peer valuation difference
The valuation multiple differs materially from the eligible peer median
Current streak: 1 snapshot · triggered 2/6 observed snapshots
the · coingecko:thena
The valuation multiple differs materially from the eligible peer median
Current streak: 1 snapshot · triggered 2/6 observed snapshots
At least one available fundamental deteriorated beyond the configured threshold
Current streak: 1 snapshot · triggered 1/6 observed snapshots
Total supply is high relative to circulating supply
Current streak: 6 snapshots · triggered 6/6 observed snapshots
| Metric | Period | Value | Observed |
|---|---|---|---|
| dex volume | 24h | $916,063.00 | 2026-10-18T04:36:13.503Z |
| dex volume | 30d | $47.95M | 2026-10-18T04:36:13.503Z |
| dex volume | 7d | $8.47M | 2026-10-18T04:36:13.503Z |
| dex volume | daily | $941,491.00 | 2026-10-18T00:00:00.000Z |
| fees | 24h | $732.00 | 2026-10-18T04:35:58.074Z |
| fees | 30d | $47,071.00 | 2026-10-18T04:35:58.074Z |
| fees | 7d | $7,840.00 | 2026-10-18T04:35:58.074Z |
| fees | daily | $0.00 | 2026-10-18T00:00:00.000Z |
| holders revenue | 24h | $732.00 | 2026-10-18T04:36:12.168Z |
| holders revenue | 30d | $47,071.00 | 2026-10-18T04:36:12.168Z |
| holders revenue | 7d | $7,840.00 | 2026-10-18T04:36:12.168Z |
| holders revenue | daily | $732.00 | 2026-10-17T00:00:00.000Z |
| revenue | 24h | $732.00 | 2026-10-18T04:36:00.033Z |
| revenue | 30d | $47,071.00 | 2026-10-18T04:36:00.033Z |
| revenue | 7d | $7,840.00 | 2026-10-18T04:36:00.033Z |
| revenue | daily | $0.00 | 2026-10-18T00:00:00.000Z |
| tvl | point in time | $2.41M | 2026-10-18T05:33:23.000Z |
| Metric | Window | Change | Boundary |
|---|---|---|---|
| dex volume usd:24h | 7d | -10.93% | 2026-10-11T04:49:37.444Z → 2026-10-18T04:36:13.503Z |
| dex volume usd:30d | 7d | 0.88% | 2026-10-11T04:49:37.444Z → 2026-10-18T04:36:13.503Z |
| dex volume usd:7d | 7d | -10.51% | 2026-10-11T04:49:37.444Z → 2026-10-18T04:36:13.503Z |
| dex volume usd:daily | 7d | 16.29% | 2026-10-11T00:00:00.000Z → 2026-10-18T00:00:00.000Z |
| fees usd:24h | 7d | 67.75% | 2026-10-11T04:49:24.915Z → 2026-10-18T04:35:58.074Z |
| fees usd:30d | 7d | -7.59% | 2026-10-11T04:49:24.915Z → 2026-10-18T04:35:58.074Z |
| fees usd:7d | 7d | 14.01% | 2026-10-11T04:49:24.915Z → 2026-10-18T04:35:58.074Z |
| fees usd:daily | 7d | 67.75% | 2026-10-10T00:00:00.000Z → 2026-10-17T00:00:00.000Z |
| holders revenue usd:24h | 7d | 67.75% | 2026-10-11T04:49:36.133Z → 2026-10-18T04:36:12.168Z |
| holders revenue usd:30d | 7d | -7.58% | 2026-10-11T04:49:36.133Z → 2026-10-18T04:36:12.168Z |
| holders revenue usd:7d | 7d | 14.01% | 2026-10-11T04:49:36.133Z → 2026-10-18T04:36:12.168Z |
| holders revenue usd:daily | 7d | 67.75% | 2026-10-10T00:00:00.000Z → 2026-10-17T00:00:00.000Z |
| market cap usd:point in time | 7d | -22.02% | 2026-10-12T00:00:00.000Z → 2026-10-19T06:38:00.000Z |
| revenue usd:24h | 7d | 67.75% | 2026-10-11T04:49:28.176Z → 2026-10-18T04:36:00.033Z |
| revenue usd:30d | 7d | -7.58% | 2026-10-11T04:49:28.176Z → 2026-10-18T04:36:00.033Z |
| revenue usd:7d | 7d | 14.01% | 2026-10-11T04:49:28.176Z → 2026-10-18T04:36:00.033Z |
| revenue usd:daily | 7d | 67.75% | 2026-10-10T00:00:00.000Z → 2026-10-17T00:00:00.000Z |
| tvl usd:point in time | 7d | -5.87% | 2026-10-11T04:49:10.103Z → 2026-10-18T05:33:23.000Z |
| dex volume usd:daily | 30d | -47.47% | 2026-09-18T00:00:00.000Z → 2026-10-18T00:00:00.000Z |
| fees usd:daily | 30d | -43.20% | 2026-09-17T00:00:00.000Z → 2026-10-17T00:00:00.000Z |
| holders revenue usd:daily | 30d | -43.20% | 2026-09-17T00:00:00.000Z → 2026-10-17T00:00:00.000Z |
| market cap usd:point in time | 30d | -26.52% | 2026-09-19T00:00:00.000Z → 2026-10-19T06:38:00.000Z |
| revenue usd:daily | 30d | -43.20% | 2026-09-17T00:00:00.000Z → 2026-10-17T00:00:00.000Z |
| tvl usd:point in time | 30d | 8.61% | 2026-09-18T00:00:00.000Z → 2026-10-18T05:33:23.000Z |
| dex volume usd:daily | 90d | -49.44% | 2026-07-20T00:00:00.000Z → 2026-10-18T00:00:00.000Z |
| fees usd:daily | 90d | 8.62% | 2026-07-19T00:00:00.000Z → 2026-10-17T00:00:00.000Z |
| holders revenue usd:daily | 90d | 8.62% | 2026-07-19T00:00:00.000Z → 2026-10-17T00:00:00.000Z |
| market cap usd:point in time | 90d | -2.65% | 2026-07-21T00:00:00.000Z → 2026-10-19T06:38:00.000Z |
| revenue usd:daily | 90d | 8.62% | 2026-07-19T00:00:00.000Z → 2026-10-17T00:00:00.000Z |
| tvl usd:point in time | 90d | 10.67% | 2026-07-20T00:00:00.000Z → 2026-10-18T05:33:23.000Z |
| dex volume usd:daily | 180d | -70.55% | 2026-04-21T00:00:00.000Z → 2026-10-18T00:00:00.000Z |
| fees usd:daily | 180d | -70.90% | 2026-04-20T00:00:00.000Z → 2026-10-17T00:00:00.000Z |
| holders revenue usd:daily | 180d | -70.86% | 2026-04-20T00:00:00.000Z → 2026-10-17T00:00:00.000Z |
| market cap usd:point in time | 180d | -46.21% | 2026-04-22T00:00:00.000Z → 2026-10-19T06:38:00.000Z |
| revenue usd:daily | 180d | -70.87% | 2026-04-20T00:00:00.000Z → 2026-10-17T00:00:00.000Z |
| tvl usd:point in time | 180d | -37.63% | 2026-04-21T00:00:00.000Z → 2026-10-18T05:33:23.000Z |
Generate or open a cached AI research brief constrained to this dossier's stored evidence, calculations, and limitations.
Open AI research briefEligible, but configured thresholds were not jointly met
Limits: Revenue multiple uses 24-hour revenue annualized consistently at both endpoints
{
"inputs": {
"revenue": {
"status": "calculated",
"windowDays": 30,
"start": {
"id": "7e50f636-1c94-4517-a08f-0ef999c94b86:2417:revenue:1789689600+7e50f636-1c94-4517-a08f-0ef999c94b86:2864:revenue:1789689600+7e50f636-1c94-4517-a08f-0ef999c94b86:6179:revenue:1789689600+a02ada74-4045-4679-a282-f71093c3d44d:3537:revenue:1789689600",
"at": "2026-09-18T00:00:00.000Z",
"value": 3022
},
"end": {
"id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:15110+ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:15275+ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:15588+ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:17159",
"at": "2026-10-18T04:36:00.033Z",
"value": 1399
},
"percent": -53.70615486432826,
"definition": "(end - start) / abs(start) * 100 over 30 days"
},
"marketCap": {
"status": "calculated",
"windowDays": 30,
"start": {
"id": "a02ada74-4045-4679-a282-f71093c3d44d:coingecko:thena:1789776000000",
"at": "2026-09-19T00:00:00.000Z",
"value": 10014122.057530742
},
"end": {
"id": "a02ada74-4045-4679-a282-f71093c3d44d:coingecko:thena:1792391880000",
"at": "2026-10-19T06:38:00.000Z",
"value": 7358732.829738619
},
"percent": -26.516445600892574,
"definition": "(end - start) / abs(start) * 100 over 30 days"
}
},
"calculation": {
"startMultiple": 3313.7399263834354,
"endMultiple": 5259.994874723816,
"multipleChange": 58.732881625520115
},
"evaluatedAt": "2026-10-18T04:35:46.584Z"
}Eligible, but configured thresholds were not jointly met
{
"inputs": {
"activity": {
"metric": "dex_volume_usd",
"result": {
"status": "calculated",
"windowDays": 30,
"start": {
"id": "7e50f636-1c94-4517-a08f-0ef999c94b86:2417:dex_volume:1789689600+7e50f636-1c94-4517-a08f-0ef999c94b86:2864:dex_volume:1789689600+7e50f636-1c94-4517-a08f-0ef999c94b86:6179:dex_volume:1789689600",
"at": "2026-09-18T00:00:00.000Z",
"value": 2215427
},
"end": {
"id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:25410+ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:25528+ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:26630",
"at": "2026-10-18T04:36:13.503Z",
"value": 1133929
},
"percent": -48.81668409746744,
"definition": "(end - start) / abs(start) * 100 over 30 days"
}
},
"marketCap": {
"status": "calculated",
"windowDays": 30,
"start": {
"id": "a02ada74-4045-4679-a282-f71093c3d44d:coingecko:thena:1789776000000",
"at": "2026-09-19T00:00:00.000Z",
"value": 10014122.057530742
},
"end": {
"id": "a02ada74-4045-4679-a282-f71093c3d44d:coingecko:thena:1792391880000",
"at": "2026-10-19T06:38:00.000Z",
"value": 7358732.829738619
},
"percent": -26.516445600892574,
"definition": "(end - start) / abs(start) * 100 over 30 days"
}
},
"calculation": {
"activityChangePercent": -48.81668409746744,
"marketCapChangePercent": -26.516445600892574
},
"evaluatedAt": "2026-10-18T04:35:46.584Z"
}Eligible, but the configured threshold was not met
Limits: Provider methodology determines what qualifies as holders revenue
{
"inputs": {
"capture": {
"status": "calculated",
"windowDays": 30,
"start": {
"id": "7e50f636-1c94-4517-a08f-0ef999c94b86:2417:holders_revenue:1789603200+7e50f636-1c94-4517-a08f-0ef999c94b86:2864:holders_revenue:1789603200+7e50f636-1c94-4517-a08f-0ef999c94b86:6179:holders_revenue:1789603200:7e50f636-1c94-4517-a08f-0ef999c94b86:2417:fees:1789603200+7e50f636-1c94-4517-a08f-0ef999c94b86:2864:fees:1789603200+7e50f636-1c94-4517-a08f-0ef999c94b86:6179:fees:1789603200+a02ada74-4045-4679-a282-f71093c3d44d:3537:fees:1789603200",
"at": "2026-09-17T00:00:00.000Z",
"value": 1
},
"end": {
"id": "7e50f636-1c94-4517-a08f-0ef999c94b86:2417:holders_revenue:1792195200+7e50f636-1c94-4517-a08f-0ef999c94b86:2864:holders_revenue:1792195200+7e50f636-1c94-4517-a08f-0ef999c94b86:6179:holders_revenue:1792195200:7e50f636-1c94-4517-a08f-0ef999c94b86:2417:fees:1792195200+7e50f636-1c94-4517-a08f-0ef999c94b86:2864:fees:1792195200+7e50f636-1c94-4517-a08f-0ef999c94b86:6179:fees:1792195200+a02ada74-4045-4679-a282-f71093c3d44d:3537:fees:1792195200",
"at": "2026-10-17T00:00:00.000Z",
"value": 1
},
"percent": 0,
"definition": "(end - start) / abs(start) * 100 over 30 days"
}
},
"calculation": {
"holderRevenueToFeesChangePercent": 0
},
"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": 7480499,
"latestRevenue": 1399,
"peerMedian": 35.165599059746924
},
"calculation": {
"annualizedRevenueMultiple": 14.649405152408276,
"peerMultipleRatio": 0.4165834094712477
},
"evaluatedAt": "2026-10-18T04:35:46.584Z"
}At least one available fundamental deteriorated beyond the configured threshold
{
"inputs": {
"fees": {
"status": "calculated",
"windowDays": 30,
"start": {
"id": "7e50f636-1c94-4517-a08f-0ef999c94b86:2417:fees:1789689600+7e50f636-1c94-4517-a08f-0ef999c94b86:2864:fees:1789689600+7e50f636-1c94-4517-a08f-0ef999c94b86:6179:fees:1789689600+a02ada74-4045-4679-a282-f71093c3d44d:3537:fees:1789689600",
"at": "2026-09-18T00:00:00.000Z",
"value": 3022
},
"end": {
"id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:7199+ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:7382+ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:7746+ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:9562",
"at": "2026-10-18T04:35:58.074Z",
"value": 1399
},
"percent": -53.70615486432826,
"definition": "(end - start) / abs(start) * 100 over 30 days"
},
"revenue": {
"status": "calculated",
"windowDays": 30,
"start": {
"id": "7e50f636-1c94-4517-a08f-0ef999c94b86:2417:revenue:1789689600+7e50f636-1c94-4517-a08f-0ef999c94b86:2864:revenue:1789689600+7e50f636-1c94-4517-a08f-0ef999c94b86:6179:revenue:1789689600+a02ada74-4045-4679-a282-f71093c3d44d:3537:revenue:1789689600",
"at": "2026-09-18T00:00:00.000Z",
"value": 3022
},
"end": {
"id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:15110+ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:15275+ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:15588+ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:17159",
"at": "2026-10-18T04:36:00.033Z",
"value": 1399
},
"percent": -53.70615486432826,
"definition": "(end - start) / abs(start) * 100 over 30 days"
},
"tvl": {
"status": "calculated",
"windowDays": 30,
"start": {
"id": "7e50f636-1c94-4517-a08f-0ef999c94b86:2417:tvl:1789689600+7e50f636-1c94-4517-a08f-0ef999c94b86:2864:tvl:1789689600+7e50f636-1c94-4517-a08f-0ef999c94b86:6179:tvl:1789689600",
"at": "2026-09-18T00:00:00.000Z",
"value": 4455473
},
"end": {
"id": "7e50f636-1c94-4517-a08f-0ef999c94b86:2417:tvl:1792301303+7e50f636-1c94-4517-a08f-0ef999c94b86:2864:tvl:1792301303+7e50f636-1c94-4517-a08f-0ef999c94b86:6179:tvl:1792301603",
"at": "2026-10-18T05:33:23.000Z",
"value": 4839112
},
"percent": 8.610511162338993,
"definition": "(end - start) / abs(start) * 100 over 30 days"
}
},
"calculation": {
"worstChangePercent": -53.70615486432826
},
"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": 136778491.54391247,
"totalSupply": 287431305.2396441
},
"calculation": {
"totalToCirculatingRatio": 2.101436431965364
},
"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:thena",
"kind": "sector",
"value": "decentralized_exchanges",
"status": "classified",
"reason": "Canonical mapping from DeFiLlama category Dexs",
"sourceProvider": "defillama",
"sourceRecord": "2864",
"observedAt": "2026-10-18T04:35:46.584Z"
},
{
"assetId": "coingecko:thena",
"kind": "sector",
"value": "other",
"status": "classified",
"reason": "Canonical mapping from DeFiLlama category Derivatives",
"sourceProvider": "defillama",
"sourceRecord": "3537",
"observedAt": "2026-10-18T04:35:46.584Z"
},
{
"assetId": "coingecko:thena",
"kind": "asset_type",
"value": "protocol_token",
"status": "classified",
"reason": "Canonical type mapping from DeFiLlama category Dexs",
"sourceProvider": "defillama",
"sourceRecord": "2864",
"observedAt": "2026-10-18T04:35:46.584Z"
}
][
{
"assetId": "coingecko:thena",
"protocolId": "6179",
"protocolSlug": "thena-integral",
"method": "chain_contract",
"evidence": "DeFiLlama address=bsc:0xf4c8e32eadec4bfe97e0f595add0f4450a863a11; CoinGecko platforms.binance-smart-chain=0xf4c8e32eadec4bfe97e0f595add0f4450a863a11",
"status": "verified_provider_relationship"
},
{
"assetId": "coingecko:thena",
"protocolId": "2417",
"protocolSlug": "thena-v1",
"method": "gecko_id_and_chain_contract",
"evidence": "DeFiLlama gecko_id=thena; DeFiLlama address=bsc:0xf4c8e32eadec4bfe97e0f595add0f4450a863a11; CoinGecko platforms.binance-smart-chain=0xf4c8e32eadec4bfe97e0f595add0f4450a863a11",
"status": "verified_provider_relationship"
},
{
"assetId": "coingecko:thena",
"protocolId": "2864",
"protocolSlug": "thena-fusion",
"method": "chain_contract",
"evidence": "DeFiLlama address=bsc:0xf4c8e32eadec4bfe97e0f595add0f4450a863a11; CoinGecko platforms.binance-smart-chain=0xf4c8e32eadec4bfe97e0f595add0f4450a863a11",
"status": "verified_provider_relationship"
},
{
"assetId": "coingecko:thena",
"protocolId": "3537",
"protocolSlug": "thena-perps",
"method": "chain_contract",
"evidence": "DeFiLlama address=bsc:0xf4c8e32eadec4bfe97e0f595add0f4450a863a11; CoinGecko platforms.binance-smart-chain=0xf4c8e32eadec4bfe97e0f595add0f4450a863a11",
"status": "verified_provider_relationship"
}
][
{
"assetId": "coingecko:thena",
"observedAt": "2026-10-18T04:35:46.584Z",
"status": "analyzable",
"method": "global",
"reason": "At least one deterministic screening method is eligible"
},
{
"assetId": "coingecko:thena",
"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-b174-122aa3718807:1085",
"protocolId": "6179",
"metric": "tvl_usd",
"period": "point_in_time",
"observedAt": "2026-09-22T21:51:30.762Z",
"value": 2306467.9265014073,
"unit": "USD",
"definition": "DeFiLlama protocol TVL at collection time",
"sourceUrl": "https://api.llama.fi/protocols",
"methodology": null
},
{
"id": "28ba3c2c-c546-48fa-b174-122aa3718807:10188",
"protocolId": "6179",
"metric": "fees_usd",
"period": "24h",
"observedAt": "2026-09-22T21:51:32.324Z",
"value": 3957,
"unit": "USD",
"definition": "Swap fees paid by users",
"sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
"methodology": {
"UserFees": "Swap fees paid by users",
"Fees": "Swap fees paid by users",
"Revenue": "Percentage of swap fees going to treasury and/or token holders",
"ProtocolRevenue": "Percentage of swap fees going to treasury",
"HoldersRevenue": "Money going to governance token holders",
"SupplySideRevenue": "Liquidity providers revenue"
}
},
{
"id": "28ba3c2c-c546-48fa-b174-122aa3718807:10189",
"protocolId": "6179",
"metric": "fees_usd",
"period": "7d",
"observedAt": "2026-09-22T21:51:32.324Z",
"value": 15455,
"unit": "USD",
"definition": "Swap fees paid by users",
"sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
"methodology": {
"UserFees": "Swap fees paid by users",
"Fees": "Swap fees paid by users",
"Revenue": "Percentage of swap fees going to treasury and/or token holders",
"ProtocolRevenue": "Percentage of swap fees going to treasury",
"HoldersRevenue": "Money going to governance token holders",
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{
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{
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{
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},
{
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{
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},
{
"id": "7e50f636-1c94-4517-a08f-0ef999c94b86:2417:fees:1674259200",
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