---
title: Fundamentals in Cryptocurrency Valuation: Evidence from DeFi Markets
url: https://www.ml-quant.com/papers/ssrn/7566845/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-10-09
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: SSRN 7566845
source_url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7566845
featured: 2026-10-09
citations: unknown
topic: Crypto & DeFi
---


# Fundamentals in Cryptocurrency Valuation: Evidence from DeFi Markets

Revenue surprises on 95 DeFi protocols predict abnormal token returns, with one-standard-deviation surprises associated with 28.8 basis points higher returns over three days when tokens have direct revenue claims.

- Source: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7566845
- Identifier: SSRN 7566845
- Released: 2026-10-06
- First featured: Quant Letter No. 134 (2026-10-09): https://www.ml-quant.com/issues/2026-10-09/
- Citations (Semantic Scholar): not tracked
- Published in: not yet
- Topic: Crypto & DeFi
- Authors: Simon Harre, Kenneth J. Merkley, Brian P. Miller, Brian Williams

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