revenue growth declining multiple
Revenue growth and a declining revenue multiple create a research question
Current streak: 1 snapshot · triggered 1/6 observed snapshots
hay · coingecko:haystack
Revenue growth and a declining revenue multiple create a research question
Current streak: 1 snapshot · triggered 1/6 observed snapshots
The holders-revenue share improved beyond the configured threshold
Current streak: 2 snapshots · triggered 2/6 observed snapshots
The valuation multiple differs materially from the eligible peer median
Current streak: 2 snapshots · triggered 3/6 observed snapshots
Total supply is high relative to circulating supply
Current streak: 6 snapshots · triggered 6/6 observed snapshots
| Metric | Period | Value | Observed |
|---|---|---|---|
| fees | 24h | $225.00 | 2026-10-18T04:35:58.074Z |
| fees | 30d | $3,042.00 | 2026-10-18T04:35:58.074Z |
| fees | 7d | $1,412.00 | 2026-10-18T04:35:58.074Z |
| fees | daily | $38.00 | 2026-10-11T00:00:00.000Z |
| holders revenue | 24h | $164.00 | 2026-10-18T04:36:12.168Z |
| holders revenue | 30d | $2,255.51 | 2026-10-18T04:36:12.168Z |
| holders revenue | 7d | $1,025.56 | 2026-10-18T04:36:12.168Z |
| holders revenue | daily | $32.00 | 2026-10-11T00:00:00.000Z |
| revenue | 24h | $225.00 | 2026-10-18T04:36:00.033Z |
| revenue | 30d | $3,042.00 | 2026-10-18T04:36:00.033Z |
| revenue | 7d | $1,412.00 | 2026-10-18T04:36:00.033Z |
| revenue | daily | $38.00 | 2026-10-11T00:00:00.000Z |
| tvl | point in time | $0.00 | 2026-10-18T04:35:46.584Z |
| Metric | Window | Change | Boundary |
|---|---|---|---|
| fees usd:24h | 7d | 492.11% | 2026-10-11T04:49:24.915Z → 2026-10-18T04:35:58.074Z |
| fees usd:30d | 7d | 56.16% | 2026-10-11T04:49:24.915Z → 2026-10-18T04:35:58.074Z |
| fees usd:7d | 7d | 566.04% | 2026-10-11T04:49:24.915Z → 2026-10-18T04:35:58.074Z |
| fees usd:daily | 7d | 90.00% | 2026-10-04T00:00:00.000Z → 2026-10-11T00:00:00.000Z |
| holders revenue usd:24h | 7d | 412.50% | 2026-10-11T04:49:36.133Z → 2026-10-18T04:36:12.168Z |
| holders revenue usd:30d | 7d | 54.49% | 2026-10-11T04:49:36.133Z → 2026-10-18T04:36:12.168Z |
| holders revenue usd:7d | 7d | 517.81% | 2026-10-11T04:49:36.133Z → 2026-10-18T04:36:12.168Z |
| holders revenue usd:daily | 7d | 88.24% | 2026-10-04T00:00:00.000Z → 2026-10-11T00:00:00.000Z |
| market cap usd:point in time | 7d | 23.37% | 2026-10-11T03:56:48.000Z → 2026-10-18T03:51:57.000Z |
| revenue usd:24h | 7d | 492.11% | 2026-10-11T04:49:28.176Z → 2026-10-18T04:36:00.033Z |
| revenue usd:30d | 7d | 56.16% | 2026-10-11T04:49:28.176Z → 2026-10-18T04:36:00.033Z |
| revenue usd:7d | 7d | 566.04% | 2026-10-11T04:49:28.176Z → 2026-10-18T04:36:00.033Z |
| revenue usd:daily | 7d | 90.00% | 2026-10-04T00:00:00.000Z → 2026-10-11T00:00:00.000Z |
| fees usd:daily | 30d | -54.76% | 2026-09-11T00:00:00.000Z → 2026-10-11T00:00:00.000Z |
| holders revenue usd:daily | 30d | -49.21% | 2026-09-11T00:00:00.000Z → 2026-10-11T00:00:00.000Z |
| market cap usd:point in time | 30d | 52.25% | 2026-09-18T00:00:00.000Z → 2026-10-18T03:51:57.000Z |
| revenue usd:daily | 30d | -54.76% | 2026-09-11T00:00:00.000Z → 2026-10-11T00:00:00.000Z |
| fees usd:daily | 90d | 216.67% | 2026-07-13T00:00:00.000Z → 2026-10-11T00:00:00.000Z |
| holders revenue usd:daily | 90d | 368.52% | 2026-07-13T00:00:00.000Z → 2026-10-11T00:00:00.000Z |
| market cap usd:point in time | 90d | -18.74% | 2026-07-20T00:00:00.000Z → 2026-10-18T03:51:57.000Z |
| revenue usd:daily | 90d | 216.67% | 2026-07-13T00:00:00.000Z → 2026-10-11T00:00:00.000Z |
| fees usd:daily | 180d | -41.54% | 2026-04-14T00:00:00.000Z → 2026-10-11T00:00:00.000Z |
| holders revenue usd:daily | 180d | -37.25% | 2026-04-14T00:00:00.000Z → 2026-10-11T00:00:00.000Z |
| market cap usd:point in time | 180d | -59.59% | 2026-04-21T00:00:00.000Z → 2026-10-18T03:51:57.000Z |
| revenue usd:daily | 180d | -41.54% | 2026-04-14T00:00:00.000Z → 2026-10-11T00:00:00.000Z |
Generate or open a cached AI research brief constrained to this dossier's stored evidence, calculations, and limitations.
Open AI research briefRevenue growth and a declining revenue multiple create a research question
Limits: Revenue multiple uses 24-hour revenue annualized consistently at both endpoints
{
"inputs": {
"revenue": {
"status": "calculated",
"windowDays": 30,
"start": {
"id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:7088:revenue:1789689600",
"at": "2026-09-18T00:00:00.000Z",
"value": 61
},
"end": {
"id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:18275",
"at": "2026-10-18T04:36:00.033Z",
"value": 225
},
"percent": 268.8524590163934,
"definition": "(end - start) / abs(start) * 100 over 30 days"
},
"marketCap": {
"status": "calculated",
"windowDays": 30,
"start": {
"id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:coingecko:haystack:1789689600000",
"at": "2026-09-18T00:00:00.000Z",
"value": 165385.9946463731
},
"end": {
"id": "ccd4247e-2e4f-4bb6-9d14-0cf345583e2b",
"at": "2026-10-18T03:51:57.000Z",
"value": 251806
},
"percent": 52.25352094559725,
"definition": "(end - start) / abs(start) * 100 over 30 days"
}
},
"calculation": {
"startMultiple": 2711.2458138749685,
"endMultiple": 1119.1377777777777,
"multipleChange": -58.72237876586029
},
"evaluatedAt": "2026-10-18T04:35:46.584Z"
}Eligible, but configured thresholds were not jointly met
{
"inputs": {
"activity": {
"metric": "fees_usd",
"result": {
"status": "calculated",
"windowDays": 30,
"start": {
"id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:7088:fees:1789689600",
"at": "2026-09-18T00:00:00.000Z",
"value": 61
},
"end": {
"id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:10751",
"at": "2026-10-18T04:35:58.074Z",
"value": 225
},
"percent": 268.8524590163934,
"definition": "(end - start) / abs(start) * 100 over 30 days"
}
},
"marketCap": {
"status": "calculated",
"windowDays": 30,
"start": {
"id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:coingecko:haystack:1789689600000",
"at": "2026-09-18T00:00:00.000Z",
"value": 165385.9946463731
},
"end": {
"id": "ccd4247e-2e4f-4bb6-9d14-0cf345583e2b",
"at": "2026-10-18T03:51:57.000Z",
"value": 251806
},
"percent": 52.25352094559725,
"definition": "(end - start) / abs(start) * 100 over 30 days"
}
},
"calculation": {
"activityChangePercent": 268.8524590163934,
"marketCapChangePercent": 52.25352094559725
},
"evaluatedAt": "2026-10-18T04:35:46.584Z"
}The holders-revenue share improved beyond the configured threshold
Limits: Provider methodology determines what qualifies as holders revenue
{
"inputs": {
"capture": {
"status": "calculated",
"windowDays": 30,
"start": {
"id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:7088:holders_revenue:1789084800:ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:7088:fees:1789084800",
"at": "2026-09-11T00:00:00.000Z",
"value": 0.75
},
"end": {
"id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:7088:holders_revenue:1791676800:ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:7088:fees:1791676800",
"at": "2026-10-11T00:00:00.000Z",
"value": 0.8421052631578947
},
"percent": 12.280701754385959,
"definition": "(end - start) / abs(start) * 100 over 30 days"
}
},
"calculation": {
"holderRevenueToFeesChangePercent": 12.280701754385959
},
"evaluatedAt": "2026-10-18T04:35:46.584Z"
}The valuation multiple differs materially from the eligible peer median
Limits: A difference is not evidence of mispricing; protocol economics may not be comparable
{
"inputs": {
"currentCap": 251806,
"latestRevenue": 225,
"peerMedian": 39.57062354650812
},
"calculation": {
"annualizedRevenueMultiple": 3.066130898021309,
"peerMultipleRatio": 0.07748502862022444
},
"evaluatedAt": "2026-10-18T04:35:46.584Z"
}Eligible, but deterioration threshold was not met
{
"inputs": {
"fees": {
"status": "calculated",
"windowDays": 30,
"start": {
"id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:7088:fees:1789689600",
"at": "2026-09-18T00:00:00.000Z",
"value": 61
},
"end": {
"id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:10751",
"at": "2026-10-18T04:35:58.074Z",
"value": 225
},
"percent": 268.8524590163934,
"definition": "(end - start) / abs(start) * 100 over 30 days"
},
"revenue": {
"status": "calculated",
"windowDays": 30,
"start": {
"id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:7088:revenue:1789689600",
"at": "2026-09-18T00:00:00.000Z",
"value": 61
},
"end": {
"id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:18275",
"at": "2026-10-18T04:36:00.033Z",
"value": 225
},
"percent": 268.8524590163934,
"definition": "(end - start) / abs(start) * 100 over 30 days"
},
"tvl": {
"status": "insufficient_history",
"windowDays": 30,
"reason": "Starting value is zero; percentage change is undefined"
}
},
"calculation": {
"worstChangePercent": 268.8524590163934
},
"evaluatedAt": "2026-10-18T04:35:46.584Z"
}Total supply is high relative to circulating supply
Limits: Supply fields are provider-reported and do not describe unlock timing
{
"inputs": {
"circulatingSupply": 27380000,
"totalSupply": 100000000
},
"calculation": {
"totalToCirculatingRatio": 3.652300949598247
},
"evaluatedAt": "2026-10-18T04:35:46.584Z"
}No provider identity conflict detected
{
"inputs": {
"identityConflict": false
},
"calculation": null,
"evaluatedAt": "2026-10-18T04:35:46.584Z"
}[
{
"assetId": "coingecko:haystack",
"kind": "sector",
"value": "other",
"status": "classified",
"reason": "Canonical mapping from DeFiLlama category Trading App",
"sourceProvider": "defillama",
"sourceRecord": "7088",
"observedAt": "2026-10-18T04:35:46.584Z"
},
{
"assetId": "coingecko:haystack",
"kind": "asset_type",
"value": "protocol_token",
"status": "classified",
"reason": "Canonical type mapping from DeFiLlama category Trading App",
"sourceProvider": "defillama",
"sourceRecord": "7088",
"observedAt": "2026-10-18T04:35:46.584Z"
}
][
{
"assetId": "coingecko:haystack",
"protocolId": "7088",
"protocolSlug": "haystack",
"method": "gecko_id_and_chain_contract",
"evidence": "DeFiLlama gecko_id=haystack; DeFiLlama address=algorand:3160000000; CoinGecko platforms.algorand=3160000000",
"status": "verified_provider_relationship"
}
][
{
"assetId": "coingecko:haystack",
"observedAt": "2026-10-18T04:35:46.584Z",
"status": "analyzable",
"method": "global",
"reason": "At least one deterministic screening method is eligible"
},
{
"assetId": "coingecko:haystack",
"observedAt": "2026-10-18T04:35:46.584Z",
"status": "requires_manual_investigation",
"method": "global",
"reason": "At least one deterministic research signal triggered"
}
][]
[
{
"id": "28ba3c2c-c546-48fa-b174-122aa3718807:7006",
"protocolId": "7088",
"metric": "tvl_usd",
"period": "point_in_time",
"observedAt": "2026-09-22T21:51:30.762Z",
"value": 0,
"unit": "USD",
"definition": "DeFiLlama protocol TVL at collection time",
"sourceUrl": "https://api.llama.fi/protocols",
"methodology": null
},
{
"id": "28ba3c2c-c546-48fa-b174-122aa3718807:11367",
"protocolId": "7088",
"metric": "fees_usd",
"period": "24h",
"observedAt": "2026-09-22T21:51:32.324Z",
"value": 29,
"unit": "USD",
"definition": "Trading fees and Asset boosts paid by users, tracked in USDC and HAY.",
"sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
"methodology": {
"Fees": "Trading fees and Asset boosts paid by users, tracked in USDC and HAY.",
"Revenue": "Trading fees and Asset boosts are considered platform revenue.",
"ProtocolRevenue": "Portion of trading fees and boosts allocated to the treasury (USDC).",
"HoldersRevenue": "A share of fees (HAY and USDC) is periodically distributed to stakers or holders via staking and burn mechanisms."
}
},
{
"id": "28ba3c2c-c546-48fa-b174-122aa3718807:11368",
"protocolId": "7088",
"metric": "fees_usd",
"period": "7d",
"observedAt": "2026-09-22T21:51:32.324Z",
"value": 564,
"unit": "USD",
"definition": "Trading fees and Asset boosts paid by users, tracked in USDC and HAY.",
"sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
"methodology": {
"Fees": "Trading fees and Asset boosts paid by users, tracked in USDC and HAY.",
"Revenue": "Trading fees and Asset boosts are considered platform revenue.",
"ProtocolRevenue": "Portion of trading fees and boosts allocated to the treasury (USDC).",
"HoldersRevenue": "A share of fees (HAY and USDC) is periodically distributed to stakers or holders via staking and burn mechanisms."
}
},
{
"id": "28ba3c2c-c546-48fa-b174-122aa3718807:11369",
"protocolId": "7088",
"metric": "fees_usd",
"period": "30d",
"observedAt": "2026-09-22T21:51:32.324Z",
"value": 1162.3000000000002,
"unit": "USD",
"definition": "Trading fees and Asset boosts paid by users, tracked in USDC and HAY.",
"sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
"methodology": {
"Fees": "Trading fees and Asset boosts paid by users, tracked in USDC and HAY.",
"Revenue": "Trading fees and Asset boosts are considered platform revenue.",
"ProtocolRevenue": "Portion of trading fees and boosts allocated to the treasury (USDC).",
"HoldersRevenue": "A share of fees (HAY and USDC) is periodically distributed to stakers or holders via staking and burn mechanisms."
}
},
{
"id": "28ba3c2c-c546-48fa-b174-122aa3718807:18081",
"protocolId": "7088",
"metric": "revenue_usd",
"period": "24h",
"observedAt": "2026-09-22T21:51:34.223Z",
"value": 29,
"unit": "USD",
"definition": "Trading fees and Asset boosts are considered platform revenue.",
"sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
"methodology": {
"Fees": "Trading fees and Asset boosts paid by users, tracked in USDC and HAY.",
"Revenue": "Trading fees and Asset boosts are considered platform revenue.",
"ProtocolRevenue": "Portion of trading fees and boosts allocated to the treasury (USDC).",
"HoldersRevenue": "A share of fees (HAY and USDC) is periodically distributed to stakers or holders via staking and burn mechanisms."
}
},
{
"id": "28ba3c2c-c546-48fa-b174-122aa3718807:18082",
"protocolId": "7088",
"metric": "revenue_usd",
"period": "7d",
"observedAt": "2026-09-22T21:51:34.223Z",
"value": 564,
"unit": "USD",
"definition": "Trading fees and Asset boosts are considered platform revenue.",
"sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
"methodology": {
"Fees": "Trading fees and Asset boosts paid by users, tracked in USDC and HAY.",
"Revenue": "Trading fees and Asset boosts are considered platform revenue.",
"ProtocolRevenue": "Portion of trading fees and boosts allocated to the treasury (USDC).",
"HoldersRevenue": "A share of fees (HAY and USDC) is periodically distributed to stakers or holders via staking and burn mechanisms."
}
},
{
"id": "28ba3c2c-c546-48fa-b174-122aa3718807:18083",
"protocolId": "7088",
"metric": "revenue_usd",
"period": "30d",
"observedAt": "2026-09-22T21:51:34.223Z",
"value": 1162.3000000000002,
"unit": "USD",
"definition": "Trading fees and Asset boosts are considered platform revenue.",
"sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
"methodology": {
"Fees": "Trading fees and Asset boosts paid by users, tracked in USDC and HAY.",
"Revenue": "Trading fees and Asset boosts are considered platform revenue.",
"ProtocolRevenue": "Portion of trading fees and boosts allocated to the treasury (USDC).",
"HoldersRevenue": "A share of fees (HAY and USDC) is periodically distributed to stakers or holders via staking and burn mechanisms."
}
},
{
"id": "28ba3c2c-c546-48fa-b174-122aa3718807:22505",
"protocolId": "7088",
"metric": "holders_revenue_usd",
"period": "24h",
"observedAt": "2026-09-22T21:51:36.166Z",
"value": 22,
"unit": "USD",
"definition": "A share of fees (HAY and USDC) is periodically distributed to stakers or holders via staking and burn mechanisms.",
"sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyHoldersRevenue",
"methodology": {
"Fees": "Trading fees and Asset boosts paid by users, tracked in USDC and HAY.",
"Revenue": "Trading fees and Asset boosts are considered platform revenue.",
"ProtocolRevenue": "Portion of trading fees and boosts allocated to the treasury (USDC).",
"HoldersRevenue": "A share of fees (HAY and USDC) is periodically distributed to stakers or holders via staking and burn mechanisms."
}
},
{
"id": "28ba3c2c-c546-48fa-b174-122aa3718807:22506",
"protocolId": "7088",
"metric": "holders_revenue_usd",
"period": "7d",
"observedAt": "2026-09-22T21:51:36.166Z",
"value": 422,
"unit": "USD",
"definition": "A share of fees (HAY and USDC) is periodically distributed to stakers or holders via staking and burn mechanisms.",
"sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyHoldersRevenue",
"methodology": {
"Fees": "Trading fees and Asset boosts paid by users, tracked in USDC and HAY.",
"Revenue": "Trading fees and Asset boosts are considered platform revenue.",
"ProtocolRevenue": "Portion of trading fees and boosts allocated to the treasury (USDC).",
"HoldersRevenue": "A share of fees (HAY and USDC) is periodically distributed to stakers or holders via staking and burn mechanisms."
}
},
{
"id": "28ba3c2c-c546-48fa-b174-122aa3718807:22507",
"protocolId": "7088",
"metric": "holders_revenue_usd",
"period": "30d",
"observedAt": "2026-09-22T21:51:36.166Z",
"value": 858.76,
"unit": "USD",
"definition": "A share of fees (HAY and USDC) is periodically distributed to stakers or holders via staking and burn mechanisms.",
"sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyHoldersRevenue",
"methodology": {
"Fees": "Trading fees and Asset boosts paid by users, tracked in USDC and HAY.",
"Revenue": "Trading fees and Asset boosts are considered platform revenue.",
"ProtocolRevenue": "Portion of trading fees and boosts allocated to the treasury (USDC).",
"HoldersRevenue": "A share of fees (HAY and USDC) is periodically distributed to stakers or holders via staking and burn mechanisms."
}
},
{
"id": "643a86d5-0f73-414c-92e0-793343ff7d6c:7017",
"protocolId": "7088",
"metric": "tvl_usd",
"period": "point_in_time",
"observedAt": "2026-09-24T00:45:17.400Z",
"value": 0,
"unit": "USD",
"definition": "DeFiLlama protocol TVL at collection time",
"sourceUrl": "https://api.llama.fi/protocols",
"methodology": null
},
{
"id": "643a86d5-0f73-414c-92e0-793343ff7d6c:11372",
"protocolId": "7088",
"metric": "fees_usd",
"period": "24h",
"observedAt": "2026-09-24T00:45:20.664Z",
"value": 181,
"unit": "USD",
"definition": "Trading fees and Asset boosts paid by users, tracked in USDC and HAY.",
"sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
"methodology": {
"Fees": "Trading fees and Asset boosts paid by users, tracked in USDC and HAY.",
"Revenue": "Trading fees and Asset boosts are considered platform revenue.",
"ProtocolRevenue": "Portion of trading fees and boosts allocated to the treasury (USDC).",
"HoldersRevenue": "A share of fees (HAY and USDC) is periodically distributed to stakers or holders via staking and burn mechanisms."
}
},
{
"id": "643a86d5-0f73-414c-92e0-793343ff7d6c:11373",
"protocolId": "7088",
"metric": "fees_usd",
"period": "7d",
"observedAt": "2026-09-24T00:45:20.664Z",
"value": 659,
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