July 22, 2026

It’s been a long time since I looked at the fundamentals of DeFi projects. I used Claude Code to pull fundamental data from several top DeFi projects—also some potential value-buying (dip-buying) targets I’m watching closely—and I’m sharing it here for everyone’s reference. Because I said that, according to the four-year cycle law, the next 3 months will be the best time to buy the dip. If you agree with that, then the next step should be to put most of your focus on choosing the targets. I’ve always practiced investing with value as the guiding principle. DeFi blue-chip projects, as a sector with real business revenue and moats, deserve the corresponding capital.
I have to admit one point: the two major segments of DeFi blue chips still revolve around trading and lending. This is mainly because, for crypto projects right now, they’re still basically built around financial attributes. There are almost no other projects with genuinely real and sustainable business models—or more precisely, they actually don’t need blockchain technology to be involved. Think about it: storage and chips—those companies go through more than a decade of actually building factories, producing, and selling products. These processes can completely do without blockchain. And it’s not like you can just say you’re bringing in blockchain technology and people will automatically accept it. This is also why, in the current crypto market, projects are basically a wave of selling “meat under a sheep’s head” (i.e., using a certain banner to fool people)—they’re mainly just cutting into investors’ returns. But for DeFi projects with financial attributes, the underlying logic is still different.
Let’s first look at a set of Fees generated by several protocols. The total fees generated are the total contributions paid by the active users of each protocol to use the protocol’s…