In the traditional stock market, investors often look for undervalued stocks.

Undervalued typically means:

• Low Market Capitalization relative to Revenue (Sales)
• and High Revenue Growth

Intuitively, companies or blockchain-based projects with high revenue growth indicates that their products have found good market fit and are in demand by customers.

Market Capitalization refers to the total value of a company or project based on the token price and fully dilluted tokens.

But wait, do blockchain projects generate revenues?

Right. Good question. Most don’t, buy many do!

And some generate a lot of revenue.  Such revenue-generating projects offer investors some underlying fundamentals to base our valuation on.

MEME tokens don’t have any revenues, their prices are purely sentiment driven.

But many DeFi, DePIN, and L1/L2 projects do generate fees, often substantial fees.

That brings us to another important point: revenue scale.

While revenue growth is important, investors need to pay attention to the size of revenue.  If it’s just in a few tens or hundreds of thousands (annualized), that’s not meaningful.

But Aethir (ATH) generate $9.6M in last 7D (days) and $27.7M in last 30D, which grew 98.7%.  That’s sizeable.

In fact, that places Aethir in the top 10 list by revenues generated in the last 30D:

Top Blockchain Projects Based on 30D Revenue

 

Using altFINS’ On-Chain data, investors can find such revenue-generating projects, their revenue growth, and valuation (market cap versus revenue).

Good starting point is altFINS’ On-Chain data section which provides quick insights into the biggest gainers and losers in terms of revenue, Market cap / revenue valuation ratio, and TVL (Total Value Locked):

 

Notice that ATH (Aethir) is not only among the faster revenue growing projects in the last 7D (days), up 124%, its valuation multiple (Market cap / Total Revenue ratio) declined by 37%!

So while revenues are growing, the valuation is declining!? It’s cheaper now than it was a week ago, all the while revenues grew 124%.

That’s worth exploring further.

Also, notice that the Market Cap / Total Revenue multiple is only 4.6x.

Most fast growing technology stocks on NASDAQ trade at 10x multiple or higher.

For comparison, Nvidia (NVDA), the most valuable company in the world (publicly trading at $3.5 trillion), is valued at 24x Market cap / Revenue (TTM – trailing twelve months revenue).

That implies that 4.6x for Aethir (ATH) is cheap!

Especially when we consider the high double- or triple-digit growth.

In fact, we could argue that Aethir (ATH) could be valued at 10-20x ratio of market cap / revenue, which implies 100-300% potential upside to Aethir token price (currently trading at $0.0357).

What is Aethir? It’s a distributed enterprise-grade GPU compute infrastructure tailored for AI and gaming. Aethir aims to serve enterprise AI clients who need the world’s most powerful AI chips such as NVIDIA H100s and support hundreds of thousands of cloud gaming players

To find token projects with actual revenues and growth rates, investors can use the following three tabs on altFINS’ Screener:

1. Revenue
2. Market Cap / Sales (Mcap/S)
3. TVL

 

You can also find a token’s revenue, growth and valuation (Mcap/S ratio) under each token’s details: