Shadow Exchange SHADOW

Payout off peak

Paid to holders this week: 28% of the best week in 90 days ($7k against $27k), while revenue +62% over 30 days. Also: holders revenue is paid out, not a buyback.

Dexs, Sonic, 193 days of data

Not in the main ranking: Market cap below $1M

Market cap

$840k

price $0.798 · 7d −21.0% · 30d +6.0%

FDV $3.3M (3.9× market cap)

source defillama

Counted per year

$374k

holders revenue of the last 30 days, $61k, × 365 ÷ 30, × type factor 0.5 (payouts count 50%)

Distributionbuyback share 99%

Pays out 65% of its market cap a year, using 99¢ of every $1 it earns.

Not a buyback: counts for 50% in the multiple (type factor 0.5), so the denominator is $374k instead of $748k.

Multiple

3.1×

peer median 13.1× (Dexs, 15 tokens), against 3.1× here

Run-rate

6.0×

last 7 days $7k × 52 × 0.5 (type factor) = $194k a year

last week's payout to holders ran at 52% of the 30-day pace: the payout is slowing

What we checked

Valuation
Multiple 3.1× (type factor 0.5: payouts count 50%), 4.2× cheaper than its Dexs peers (median 13.1×, 15 tokens). The group's largest earner Hydrex trades at 0.6×: 5.4× dearer per dollar returned to holders. On total revenue: 1.5×, 10.9× cheaper 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 $61k of $62k revenue in 30 days → buyback share 99%. DefiLlama: “Penalty Fees: Early exit penalties streamed to the remaining xSHADOW holders.”
Sustainability
Holders were paid on 30 of 30 days (100%); largest single day 12% of the month's holders revenue; paid to holders this week: 28% of the best week in 90 days (more than half below peak). Revenue −53% over 7 days and +62% over 30 days, price +6% 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

Payout >50% below peakthis week's holders revenue is 28% of its best week in the last 90 days ($27k)

How the buyback really works

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

Holders revenue / revenue (30d): $61k / $62k; last 30 closed days
To holders: Pays out 65% of its market cap a year
FDV / dilution: $3.3M / 3.9×; FDV ÷ market cap
Price 7d / 30d: −21.0% / +6.0%
Revenue growth 7d / 30d: −53% / +62%; versus the period before
Divergence: 0.43; revenue growth minus price growth, 30d
DEX liquidity: $195k; DexScreener, representative pools
24h volume: $14k; all markets, CoinGecko
Unlocks 30d: —; unlocks not tracked yet
Revenue multiple: 1.5×; market cap ÷ revenue per year
Fee multiple: 1.3×; market cap ÷ fees per year
Distance to peak: 28%; 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 3.1× (scored) · peer median 13.1×

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

Dexs · 2 tokens · median multiple 13.1× · Hydrex is valued 1.1× higher. Per dollar that counts for holders, Shadow Exchange is 5.4× 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
Hydrexleader	ve / bribes	0.6×	0.1×	97%	$547k	$947k	+72%
Shadow Exchangethis token	Distribution	3.1×	1.5×	99%	$61k	$840k	+62%

Score build-up60 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.

60of 100

Valuation 34.8Momentum 6.0Divergence 5.7Quality 13.6= 60.2

Valuation35%

100Valuation 99.5: HR half 99.1 (multiple 3.10×; 100 at ≤3×, 0 at ≥100×, log scale), revenue half 100.0 (revenue peer value 10.87×; 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

24Momentum 24.2: m = 0.5·g7 −0.751 + 0.3·(ln(day jump 0.76) clamped ±1.5 = −0.277) + 0.2·g30 0.485 = −0.362; 0 at ≤−0.7, 50 at 0, 100 at ≥1.1.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

28Divergence 28.4: d = g30 − p30 = 0.426; 0 at ≤0, 100 at ≥1.5.d = max(0, g30 − p30) when g30 > 0; 0 at d ≤ 0, 100 at d ≥ 1.5, linear.

Quality20%

68Quality 68.0: mean of days HR>0 100% → 100.0 (0 at ≤30%, 100 at ≥90%), largest day 12% of HR30 → 100.0 (0 at ≥60%, 100 at ≤15%), distance to peak 0.28 → 4.0 (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).

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: 2 active children; DefiLlama adapter per child
Price and market cap: defillama / defillama; latest fetch
Scored on: October 28, 2026; as-of date of the last compute run
On-chain verified: not yet; not checked yet

Protocols behind this token2 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.

Shadow Exchange CLMM
Dexs · Sonic
type distribution · source label
“Penalty Fees: Early exit penalties streamed to the remaining xSHADOW holders.”
The share of swap fees sent to xSHADOW holders by pools that have a gauge, plus the penalty paid by users who exit xSHADOW early, which is streamed to the remaining holders.
Penalty Fees
Early exit penalties streamed to the remaining xSHADOW holders.
Token Swap Fees To Holders
Swap fees sent to xSHADOW holders by pools that have a gauge.
adapter on GitHub ↗
Shadow Exchange Legacy
Dexs · Sonic
type distribution · source label
“Token Swap Fees To Holders: Swap fees sent to xSHADOW holders by pools that have a gauge.”
The share of swap fees sent to xSHADOW holders by pools that have a gauge.
Token Swap Fees To Holders
Swap fees sent to xSHADOW holders by pools that have a gauge.
adapter on GitHub ↗