BitMEX Blog – Cryptocurrency Trading Insights & Market Analysis
BitMEX Alpha
Buy The Dip? A Look At “Real Revenue” DeFi Coins
TL;DR The “Real Revenue” Framework: What to Actually Measure When you screen for “real revenue coins”, it’s easy to oversimplify and look for: “Fees up + token down = value buy.” On-chain data lets you go deeper. For each protocol, we ask four critical questions: DefiLlama conveniently splits most of this into Fees / Revenue / Holders Revenue / Incentives for each protocol. With that in mind, we will evaluate Ethena (ENA),
1 December 2025
