In traditional finance, investors often seek undervalued stocks—companies with low market cap relative to high revenue and growth. The same principle can be applied to crypto, especially in today’s maturing blockchain ecosystem.

But can blockchain projects even generate revenue?


Yes, many of them do. And some generate a lot.


While meme tokens like DOGE or PEPE are purely sentiment-driven, many DeFi, DePIN, and Layer 1 / Layer 2 projects generate substantial on-chain fees and revenues. These revenue-generating protocols give investors real fundamentals to assess valuation—just like stocks.

What Makes a Token Undervalued?


Here are 3 key metrics to look for:


  1. High Revenue Growth

  2. Indicates strong product-market fit and growing user demand.

  3. Sizeable Revenue

  4. Growth is meaningless if the total revenue is still tiny. Look for protocols earning millions, not thousands.

  5. Low Market Cap / Revenue Ratio (Mcap/S)

  6. This is crypto’s version of the Price-to-Sales (P/S) ratio in traditional stocks:

    The lower the multiple, the cheaper the token relative to its revenue.

Aethir (ATH): A Case Study


Aethir $ATH is a great example of an undervalued project based on fundamentals:

  • 30-Day Revenue: $27.7M

  • 7-Day Revenue Growth: +124%

  • Mcap / Revenue Ratio: 4.6x

  • Token Price: $0.0357

To put it in perspective, Nvidia (NVDA)—the world’s most valuable public company—trades at a 24x revenue multiple. Even most growth tech stocks on NASDAQ trade above 10x.

If Aethir were valued at just 10–20x, the token could see 100–300% upside. This suggests a potential mispricing in the market.


🔍 What is Aethir?

Aethir is building a distributed, enterprise-grade GPU cloud infrastructure, tailored for AI and gaming applications. It aims to serve AI enterprises and host large-scale cloud gaming ecosystems using cutting-edge NVIDIA H100s.


How to Find Undervalued Tokens Like ATH

You don’t need to crunch the numbers yourself. Using altFINS’ On-Chain Data, you can:

  • Track real on-chain revenue by project

  • Analyze growth rates

  • Sort by Mcap / Revenue ratio

  • See TVL (Total Value Locked) trends

Key tools on altFINS.com:

  • 📊 Screener Tabs:

  • Revenue

  • Market Cap / Sales (Mcap/S)

  • TVL

    📌 Token Details Pages:

  • See each token’s revenue, growth %, and valuation ratio in one place


    Source: altFINS

Final Thoughts

Fundamental investing in crypto is still underutilized. While most traders chase hype, savvy investors can find hidden gems by focusing on revenue growth and undervaluation.

📈 Projects like Aethir may be early examples of a broader trend—where real-world usage and revenue begin to drive token prices, not just narratives.

🚀 Start discovering undervalued tokens today with real revenue data → altFINS.com

Read more in altFINS article.