Tomasz Tunguz Blog · 2025-02-06 · 483d

Web3 Projects Generate $1.2B in Revenue Over 30 Days: Power Law Distribution and Valuation Shifts

Top 20 public Web3 projects generated $1.2B in hard revenue over 30 days, demonstrating significant revenue generation capability. Web3 projects are increasingly valued on revenue multiples similar to public SaaS companies, though with extreme outliers like Ethereum at 270x and Solana at 137x revenue. However, volatile growth rates driven by regulatory changes and lower gross margins distinguish Web3 businesses from traditional software companies.

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Metrics in this report

30-Day Revenue (Top 20 Projects)

1200$M

aggregate

Top 20 public Web3 projects

Coinbase Gross Margin

86%

median

Web3 project gross margin

Coinbase Revenue Multiple

13.8x

median

Public company comparable

Coinbase TTM Revenue Growth

90%

median

Trailing twelve months

Ethereum Gross Margin

81%

median

Web3 project gross margin

Ethereum Revenue Multiple

270x

median

Ethereum valuation to revenue

Jito TTM Revenue Growth

18720%

median

Trailing twelve months

Minimum Annual Run Rate

75$M

minimum

Smallest project in top 20

Solana Revenue Multiple

137x

median

Solana valuation to revenue

Solana TTM Revenue Growth

2837%

median

Trailing twelve months