The founder of Bifrost, Lurpis, recently shared an insightful observation đ§”
He noted that Story Protocolâs market cap is 318x larger than Bifrostâs, yet its 24-hour revenue is just 0.6% of Bifrostâs.
This clear mismatch between valuation and actual revenue caught my eye â so I took a closer look.
Revenue vs Valuation: A Closer Look
đ Bifrost Liquid Staking (BNC)
- TVL: $80.76M
- 24h Revenue: $3,716
- Cumulative Revenue: $2.77M
- Annualized Fees: $10.03M
- Market Cap: $5.36M
- Price: $0.11
- FDV: $8.62M
Bifrost is steadily generating revenue, but its market cap is still under $6M. Now letâs look at...
đ Story Protocol
- Market Cap: $1.7B
- 24h Revenue: $23
â Just 0.62% of Bifrostâs revenue
â Yet valued 318x higher
Lurpis also compared Bifrost to other major protocols â most of which have much higher valuations, yet earn less revenue:
- Metis: 5.95% of Bifrostâs revenue, 20x the market cap
- Starknet: 13.35% revenue, 95x the market cap
- zkSync: 52.15% revenue, 85x the market cap
- Mantle: 150% revenue, but a massive 8700% higher valuation
In traditional finance, such gaps between revenue and valuation would be hard to explain. But in crypto, narratives often lead fundamentals â at least temporarily.
đĄ Bifrostâs fundamentals are solid. The value is real â just not fully recognized yet.