The DEX valuation puzzle: Why is the highest-earning Meteora actually the cheapest?

2025-11-12 11:40:20

[Crypto World] Recently analyzing DEX data, I found an interesting phenomenon—valuation and actual earning ability are completely disproportionate.

Taking some leading projects as examples: Uniswap’s fee income last year exceeded $100 million, yet its FDV soared to $8.5 billion; PancakeSwap earned $51.6 million with a valuation of $900 million; Jupiter collected $95.2 million in fees, with a market cap of $2.4 billion; Raydium’s revenue reached $79.6 million, with an FDV around $880 million.

But the most outrageous is Meteora in the Solana ecosystem—this project handled fees directly reaching $136 million. Logically, it should have the highest valuation, right? Yet its FDV is only $521 million, less than a fraction of Jupiter’s.

This price gap is no longer just “slightly cheap.” Either the market hasn’t noticed this project at all, or there’s some risk we don’t know about. But purely from the revenue efficiency perspective, Meteora’s cost performance is indeed a bit exaggerated.

MET-3,32%

UNI-11,78%

CAKE-5,83%

JUP-2,27%

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