-zone counter
⟳ Loading aggregates…
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—
👁️ Overview
⚖️ Fundamentals 🔒
🎈 Inflation 🔒
🗓️ Seasonality 🔒
🆚 Competitors
🔗 Correlation
✍️ Journaling
🎙️ Team Comms
🔔 Alerts SOON
🗞️ News SOON
On this page
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📉 Retracements
Current — Deepest —
📅 Years Performance
₿ Performance vs BTC
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About

P/E Ratio vs Competitors — Historical
MCap snapshot / Ann. Revenue · capped at 50x · ↑ = exceeds cap
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Fear & Greed Index
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Token-specific fear & greed scoring — in development
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Hi! I'm your Strategy Table analyst. I have live data on all your protocols — MCap, Revenue, Fees, P/E, Inflation, Buyback and more. Ask me anything, for example: • "Top 5 by revenue" • "Lowest P/E" • "Compare HYPE vs AAVE" • "Lending protocols ranked by margin" • "Who has BB/Inflation > 1?"
Top 5 by Revenue
Lowest P/E
Inflation vs Buyback
Best Margin %
BB/Inflation > 1
Perps by revenue