Most underrated metric in a bear market?
Revenue.
My golden rule is that any protocol with high revenue during rough market conditions should be kept on a close watch.
These are my top 10 protocols by LTM revenue (below $1B MC):
1. @MeteoraAG (MET): $56.4M
2. @aave (AAVE): $21.9M
3. @AerodromeFi (AERO): $21.5M
4. @AethirCloud (ATH): $16.0M
5. @PancakeSwap (CAKE): $13.0M
6. @0xPolygon (POL): $12.5M
7. @Lighter_xyz (LIT): $11.3M
8. @JupiterExchange (JUP): $10.2M
9. @ORE (ORE): $9.6M
10. @LidoFinance (LDO): $6.6M
Bad conditions don't last forever, so I'd keep a close eye on each one here.
