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Provided by Sergey Gurkin @sergeygurkin. Last update 08.12.2020
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Price. $CS,
mn tokens		TTS,
mn tokens		Market metricsOperational metricsRatiosWeightsIndexListingsCommentsLinks
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MCap, $ mnFDV, $ mnADTV, $ mnTVL, $ mn
Daily GMV
(Turnover). $ mn
Revenue*12,
$ mn		Fees. %MCap/
TVL		MCap/
ADTV		FDV/
MCap		MCap/S
(annual)		MCap/
Daily GMV		MCap/
Daily GMV		% of MCap% of FDV
% of ADTV
% of TVL<<Weights rankingINDEXInverted
INDEX		Implied
weights		BinanceHuobiFTX
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YETI COMPONENTS
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YFI291750.030.038758753184252.1x2.7x1.0x61%38%52%26%111250.2032%YesYesYes
https://www.coingecko.com/en/coins/yearn-finance
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SUSHI2.512725031161321298152810.30%0.3x1.5x2.0x3.9x6.0x19.0x22%26%35%60%242190.1118%YesYesYes
https://www.coingecko.com/en/coins/sushi
https://www.coingecko.com/en/exchanges/sushiswap
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K3PR4480.200.20909011177.0x8.3x1.0x6%4%2%0%3178190.058%YesNoNoBusiness model is not directly comparable to the peer group
https://www.coingecko.com/ru/%D0%9A%D1%80%D0%B8%D0%BF%D1%82%D0%BE%D0%B2%D0%B0%D0%BB%D1%8E%D1%82%D1%8B/keep3rv1
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COVER8000.050.09427220241.7x2.0x1.7x3%3%3%1%4345160.0610%YesNoNo
https://www.coingecko.com/en/coins/cover-protocol#markets
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CREAM820.482.923923931480.3x13.0x6.1x3%10%0.5%9%5583210.058%YesNoYes
https://www.coingecko.com/en/coins/cream
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AKRO0.012303400031531483.6x2.2x1.7x2%2%2%1%6356200.058%YesYesYes
https://www.coingecko.com/en/coins/akropolis
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CVP3.66.1100223641282.7x1.8x16.3x2%16%2%1%7667260.046%YesYesNo
https://www.coingecko.com/ru/%D0%9A%D1%80%D0%B8%D0%BF%D1%82%D0%BE%D0%B2%D0%B0%D0%BB%D1%8E%D1%82%D1%8B/powerpool-concentrated-voting-power
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PICKLE181.01.2172122360.5x0.8x1.2x1%1%4%2%8234170.069%NoNoNo
https://www.coingecko.com/en/coins/pickle-finance
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Average1782917620452810.30%11.0x4.1x3.9x13%13%13%13%0.08
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Median40165173052810.30%1.9x2.1x1.7x19.0x3%7%3%2%0.06
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Total142723276121632N/aN/aN/aN/aN/aN/a100%100%100%100%0.62
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REFERENCE GROUP - TIER-1 DeFis
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AAVE891216106214202791,421325185.68%0.7x3.8x1.3x57.8x3.3x21%12%34%15%YesYesYes
https://www.coingecko.com/en/coins/aave
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Curve0.71,3843,30395922894697734100.04%1.0x21.0x2.4x96.3x28.4x28.9x19%19%6%10%YesYesYes
https://www.coingecko.com/en/coins/curve-dao-token
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UNI3.7215100079136802271,4043793150.30%0.6x3.5x4.6x2.5x2.1x3.7x16%30%28%14%YesYesYes
https://www.coingecko.com/en/coins/uniswap
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SNX5.41362117361139698639140.40%0.9x10.7x1.5x53.3x77.7x91.2x15%9%8%9%YesYesYes
https://www.coingecko.com/en/coins/synthetix-network-token
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COMP16441066216401201,6771580704.47%0.4x5.5x2.5x9.5x0.4x13%13%15%17%YesYesYes
https://www.coingecko.com/en/coins/compound
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MKR52311474526352,701984303.12%0.2x13.7x1.1x15.7x0.5x9%4%4%28%YesYesYes
https://www.coingecko.com/en/coins/maker
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NXM228817617611961.8x15.5x1.0x4%1%1%1%YesYesNo
https://www.coingecko.com/en/coins/wrapped-nxm
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Balancer141010013813573055914290.43%0.2x4.6x9.9x4.7x9.7x39.5x3%11%4%6%YesYesYes
https://www.coingecko.com/en/coins/balancer
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Average625152910212124756900.7x9.8x3.0x34.3x17.4x13%13%13%13%
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Median69913895711903252900.7x8.1x2.0x15.7x3.3x34.2x14%11%7%12%
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Total4998122288169697N/aN/aN/aN/aN/aN/aN/aN/a100%100%100%100%
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TLDR
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Proposed 35% / 17% / 8% weights are proven by numbers with certain level of deviation which we can put aside of consideration as most of the projects inncluded in YETI are very new.
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This conclusion obtained from a simple analysis of MCap, FDV, ADTV and TVL
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METHODOLOGY
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I ranked 3 market metrics (MCap, FDV, ADTV) and 1 operational metric (TVL) (see columnsV-Y) by weights, sum up these 4 ranks for each project to calculate cummulative index (see columns AA-AE), inverted the cummulative index and calculated INDEX weights (see columns AF-AG) to calculate the implied weights
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*please note, column AB is calculated and inverted manually. as high FDV (FDV/MCap) is worse than low
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All ranks (AA-AE) are equally weighted for simplicity reasons and as we dont have any analysis allowing us to use tailor weights off the shelf
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Than I used the ratios (columns P-T), the metrics from the reference group of tier-1 DeFis and average/medians to sanity check the YETI weights obtained (see column AG)
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GMV and Revenues werent considered due to absence of reliable data
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Synergies and differences in business models were not considered
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CONCLUSIONS
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For simplicity reasons I suggest to use the weights proposed by Ryan Watkins. The weights calculated here are slightly different (though pretty close to proposed ones), but this difference is statistically insignificant
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We can clearly see 2 groups - YFI+Sushi and others, with YFI+Sushi having ~50% weight.
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Exceptions include relatively low trading volumes for CREAM (just $3 mn ADTV), very high FDV/MCap for CVP (16.3x vs 1.7-2.0x medians for YETI and teir-1 projects respectively), and outlying MCap/TVL for K3PR (though it is not a relevant metric for the project)
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*At the same time suggest to ignore these exceptions as for example PowerPool can burn 25-50% of TTS and significantly decrease FDV/MCap so as it will be in median range of tier-1 projects
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Most of the assets in YETI are pretty in line with tier-1 projects from trading comps analysis standpoint, while MCap/ADTV metrics are even better (2.1x median vs 8.1x median).
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NEXT STEPS
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Add growth metrics for TVL
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Add fees collected (i.e. revenues) - where to source?
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Add # of unique wallets / active users and possibly growth metrics for them
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Add GMV, Revenue, Fees for YETI components
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