Perpetual DEXs generated over $70M in protocol revenue over the past 30 days.
Yet most assessments stop at trading volume and fees, neglecting token emissions, float %, and FDV.
We examined five key protocols to evaluate efficiency (Revenue-to-Emission ratio) and dilution risk.
1/ Breakdown of Perp Protocols | Revenue (30d) vs Emissions :
$HYPE: $65.8M revenue | 0% emissions
$GMX: $2.07M revenue | 0.1% emissions ($185K)
$DYDX: $1.13M revenue | 1.27% emissions ($5M)
$DRIFT: $1.1M revenue | 3.51% emissions ($6.5M)
$SNX: $74K revenue | 0% emissions
2/ $HYPE
•Revenue: $65.8M
•Emissions: 0%
•FDV: $40B | Float: 33%
Despite the absence of emissions, $HYPE’s valuation is driven by secondary market assumptions. A $40B FDV with a third in float raises concerns over eventual unlock impact and valuation sustainability.
3/ $GMX
•Revenue: $2.07M
•Emissions: $185K (0.1%)
•FDV: $152M | Float: 77%
•Rev/Emission Ratio: 11.2x
A standout on efficiency. $GMX combines high float with disciplined emissions. Revenues significantly outpace token inflation, supporting a stronger value accrual narrative.
4/ $DYDX
•Revenue: $1.13M
•Emissions: $5M (1.27%)
•FDV: $509M | Float: Moderate
•Rev/Emission Ratio: 0.23x
$DYDX emits 4x more in tokens than it earns in revenue. This negative carry dilutes holders and undermines the protocol’s economic sustainability, despite strong brand presence.
5/ $DRIFT
•Revenue: $1.1M
•Emissions: $6.5M (3.51%)
•FDV: $453M | Float: 30%
•Rev/Emission Ratio: 0.17x
The weakest performer. With just 30% float and emissions far exceeding revenue, $DRIFT’s token model is heavily inflationary — a typical profile for early-stage protocols, but one that limits capital efficiency in the short term.
6/ $SNX
•Revenue: $74K
•Emissions: 0%
•FDV: $203M | Fully Diluted
Though emission-free and fully diluted, $SNX is currently generating negligible revenue. Without a material top-line, value capture remains theoretical.
7/ Key Takeaways
•Emission Discipline Matters: $GMX is the most emission-efficient, maintaining revenue at 11x its token inflation.
•High Revenue ≠ Sustainable Value: $HYPE leads in revenue, but with zero token distribution, questions remain around future dilution.
•DYDX & DRIFT Highlight Risk: Both emit several multiples more than they earn, compounding float pressure and weakening fundamentals.
Like what you read? Share the post and follow @Tokenomist_ai for more insights like this.
📊 Start analyzing emission schedules today:
6,49 rb
0
Konten pada halaman ini disediakan oleh pihak ketiga. Kecuali dinyatakan lain, OKX bukanlah penulis artikel yang dikutip dan tidak mengklaim hak cipta atas materi tersebut. Konten ini disediakan hanya untuk tujuan informasi dan tidak mewakili pandangan OKX. Konten ini tidak dimaksudkan sebagai dukungan dalam bentuk apa pun dan tidak dapat dianggap sebagai nasihat investasi atau ajakan untuk membeli atau menjual aset digital. Sejauh AI generatif digunakan untuk menyediakan ringkasan atau informasi lainnya, konten yang dihasilkan AI mungkin tidak akurat atau tidak konsisten. Silakan baca artikel yang terkait untuk informasi lebih lanjut. OKX tidak bertanggung jawab atas konten yang dihosting di situs pihak ketiga. Kepemilikan aset digital, termasuk stablecoin dan NFT, melibatkan risiko tinggi dan dapat berfluktuasi secara signifikan. Anda perlu mempertimbangkan dengan hati-hati apakah trading atau menyimpan aset digital sesuai untuk Anda dengan mempertimbangkan kondisi keuangan Anda.