Quarterly Altcoin Spotlight: High-Velocity DeFi Leads the Fundamental Shakeout

Crypto is becoming a stock-pickers market. Broad beta no longer works. The assets compounding through this cycle share a common thread: real revenue, high-velocity business models, and token economics that return value to holders through active buybacks. A framework built on fees per active address, price-to-sales, buyback yield, token unlocks, beta, and relative performance against bitcoin helps separate the signal from the noise — and points to one protocol that looks meaningfully dislocated from its fundamentals.