Vesper VSP

Payout, not buybackRank#25in Low payout▼3Score37

Holders revenue is paid out to stakers, not used to buy the token on the market.

Yield Aggregator, Ethereum, Base, OP Mainnet, 165 days of data

Low payout: less than $100k to holders in 30 days, or payouts on fewer than 8 of the 30 days (for a token that pays in cycles of a week or longer: more than one of the payouts its cycle predicts missed); ranked within this group

Market cap

$1.6M

price $0.172 · 7d −6.2% · 30d +60.0%

FDV $1.7M (1.0× market cap)

source defillama

Counted per year

$30k

holders revenue of the last 30 days, $5k, × 365 ÷ 30 (capped at revenue; before the cap $8k), × type factor 0.5 (payouts count 50%)

Distributionbuyback share 118%

Pays out 3.7% of its market cap a year, spending 118¢ per $1 earned: more than it earns.

Funded from treasury, not from revenue: holders got $8k in 30 days while the protocol earned $7k. Only the revenue-backed part ($5k) counts here.

Not a buyback: counts for 50% in the multiple (type factor 0.5), so the denominator is $30k instead of $61k.

Pays every ~48 days; next ~Dec 24. A week without a payout is normal for this token; holders revenue is measured over a whole cycle.

Multiple

53.4×

median of all tokens 20.0×, against 53.4× here

Run-rate

8.2×

last 7 days $8k × 52 × 0.5 (type factor) = $199k a year

last week's payout to holders ran 6.5× the 30-day pace: the payout is speeding up

What we checked

Valuation
Multiple 53.4× (type factor 0.5: payouts count 50%), 2.7× 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×: 2.5× dearer per dollar returned to holders. On total revenue: 17.8×, 4.7× 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 $12k of $10k revenue in 60 days (whole payout cycles, the window the multiple uses) → buyback share 118%. More went to holders than the protocol earned: the excess is paid from the treasury and is not counted. DefiLlama: “Tracks VSP distributed to esVSP lockers.”
Sustainability
Holders were paid on 2 days in the last 60 days, against the ~1 payouts its cycle predicts (100%) (pays every ~48 days; next ~Dec 24); largest single day 65% of the 60-day holders revenue; paid to holders over the last 60 days: 100% of the best 60-day stretch in 90 days. Revenue −94% over 7 days and +197% over 30 days, price +60% 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

Pays every ~48 daysPays every ~48 days; next ~Dec 24. A week without a payout is normal for this token, not a stop. Holders revenue is measured over 60 days so a full cycle fits.
Treasury-fundedbuyback share 118%: holders got $8k in 30 days while the protocol earned $7k; part is paid from the treasury, so the multiple only counts $5k
Paid out above feesholders got $8k in 30 days, more than the $7k in fees
Children changedthe set of DefiLlama children behind this token changed since the last run; HR windows may mix old and new children
Small peer group51 peers in universe; median taken from the universe level

How the buyback really works

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

Holders revenue / revenue (60d): $12k / $10k; last 60 days, whole payout cycles
To holders: Pays out 3.7% of its market cap a year
FDV / dilution: $1.7M / 1.0×; FDV ÷ market cap
Price 7d / 30d: −6.2% / +60.0%
Revenue growth 7d / 30d: −94% / +197%; versus the period before
Divergence: 0.62; revenue growth minus price growth, 30d
DEX liquidity: $100k; DexScreener, representative pools
24h volume: $14; all markets, CoinGecko
Unlocks 30d: —; no unlock schedule for this token
Revenue multiple: 17.8×; market cap ÷ revenue per year
Fee multiple: 17.8×; market cap ÷ fees per year
Distance to peak: 100%; last 60 days ÷ best 60 days of 90 days
Data since: Jun 1; first day with holders revenue

Holders revenue and price

Holders revenue per day7-day averagePrice (right axis)

Multiple over time

today 53.4× (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 10848.3× higher. Per dollar that counts for holders, Vesper is 2.5× 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%
Vesperthis token	Distribution	53.4×	17.8×	118%	$8k	$1.6M	+197%
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%
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-up37 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.

37of 100#25▼3top 32%

Valuation 20.6Momentum 4.4Divergence 8.3Quality 13.3penalties −10= 36.6

Valuation35%

59Valuation 58.9: HR half 17.9 (multiple 53.39×; 100 at ≤3×, 0 at ≥100×, log scale), revenue half 100.0 (revenue peer value 4.72×; 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%

18Momentum 17.5: m = 0.5·g7 −1.500 + 0.3·(ln(day jump 1.30) clamped ±1.5 = 0.259) + 0.2·g30 1.089 = −0.455; 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%

41Divergence 41.3: d = g30 − p30 = 0.619; 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%

67Quality 66.7: mean of days HR>0 100% → 100.0 (0 at ≤30%, 100 at ≥90%), largest day 65% of HR30 → 0.0 (0 at ≥60%, 100 at ≤15%), distance to peak 1.00 → 100.0 (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).

Penalty −10 (low_liquidity): DEX liquidity $100k below $250k and 24h volume $14 below $1.00M.

Penalties−10

−10Liquidity below $250k (dex) or 24h volume below $1M (cex)DEX liquidity $100k below $250k and 24h volume $14 below $1.00M

9 rules not applied, 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: November 12, 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.

Vesper V1
Yield Aggregator · Ethereum, Base, OP Mainnet
type distribution · source text
“Tracks VSP distributed to esVSP lockers.”
Tracks VSP distributed to esVSP lockers.
adapter on GitHub ↗
Vesper V2
Yield Aggregator · Ethereum
type unclear · source none
No methodology text at DefiLlama.
adapter on GitHub ↗