Value picks
Among coins in the spot and perpetual universes that are in the basing or advancing stage, each coin is scored under a published value rubric and the top 30 are posted daily. It answers one question: is this coin a business that earns money and returns it to holders? Is it expensive? Is it getting better?
Value picks are scores and a ranking produced under this site's published rules — this site's rating, not investment advice. Judgement-layer scores are given by an AI under the published rubric with the cited evidence and spot-checked by an independent AI re-review; they rely on public data and judgement and can be wrong. Performance after listing is published as it happens, declines included.
Data as of 2026-10-07 UTC · rules value_v1 · 140 candidates (basing / advancing) · 34 with holder revenue · 96 ranked · 1 pending · 43 red-lined · There is one value-picks list shared by spot and futures (fundamentals do not depend on the venue).
What changed today
Top 30
| # | Coin | Stage (spot / futures) | Total | Capture | Business | Growth | Valuation | Davis | Holder yield | Davis | In one sentence | Review |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | CAKE | Advancing / Advancing | 71.3 | 10 | 7 | 3.5 | 6 | 5 | 6.2% | accelerating only | PancakeSwap is a multi-chain DEX (spot, perps, launchpad, lottery, prediction) centred on BNB Chain; traders pay per-trade fees and the protocol routes 15-23% of spot fees, 20% of perp profits and 100% of CAKE.PAD fees into weekly market buy-and-burn of CAKE. | 2026-10-08 |
| 2 | UNI | Advancing / Advancing | 69.5 | 8 | 8 | 3 | 6 | 9 | 2.5% | Davis candidate | Uniswap is the largest multi-chain DEX protocol: traders pay swap fees to LPs, and since 28 Dec 2025 the protocol takes a cut (0.05% on v2, 1/4-1/6 of LP fees on v3) to buy back and burn UNI. | 2026-10-08 |
| 3 | AERO | — / Advancing | 67.0 | 10 | 7.5 | 4 | 3 | 5 | 12.7% | accelerating only | Aerodrome is the dominant DEX on Base (ve(3,3) model): traders pay swap fees and protocols pay bribes to direct emissions, and 100% of those fees/bribes are distributed weekly to veAERO lockers who vote. | 2026-10-08 |
| 4 | SKY | Advancing / Advancing | 64.4 | 8 | 7.5 | 4.3 | 5 | 5 | 2.1% | accelerating only | Sky (formerly MakerDAO) issues the USDS/DAI stablecoins; borrowers pay stability fees and treasury RWAs earn yield, and the surplus is routed through the Smart Burn Engine to buy SKY on the open market. | 2026-10-08 |
| 5 | ORCA | Advancing / Advancing | 60.0 | 8 | 7 | 2 | 5 | 5 | 2.0% | accelerating only | Orca is a concentrated-liquidity DEX on Solana (Whirlpools); traders pay swap fees, 87% to LPs and 13% to the protocol, part of which buys back ORCA for xORCA stakers. | 2026-10-08 |
| 6 | BNB | Advancing / Advancing | 58.2 | 4 | 8 | 3.5 | 7 | 9 | 0.0% | Davis candidate | BNB is the token of Binance exchange and BNB Chain: chain users pay gas (a share burned in real time), exchange users use it for fee discounts/Launchpool, and quarterly Auto-Burn drives supply toward 100M. | 2026-10-08 |
| 7 | PUMP | Advancing / Advancing | 57.3 | 10 | 6 | 3.5 | 2 | 1 | 10.3% | — | Solana memecoin launchpad plus its own DEX (PumpSwap/Terminal); traders pay per-trade fees on bonding-curve and AMM swaps because it is where launch liquidity and attention concentrate. | 2026-10-08 |
| 8 | RAY | Advancing / — | 57.1 | 8 | 7 | 2.75 | 3 | 5 | 4.1% | accelerating only | Raydium is Solana's AMM DEX plus token launchpad (LaunchLab); traders pay ~0.25% swap fees for liquidity, and 12% of fees are routed to on-chain RAY buybacks. | 2026-10-08 |
| 9 | VVV | — / Advancing | 55.2 | 6 | 4 | 3.5 | 6 | 9 | 0.8% | Davis candidate | Venice is a privacy-first generative-AI platform on Base; users and developers pay subscriptions/API fees for uncensored inference, staking VVV grants a pro-rata share of daily inference capacity (DIEM), and part of platform revenue buys VVV on Aerodrome and burns it. | 2026-10-08 |
| 10 | TRX | Advancing / Advancing | 55.0 | 6 | 7.5 | 4 | 6 | 1 | 1.0% | — | TRON is a public chain whose core use is USDT settlement ($89B stablecoin supply, $2.08T quarterly settlement); users pay or stake TRX for bandwidth/energy, and paid TRX fees are burned. | 2026-10-08 |
| 11 | SPK | Advancing / — | 54.1 | 8 | 7.5 | 2.75 | 3 | 1 | 9.9% | — | Spark is Sky's onchain capital allocator plus lending market: borrowers pay interest and Spark deploys Sky's stablecoin reserves across DeFi/CeFi/RWA for spread; part of net revenue buys back SPK, which governs and can be staked. | 2026-10-08 |
| 12 | JUP | Advancing / Advancing | 53.2 | 8 | 7.5 | 3.5 | 2 | 1 | 2.7% | — | Jupiter is Solana's full-stack DEX (aggregator, perps, lending); traders pay fees for best execution and leverage, and 50% of onchain revenue programmatically buys JUP via the Litterbox Trust. | 2026-10-08 |
| 13 | RENDER | Advancing / Advancing | 53.2 | 4 | 5.5 | 3.5 | 7 | 9 | 0.2% | Davis candidate | Render is a decentralized GPU network where creators pay for rendering/AI jobs (RENDER is burned on job completion under BME), node operators earn emissions, and OTOY takes a 5% service fee. | 2026-10-08 |
| 14 | LDO | Advancing / Advancing | 52.7 | 8 | 6 | 2.5 | 4 | 1 | 3.2% | — | Lido is Ethereum's largest liquid staking protocol: stakers deposit ETH for stETH, the protocol takes ~10% of staking rewards (split DAO/node operators); LDO governs the DAO and NEST uses revenue surplus to buy LDO into the treasury. | 2026-10-08 |
| 15 | CRV | Advancing / Advancing | 50.9 | 8 | 6.5 | 3.25 | 2 | 1 | 2.5% | — | Curve is a stable/like-asset DEX plus the crvUSD stablecoin and LlamaLend; traders pay swap fees and borrowers pay interest, part of which is paid out weekly in crvUSD to locked veCRV holders. | 2026-10-08 |
| 16 | SOL | Advancing / Advancing | 50.5 | 4 | 8 | 5 | 6 | 1 | 0.0% | — | High-throughput L1; users pay base and priority fees on every transaction (50% of base fees burned) because it is the most active execution layer for stablecoin payments, DEX and memecoin trading. | 2026-10-08 |
| 17 | ETH | Advancing / Advancing | 49.4 | 4 | 9 | 4.25 | 5 | 1 | 0.0% | — | Ethereum is the largest general-purpose smart-contract settlement layer; users and L2s pay gas for blockspace, with base fees burned and tips plus issuance going to stakers. | 2026-10-08 |
| 18 | NEAR | Advancing / Advancing | 49.3 | 4 | 6.5 | 3.5 | 6 | 5 | 0.2% | accelerating only | NEAR is an L1 that also runs NEAR Intents, a cross-chain intent settlement layer; users and integrators pay protocol and distribution fees on swaps, and since 2026-02-23 net protocol revenue funds open-market NEAR buybacks. | 2026-10-08 |
| 19 | LINK | Advancing / Advancing | 49.2 | 6 | 7 | 3.5 | 4 | 1 | 0.6% | — | Chainlink is a decentralized oracle/cross-chain network: DeFi protocols and enterprises pay for price feeds, CCIP and VRF (payable in stablecoins, converted to LINK via Payment Abstraction); onchain and offchain revenue is swapped into LINK and deposited into the Chainlink Reserve; LINK is also staked by nodes. | 2026-10-08 |
| 20 | PENDLE | Advancing / Advancing | 44.8 | 6 | 7.5 | 2.5 | 2 | 1 | 1.5% | — | Yield-splitting exchange (V2) plus funding-rate derivatives (Boros); yield traders and LPs pay a 5% yield fee and swap fees because it is the deepest venue for fixed yield and points hedging in DeFi. | 2026-10-08 |
| 21 | AVAX | Advancing / Advancing | 44.3 | 4 | 4 | 3.5 | 6 | 5 | 0.1% | accelerating only | Avalanche is a PoS L1 with customizable L1s (subnets); users and apps pay AVAX transaction fees which are fully burned, while validators are paid via staking issuance. | 2026-10-08 |
| 22 | RUNE | Advancing / Advancing | 42.7 | 4 | 5.5 | 4.5 | 5 | 1 | 0.2% | — | THORChain is a native cross-chain swap network (BTC/ETH etc. without wrapping); swappers pay swap fees that flow to nodes, LPs and TCY holders, with 5% of fees burned as RUNE's deflationary return. | 2026-10-08 |
| 23 | DODO (mechanism unverified) | Advancing / — | 42.6 | 6 | 4 | 1.75 | 5 | 1 | 1.6% | — | DODO is a multi-chain PMM (proactive market maker) DEX and aggregator; traders pay swap fees of which 20% goes to the protocol treasury, but 30-day fees are only ~$238k. | 2026-10-08 |
| 24 | ALGO | Advancing / Advancing | 40.4 | 4 | 6 | 2.25 | 5 | 1 | 0.0% | — | Algorand is a pure-PoS L1; users pay fees in ALGO and stakers receive monthly rewards (6.57M ALGO in June 2026, mostly from the rewards pool rather than fees); enterprises and institutions pay for its deterministic finality and low fees. | 2026-10-08 |
| 25 | PYTH | Advancing / Advancing | 39.9 | 4 | 6 | 3.25 | 4 | 1 | 0.0% | — | Pyth is a first-party financial data oracle; on-chain apps pay per-update fees and institutions subscribe to Pyth Pro, with the DAO's revenue share continuously buying PYTH into the treasury. | 2026-10-08 |
| 26 | SUI | Advancing / Advancing | 38.1 | 4 | 6.5 | 2.75 | 3 | 1 | 0.0% | — | Sui is a Move-based L1 led by Mysten Labs; users pay computation/storage gas in SUI to validators and stakers, and developers and stablecoin issuers pay for its throughput and object model. | 2026-10-08 |
| 27 | BTC | Advancing / Advancing | 38.0 | 2 | 9.5 | 4 | 3 | 0 | 0.0% | — | Bitcoin is a decentralized monetary network: senders pay fees to miners for block inclusion, and holders buy it for a fixed-supply, censorship-resistant store of value; fees go to miners, not to a token treasury. | 2026-10-08 |
| 28 | ICP | Advancing / Advancing | 37.4 | 4 | 4.5 | 2.25 | 5 | 1 | 0.1% | — | Internet Computer is an on-chain cloud network; developers convert ICP into cycles (burning ICP) to pay for compute/storage, while node providers and NNS stakers receive issuance that currently far exceeds the burn. | 2026-10-08 |
| 29 | MET | Advancing / Advancing | 36.2 | 4 | 6 | 3.5 | 2 | 1 | 0.2% | — | Meteora is a Solana DEX/liquidity protocol (DLMM, DAMM, launch curves); traders pay swap fees, mostly to LPs, and the protocol's cut partly funds USDC rewards to MET stakers (10% of DLMM protocol fees) and MET buybacks. | 2026-10-08 |
| 30 | INJ | Advancing / Advancing | 35.2 | 4 | 5 | 1.5 | 4 | 1 | 0.4% | — | Injective is a finance-focused L1; users of on-chain dApps pay fees, and a share of ecosystem revenue is distributed monthly via the Community BuyBack to holders who commit INJ that is then burned. | 2026-10-08 |
A Value capture · B Business · C Growth & adoption · D Valuation & margin of safety · E Davis timing
Excluded (red lines) (43)
Red lines: R1 revenue not verifiable · R2 buybacks not funded by operating revenue · R3 unlocks in the next 12 months ≥ 25% of float · R4 token carries no rights · R5 cannot be stated in one sentence · R6 major unresolved incident.
| 4 | R4 | “4”是 2025-10 BNB Chain 官方 X 账号被盗事件后诞生的社区 meme 币，借 CZ 的“4=ignore FUD”梗传播；10 亿总量全流通，无任何功能、治理或收入，没有人为它付钱。 |
| AKE | R3 | Akedo 是 BNB Chain 上用多智能体 AI 把自然语言提示生成游戏的创作平台与发射台，据称创作者用 AKE 支付提示/发布费；但付费规模与收入完全没有公开数据。 |
| ALLO | R3 | Allora 是去中心化机器学习推理网络，消费者按「随意付费」模式用 ALLO 购买预测推理、worker/reputer 质押并获增发奖励；付费规模无可核数据。 |
| BABY | R3 | Babylon 是原生比特币质押/信用基础设施：BTC 持有人自托管锁仓为 PoS 链提供安全并取酬，被保护的链（BSN）与借贷应用理论上为此付费；BABY 是 Babylon Genesis 链代币，但谁在付、付多少本次未能核实。 |
| BOME | R4 | BOME 是 Pepe 画师 Darkfarms 于 2024-03 在 Solana 预售发行的 meme 币，叙事是用 Arweave/IPFS 永久存档 meme 文化；没有收入，没有人为它付钱。 |
| BR | R3 | Bedrock 是多资产流动性再质押协议（uniBTC/uniETH/uniIOTX），存款人把 BTC/ETH/IOTX 质押换取流动凭证，协议从质押收益抽成与 uniBTC 赎回费获利；BR 是治理代币，目前不承接收入。 |
| BROCCOLI714 | R4 | BROCCOLI714 是 2025-02-21 经 four.meme 在 BNB Chain 发行、以 CZ 的狗 Broccoli 命名的社区 meme 币，没有任何人为它付钱，价值完全来自投机与 BNB 生态吉祥物叙事。 |
| DOGE | R4 | Dogecoin 是 2013 年起的 PoW 支付型 meme 币：用户付转账手续费、矿工每块领 10,000 DOGE（年增≈50 亿、无上限）；没有协议收入，也没有任何现金流回到持币人。 |
| EIGEN | R3 | EigenCloud（原 EigenLayer）是以太坊再质押平台，AVS/应用方付费租用再质押的 ETH/EIGEN 安全性与 EigenDA/EigenCompute 云服务，运营者与质押者分得报酬；目前对 AVS 的 EIGEN 激励排放（~$57M/年）远大于实际费用（~$12M/年），回购仍是提案阶段。 |
| FARTCOIN | R4, R5 | Fartcoin 是 2024-10 由 AI 聊天机器人 Truth Terminal 提议、社区在 Pump.fun 上发行的 Solana meme 币，无产品、无收入、无人为任何服务付钱，价值完全来自注意力与投机。 |
| FLOCK | R1, R3 | FLock.io 是去中心化 AI 模型训练/验证网络（AI Arena 质押+FOMO 发射台），理论上由任务发起方和发射台交易者付费，但 30 天链上费用仅 $247，几乎没人付钱。 |
| GIGGLE | R4 | GIGGLE 是 BNB 链社区发起的慈善 meme 币，每笔交易抽 5% 捐给 Giggle Academy；没有产品、没有客户付费，买家只是在投机。 |
| HOLO | R1, R3 | Holoworld 是 AI 角色/视频创作与代币发射平台（Ava Studio、HoloLaunch），创作者为生成内容付费、项目方为发射付费，但收入未证实流回 HOLO。 |
| HUMA | R3 | PayFi 网络：跨境汇款/支付机构（如 Arf、Rain）借用链上稳定币流动性做 T+0 结算并按天付费，LP 拿这笔费用做收益；HUMA 是其治理与激励代币。 |
| HYPE | R3 | Hyperliquid 是一条自带链上订单簿的永续合约/现货交易所 L1，交易者为撮合与杠杆付手续费，约 97% 的手续费由系统地址自动换成 HYPE 并销毁。 |
| JST | R2 | TRON 上最大借贷协议 JustLend 及 USDJ/USDD 稳定币套件的治理代币；借款人付利息、能量租赁用户付租金，因为它是 TRON 上几乎唯一成规模的借贷场所。 |
| KMNO | R3 | Kamino 是 Solana 上最大的借贷与流动性管理协议（TVL $1.43B），借款人付利息、清算费和开仓费，协议留存利差；KMNO 目前只是治理/积分加成代币，收入不回流。 |
| LIT | R3 | Lighter 是 zk 订单簿永续合约 DEX（Robinhood Wallet 内置），做市商/高频交易者付 maker/taker 费，零售零手续费；协议用手续费回购并销毁 LIT。 |
| LSK | R4 | Lisk 原是 OP Stack 以太坊 L2，已宣布 2026-10-31 关停链并转型为面向企业的法币/稳定币财务平台，LSK 将变成该平台的‘忠诚度代币’（企业用平台可赚 LSK、可抵扣费用），DAO 拟解散、治理合约暂停。 |
| MON | R3 | Monad 是高性能并行执行的 EVM 兼容 L1：用户用 MON 付 gas，base fee 销毁、priority fee 归验证者；MON 同时是质押与验证者奖励代币。 |
| MUBARAK | R4 | MUBARAK 是 2025-03 在 BNB 链 Four.meme 发射、后被 Binance 投票上币的阿拉伯语'祝福'主题 meme 币，没有产品、没有收入，没有人为它付钱。 |
| NEIRO | R4 | 以 Kabosu（Doge 原型）主人新收养的柴犬 Neiro 为题材的以太坊 meme 币；没有人为它付钱，价值完全来自投机与社区注意力。 |
| NIL | R3 | Nillion 是「盲计算/加密市场」隐私基础设施网络（nilDB、nilAI、Covenants 条件密封交易），开发者与应用理论上用 NIL 付费购买加密存储与计算，但目前没有可核实的付费规模。 |
| ONE | R5, R6 | Harmony 原是分片 PoS 公链（ONE 付 gas 与质押），2026-08 遭增发漏洞攻击后提议关停自有 L1、把 ONE 迁成以太坊 ERC-20 并转向“AI 视频 Remix 经济”，新业务谁付钱尚无落地。 |
| ORDI | R4, R5 | ORDI 是 2023-03 由匿名开发者 domo 部署的第一个 BRC-20 铭文代币（2100 万枚固定），余额由链下索引器解析铭文推断，没有团队、国库、收入或任何权利，只是比特币铭文经济的交易标的。 |
| PEOPLE | R4 | PEOPLE 是 2021 年 ConstitutionDAO 竞拍美国宪法副本失败后留下的退款凭证代币（100 万 PEOPLE 可赎 1 ETH 原始出资），官方明确“除赎回 ETH 外无任何权利、治理或用途”，现为历史性 meme 资产，没有人为它付钱。 |
| PEPE | R4, R6 | PEPE 是以太坊上基于青蛙 Pepe 表情包的 meme 币：固定供应 420.69 万亿，无产品、无收入、无治理，匿名团队多签持有 6.9% 初始分配用于上所与推广，没有人为任何服务付钱。 |
| PIEVERSE | R3 | Pieverse 自述为 BNB Chain/以太坊上的 web3 AI 智能体平台（官网：部署带技能的 AI 代理到消息渠道，含加密支付/发票/收据流程），早期宣传为「链上支付合规时间戳」；谁付钱、付多少、代币承载什么权利均无可核实信息。 |
| PLUME | R1 | Plume 是面向 RWA 代币化的 EVM 公链，用户以 PLUME 付 gas、质押保护网络，但链上 30 天 gas 费仅 $2,395，付费几乎不存在。 |
| RAYSOL | R4, R5 | RAYSOL 只能查到是 Binance 的一个 USDT 本位永续合约（RAYSOLUSDT，未平仓约 $1,600 万），CoinGlass 显示流通量 0、市值 0、现货成交 0；我无法确认它对应什么项目、是否有现货代币、谁付钱——说不清。 |
| SHIB | R4 | SHIB 是 2020 年匿名创始人 Ryoshi 发行的以太坊 meme 币；生态 L2 Shibarium 用 BONE 付 gas 并把一小部分手续费换成 SHIB 销毁，但没有人为 SHIB 本身付钱、SHIB 也不承载治理（治理在 BONE）。 |
| SOLV | R3 | Solv Protocol 是 BTC 收益平台：BTC 持有人存入换取 SolvBTC/xSolvBTC 并进入收益金库，Solv 从金库收益中抽绩效费及申购/赎回费；SOLV 代币目前只有治理与期权价值，不分享这些现金流。 |
| SPX | R4 | SPX6900 是以太坊上的 meme 币（亦桥至 Solana/Base），叙事是“6900 > 500”戏仿标普 500；10 亿总量 93% 流通、23.6 万持有人，没有任何功能、治理或收入，没有人为它付钱。 |
| TAKE | R3 | OVERTAKE 是 BNB 链上的游戏资产 P2P 交易市场（智能合约托管+AI 工具）：买卖双方按 GMV 付约 10% 手续费（白皮书称为“示意模型”）；TAKE 用于质押、治理与费用折扣，目前无可核的收入。 |
| TST | R4 | TST 是 BNB Chain 团队 2025-02 在 Four.meme 教学视频里无意暴露的'测试币'，被炒作成 meme 币：无产品、无收入、无团队（创建者私钥已被删除），没有人为任何东西付钱。 |
| TUT | R4 | TUT 源自一个'教你在 BNB 链发币'的教学视频演示代币，经 Four.meme 发射后演变为带 AI 教学助手叙事的 meme 币；没有收入，没有人为它付钱。 |
| USELESS | R4, R5 | USELESS 是 2025 年 5 月经 LetsBONK 发射的 Solana meme 币，自我定义为'什么都不做'，没有任何人为任何服务付钱，价格完全靠社区情绪与投机接盘。 |
| WIF | R4 | WIF 是 Solana 上的'戴帽子的狗'meme 币：没有产品、没有收入、没有人为任何服务付钱，价值完全来自投机与文化传播。 |
| WLD | R1 | World 是用虹膜扫描 Orb 发放'人类证明'身份（World ID）并配套钱包 World App 的网络，WLD 是其治理/支付代币；目前没有人为 World ID 付钱，运营靠基金会卖币（2026-03 卖出 2.39 亿 WLD 换 $65M）。 |
| XPL | R3 | Plasma 是为稳定币支付定制的 EVM L1：USDT 转账零手续费（协议补贴），其他交易付 XPL gas 且 base fee 永久销毁；XPL 用于验证者质押与奖励（5%→3% 年通胀）。 |
| ZAMA | R3 | Zama 是全同态加密（FHE）保密计算协议，dApp 为加密/解密/协处理服务以 ZAMA（按美元计价）付费且 100% 销毁，运营者与质押者靠每年约 5% 的增发获酬；代币 2026-02 上线，目前未找到任何可核的付费用量。 |
| 币安人生 | R4 | 币安人生是 2025-10 在 BNB Chain（Four.meme 生态）诞生的中文 meme 币，玩'过上币安人生'的梗：无产品、无收入、无团队、无治理，10 亿枚上线即全流通，没有人为任何服务付钱。 |
| 我踏马来了 | R4 | 我踏马来了 是 2026 年初在 BNB 链出现的中文谐音梗（'我他妈来了'）马年主题 meme 币，标准 BEP-20，没有产品、没有收入，没有人为它付钱。 |
Pending (no complete review yet, or re-review disagrees; not ranked) (1)
Independent re-review (13)
After each review round a separate AI reviewer independently re-reviews a 10% sample (fixed random seed, without reading the first review). A gap of more than 2.0 points in the B or C judgement sums is recorded as "disagree" and the coin stays pending until a re-review agrees. Both raw files are downloadable.
| Coin | B first / re-review | C first / re-review | Verdict | Files |
|---|---|---|---|---|
| ALLO | 3 / 2.5 | 1.25 / 1 | agree | 1 · 2 |
| ARK | 2 / 2 | 0 / 0.5 | agree | 1 · 2 |
| BULLA | 2.5 / 0 | 0.75 / 0.5 | disagree → pending | 1 · 2 |
| ENA | 5.5 / 5 | 1 / 1.5 | agree | 1 · 2 |
| FET | 2.5 / 2.5 | 1.25 / 1.5 | agree | 1 · 2 |
| INJ | 5 / 5.5 | 1 / 3 | agree | 1 · 2 |
| IO | 3.5 / 3 | 1 / 1 | agree | 1 · 2 |
| KMNO | 6 / 5 | 2 / 1.25 | agree | 1 · 2 |
| MTL | 3.5 / 3 | 1 / 1 | agree | 1 · 2 |
| NEIRO | 1 / 0 | 0.5 / 0.5 | agree | 1 · 2 |
| ORCA | 7 / 5.5 | 1.5 / 2.5 | agree | 1 · 2 |
| SPK | 7.5 / 7 | 2.25 / 2 | agree | 1 · 2 |
| TAKE | 2.75 / 2 | 0.75 / 1.25 | agree | 1 · 2 |
Forward record (30 / 90 / 180 days after listing)
From launch on 2026-10-08, each day's top 30 is appended and never rewritten; when a horizon matures, the coin's return, BTC's return and the equal-weighted return of all candidates on the listing day over the same window are recorded. This is a public test of the method, not a promise; it is empty at first.
No matured records yet.
Method (value_v1)
- Candidates: coins in the spot ∪ perpetual universes whose confirmed stage is basing or advancing; one list per coin. The stage filter handles price momentum.
- A Value capture (35%): only revenue that actually reaches the token counts (buybacks / burns / dividends / staking distributions, DefiLlama's holders-revenue field). Holder yield = annualised 90-day holders revenue ÷ circulating market cap: < 0.5% → 4, 0.5–2% → 6, 2–5% with ≥ 2 consecutive quarters → 8, > 5% with ≥ 4 quarters → 10; revenue not shared with the token → 2; no revenue → 0. The review layer checks the mechanism is really executing: not executing caps at 4, unverified caps at 8.
- B Business (20%): four review questions, 0–2.5 each — one sentence (what it is, who pays); moat; why it still exists in 3/5/10 years; team and governance.
- C Growth & adoption (15%): fee growth (last 90 days ÷ prior 90) 0–2 and TVL growth (data date ÷ 90 days earlier) 0–2.5 computed; active users 0–2.5, token utility, cultural adoption and web3 direction 0–1 each from the review layer with evidence.
- D Valuation & margin of safety (20%): P/E analogue (market cap ÷ annualised holders revenue) vs its own one-year median 0–4; FDV / circulating cap 0–3; holder yield vs a 4% hurdle 0–3.
- E Davis timing (10%): 90-day holders revenue ÷ prior 90 days ≥ 1.5 (earnings accelerating) and P/E analogue ≤ its one-year median (multiple not expanded) → 9; one of the two → 5; neither → 1; no revenue → 0.
- Total = weighted sum × 10 (0–100); coins with A ≤ 2 are capped at 59 and tagged "no revenue"; top 30 by total, ties by A then holder yield.
- Any red line excludes the coin; excluded coins are listed with the reason. Unlock data requires a paid API, so R3 uses the unlock share found by the review layer.
- Judgement layer: an AI reviews under a published prompt; every score cites sources; the signature (model, rules version, prompt hash, date) is on the scorecard and the raw review file is downloadable; re-reviewed monthly or on major events; an independent AI re-reviews a 10% sample and a gap > 2 points is recorded as unstable and published.
- Rules are frozen in value_v1.json; changes start a new version; rankings, scores and the forward record are append-only. No backtest: fundamental data suffers survivorship bias and revisions, and this site does not market backtests.