DeFi Market Fundamentals Gain Pricing Power After Months, Study Shows

Based on DL News, a new study by Greenfield, a Berlin-based venture firm, shows that DeFi market valuations are increasingly influenced by fundamental metrics such as fees, total value locked, and revenue. The analysis, which spans 2021 to 2025, finds that models using these metrics outperform those tracking Bitcoin and Ethereum prices or social sentiment over three- and six-month periods. Felix Machart, a partner at Greenfield and co-author of the study, noted that the market's performance based on fundamentals indicates maturation, though short-term volatility and social sentiment still play a role. The report also highlights the importance of additional metrics like decentralized exchange volume and treasury value.