Hegic HEGIC

Payout off peakRank#28in Low payout▲1Score35

Paid to holders this week: -58% of the best week in 90 days (−$12k against $21k). Also: holders revenue is paid out, not a buyback.

Options, Arbitrum, 193 days of data

Not in the main ranking: Negative revenue data (DefiLlama adapter)

Market cap

$12.4M

price $0.0114 · 7d −16.1% · 30d −20.6%

FDV $12.2M (1.0× market cap)

source defillama

Counted per year

$62k

holders revenue of the last 30 days, $10k, × 365 ÷ 30 (capped at revenue; before the cap $19k), × type factor 0.5 (payouts count 50%)

Distributionbuyback share 100%

Pays out 1.0% of its market cap a year, using 100¢ of every $1 it earns.

Not a buyback: counts for 50% in the multiple (type factor 0.5), so the denominator is $62k instead of $123k.

Multiple

201×

median of all tokens 20.0×, against 201× here

Run-rate

∞

last 7 days −$12k × 52 × 0.5 (type factor) = −$315k a year

What we checked

Valuation
Multiple 201× (type factor 0.5: payouts count 50%), 10.1× more expensive than the median of all tokens (20.0×; its category is too small for a peer group). The group's largest earner Hyperliquid trades at 21.1×: 9.5× dearer per dollar returned to holders. On total revenue: 52.4×, 2.9× dearer than the revenue peer median.
Distribution
Distribution: Revenue is paid out to stakers or holders (often in another asset); no buy pressure on the token. Holders got $19k of $19k revenue in 30 days → buyback share 100%. DefiLlama: “Net Options Premiums: Net premiums distributed to HEGIC Stake & Cover pool participants.”
Sustainability
Holders were paid on 18 of 30 days (60%); largest single day 59% of the month's holders revenue (one day carries the month, so the multiple is not a steady pace); paid to holders this week: −58% of the best week in 90 days (more than half below peak). Revenue — over 7 days and — over 30 days, price −21% over 30 days.

What this does not tell you

The figures come from DefiLlama's adapter for each child protocol. Only a few tokens have an on-chain check (see How the buyback really works); for the rest, whether the tokens were really bought, burned or parked in a treasury wallet is not checked here. Unlocks count where DefiLlama or our research has a vesting schedule; team discretion and liquidity depth only once researched.

Flags

One-day spikeone day made 59% of the 30-day holders revenue. The multiple does not show a steady pace, so the token stays out of the Cheap lens and buy signals
Payout >50% below peakthis week's holders revenue is −58% of its best week in the last 90 days ($21k)
Insufficient history192 days of data; g7, g30, divergence not computable yet and scored as neutral 50
Small peer group51 peers in universe; median taken from the universe level
Data issue: chain mapping missingData issue (chain mapping missing): warning, scores are computed as usual

How the buyback really works

Not researched yet. Everything above comes from DefiLlama and market data only.

Holders revenue / revenue (30d): $19k / $19k; last 30 closed days
To holders: Pays out 1.0% of its market cap a year
FDV / dilution: $12.2M / 1.0×; FDV ÷ market cap
Price 7d / 30d: −16.1% / −20.6%
Revenue growth 7d / 30d: — / —; versus the period before
Divergence: —; revenue growth minus price growth, 30d
DEX liquidity: $1.6M; DexScreener, representative pools
24h volume: $12k; all markets, CoinGecko
Unlocks 30d: $0; 99% or more of the max supply already circulates
Revenue multiple: 52.4×; market cap ÷ revenue per year
Fee multiple: 52.4×; market cap ÷ fees per year
Distance to peak: −58%; this week ÷ best week of 90 days
Data since: May 4; first day with holders revenue

Holders revenue and price

Holders revenue per day7-day averagePrice (right axis)

Multiple over time

today 201× (scored) · peer median 20.0×

Market cap at close ÷ (holders revenue of the previous 30 days × 365 ÷ 30), with holders revenue capped at revenue and × the type factor: the same effective multiple as the peer median. Values above 100× are drawn at the top. Bands as on the meter; dashed line = peer median today.

Signal history

No signals for this token yet.

Versus peers

universe (whole universe) · 52 tokens (51 with a multiple) · median multiple 20.0× · Hyperliquid is valued 1424.3× higher. Per dollar that counts for holders, Hegic is 9.5× dearer.

Main-ranking peers only. Multiples count holders revenue capped at revenue, × the type factor (buyback 1 · buyback + burn 1 · burn 0.75 · mixed 0.75 · distribution 0.5 · unclear 0.5 · ve-distribution 0.25).

This token against its main-ranking peers: multiple, revenue multiple, buyback share, holders revenue, market cap and revenue growth
Token	Distribution	Multiple	Revenue multiple	Buyback share	To holders 30d	Market cap	Rev. growth 30d
Pharaoh Exchange	ve / bribes	0.3×	0.2×	100%	$1.3M	$2.4M	−53%
PaperStrategy	Buyback + burn	0.3×	0.1×	43%	$743k	$2.8M	−2%
OTC	Buyback + burn	0.5×	0.2×	43%	$284k	$1.6M	+99%
RamsesX	Mixed	0.7×	0.5×	90%	$347k	$2.2M	+8%
nest	Distribution	0.8×	0.4×	100%	$868k	$4.3M	+30%
ORE Protocol	Buyback + burn	1.0×	1.0×	99%	$4.2M	$50.2M	+31%
StonkFun	Buyback + burn	1.8×	1.1×	60%	$1.6M	$36.7M	−88%
up	ve / bribes	2.0×	1.0×	100%	$300k	$3.7M	−70%
Fake World Assets	Buyback + burn	2.3×	1.6×	80%	$142k	$3.5M	−72%
THORSwap	Mixed	3.4×	1.9×	75%	$311k	$9.7M	+37%
Marinade	Buyback	5.0×	2.5×	50%	$191k	$11.7M	−14%
Chainflip	Buyback + burn	5.6×	5.6×	100%	$536k	$36.3M	+56%
Pons	Buyback + burn	6.1×	6.1×	104%	$1.4M	$101.8M	−83%
Pump	Buyback	6.1×	2.7×	44%	$21.5M	$1.6B	−27%
Usual	Mixed	6.5×	3.4×	70%	$372k	$22.1M	+72%
Aero	ve / bribes	8.2×	3.8×	96%	$7.4M	$352.3M	−8%
Tornado Cash	Mixed	9.7×	7.3×	100%	$260k	$23.1M	−30%
SSV Network	Mixed	12.1×	9.1×	100%	$271k	$30.0M	−12%
Spark	Buyback	13.0×	3.7×	28%	$344k	$54.5M	+144%
Lighter	Buyback	15.8×	12.8×	81%	$4.4M	$841.1M	+12%
edgeX	Buyback	16.4×	7.1×	43%	$605k	$120.4M	−44%
Geodnet	Buyback + burn	18.7×	14.9×	80%	$746k	$169.4M	0%
Lido	Buyback	18.8×	7.1×	37%	$0	$257.1M	−5%
Bankr	Distribution	19.3×	8.5×	86%	$190k	$23.9M	−85%
ApeX Protocol	Mixed	19.3×	14.5×	100%	$148k	$26.1M	−20%
deBridge	Buyback	20.0×	15.3×	77%	$352k	$85.6M	−12%
PancakeSwap	Buyback + burn	21.0×	13.7×	65%	$2.4M	$602.4M	−29%
Hyperliquidleader	Buyback + burn	21.1×	21.1×	100%	$68.7M	$17.66B	−4%
Yield Basis	ve / bribes	22.6×	8.0×	100%	$148k	$14.3M	41.0×
Raydium	Buyback	27.2×	16.9×	62%	$1.3M	$421.9M	−65%
Sky	Mixed	27.3×	8.5×	41%	$5.5M	$1.37B	−2%
Curve Finance	ve / bribes	30.7×	11.1×	94%	$2.6M	$376.7M	+44%
Maple Finance	Buyback	35.9×	7.2×	20%	$317k	$138.2M	+6%
Uniswap	Buyback + burn	36.2×	36.2×	100%	$8.2M	$3.59B	−19%
GMX	Distribution	37.2×	13.6×	73%	$363k	$82.1M	+15%
Collector Crypt	Buyback + burn	38.3×	1.0×	3%	$380k	$176.8M	−5%
Convex Finance	ve / bribes	46.5×	13.8×	95%	$866k	$153.1M	−4%
Aster	Buyback + burn	51.2×	∞	—	$2.7M	$1.71B	—
Orca	Buyback	52.8×	8.1×	15%	$120k	$77.1M	−37%
dYdX	Distribution	54.8×	27.4×	100%	$234k	$77.9M	−21%
Jupiter	Buyback	55.3×	16.6×	30%	$1.3M	$891.3M	−32%
Venice	Buyback + burn	68.9×	68.9×	100%	$1.1M	$946.3M	+21%
Kinetiq	Mixed	77.8×	34.3×	59%	$133k	$94.7M	−37%
Railgun	Distribution	80.5×	25.7×	65%	$202k	$108.6M	−9%
Pendle	ve / bribes	105×	37.5×	71%	$421k	$268.9M	+41%
Render Network BME	Burn	125×	89.1×	95%	$753k	$859.5M	+242%
Chainlink	Buyback	139×	119×	100%	$5.3M	$7.74B	+23%
Meteora	Distribution	162×	4.8×	17%	$480k	$166.1M	−54%
Hegicthis token	Distribution	201×	52.4×	100%	$19k	$12.4M	—
NEAR Protocol	Buyback	210×	198×	95%	$1.8M	$4.69B	−18%
Liquity	Distribution	1.2k×	8.4×	81%	$128k	$16.2M	+418%
BONK.fun	Mixed	∞	12.0×	95%	$1.5M	$240.1M	−67%

Score build-up35 of 100

Total score = 35% valuation + 25% momentum + 20% divergence + 20% quality − penalties, clamped to 0–100. Every number here can be recomputed from the figures on this page.

35of 100#28▲1top 36% one or more parts are the neutral 50

Valuation 8.8Momentum 12.5Divergence 10.0Quality 3.4= 34.7

Valuation35%

25Valuation 25.0: HR half 0.0 (multiple 201.47×; 100 at ≤3×, 0 at ≥100×, log scale), revenue half 50.0 (revenue peer group fell back to the universe → neutral 50; 0 at ≤0.33×, 50 at 1×, 100 at ≥3×, log scale).Average of two halves. HR half: linear in log(multiple), 100 at ≤ 3×, 0 at ≥ 100×, 0 without effective HR. Revenue half: linear in log(revenue peer value), 0 at ≤ 0.33×, 50 at 1×, 100 at ≥ 3×; neutral 50 when the peer group falls back to the universe.

Momentum25%capped

50Momentum 50.0 (neutral): g7 unknown, g30 unknown; missing history gives the neutral 50.m = 0.5·g7 + 0.3·ln(day jump, clamped ±1.5) + 0.2·g30; 0 at m ≤ −0.7, 50 at 0, 100 at ≥ 1.1. Neutral 50 when g7 or g30 is missing; a missing day jump counts as 0.

Divergence20%capped

50Divergence 50.0 (neutral): d unknown (missing history).d = max(0, g30 − p30) when g30 > 0; 0 at d ≤ 0, 100 at d ≥ 1.5, linear.

Quality20%

17Quality 17.1: mean of days HR>0 60% → 50.0 (0 at ≤30%, 100 at ≥90%), largest day 59% of HR30 → 1.2 (0 at ≥60%, 100 at ≤15%), distance to peak −0.58 → 0.0 (0 at ≤0.25, 100 at ≥0.9).Average of: share of days with HR > 0 (0 at ≤ 30%, 100 at ≥ 90%), 1 − largest day ÷ HR30 (0 at ≥ 60%, 100 at ≤ 15%) and distance to peak (0 at ≤ 0.25, 100 at ≥ 0.9).

One-day spike: largest day 59% of the HR window: Momentum 50.0 → 50, Divergence 50.0 → 50.

HR7 is below 50% of its 90-day peak: momentum and divergence are capped at 50. This is not a penalty; the distance already counts in quality.

Penaltiesnone

No penalty applies — 10 rules checked, 3 wait for research data

Where the numbers come from

Revenue source: 1 active child; DefiLlama adapter per child
Price and market cap: defillama / defillama; latest fetch
Scored on: November 12, 2026; as-of date of the last compute run
On-chain verified: not yet; not checked yet

Protocols behind this token1 at DefiLlama

Per protocol: DefiLlama's methodology text, the distribution type we read from it and the sentence that decided it. The token takes the type of the protocol that returns the most to holders.

Hegic
Options · Arbitrum
type distribution · source label
“Net Options Premiums: Net premiums distributed to HEGIC Stake & Cover pool participants.”
100% of net premiums accrue to HEGIC Stake & Cover pool participants.
Net Options Premiums
Net premiums distributed to HEGIC Stake & Cover pool participants.
adapter on GitHub ↗