👉 LDO is significantly undervalued compared to UNI / AAVE
I. Comparison of the three core DeFi assets
We directly use DefiLlama data to look at the current core indicators:
1）30-day dimension
• Lido DAO Token
• Fees：$39.86M
• Revenue：$3.99M
• Uniswap
• Fees：$48.32M
• Revenue：$0.93M
• Aave
• Fees：≈ $46M
• Revenue：≈ $6.25M（data in the figure）
2）7 days & 24 hours (short-term trend)
• LDO：
• 7d revenue ≈ $0.94M
• 24h revenue ≈ $0.13M
• UNI：
• 7d revenue ≈ $0.18M
• 24h revenue ≈ $0.02M
• AAVE:
• 7d income ≈ $1.4M
• 24h income ≈ $0.25M (in the chart)
Second, market cap comparison
• LDO: $300 million FDV
• UNI: $3 billion FDV
• AAVE: $1.5 billion FDV
Three, core comparison: who is 'making money', who is 'overvalued'
1）Revenue vs Market Cap
LDO
• Monthly income ≈ $4M → Annualized ≈ $48M
• Market Cap: $300M
👉 PS ≈ 6x
UNI
• Monthly income ≈ $0.93M → Annualized ≈ $11M
• Market Cap: $3B
👉 PS ≈ 270x
AAVE
• Monthly income ≈ $6.25M → Annualized ≈ $75M
• Market Cap: $1.5B
👉 PS ≈ 20x
Four, the conclusion is very clear
👉 Valuation ranking (from cheap to expensive):
1️⃣ LDO (severely undervalued)
2️⃣ AAVE (reasonably low)
3️⃣ UNI (obviously overvalued)
Five, why does this mismatch occur?
1）UNI: earns the most money, but does not belong to the token holders
• Most of the fees go to LP
• The protocol only takes a very small part
👉 Essence:
‘The cash flow is large, but the profits do not belong to oneself’
2）AAVE: the standard 'money-making machine'
• Interest → directly becomes protocol income
• Business model similar to a bank
👉 So the valuation remains stable
3）LDO: the reason for being undervalued by the market
Although:
• Stable income (ETH staking commission)
• TVL reached $18B+
But the problem is:
• The market thinks growth is slowing
• The narrative is not sexy enough (compared to Restaking)
👉 But the core is:
It is really making money, and the valuation is very low
Six, the most critical sentence
👉 LDO is currently one of the few:
• Has real cash flow
• Has a huge scale (TVL first)
• But the valuation is the lowest among DeFi assets
Seven, final conclusion
👉 If looking at 'revenue vs market cap':
• UNI = sentiment asset
• AAVE = standard asset
• LDO = wrongfully killed asset
Eight, summary
👉 The market is currently paying for the narrative of UNI and the certainty of AAVE, but ignoring the real cash flow of LDO.
👉 When the market returns to the stage of 'looking at profits', the valuation repair space for LDO is the largest.
