Highlights:
CoinLaunch introduces a professional 6-point framework to evaluate profit-sharing crypto tokens.
The research questions whether top revenue projects are sustainable or flawed by weak economic models.
Investors may find stronger upside in low to mid-cap projects with transparent tokenomics.
A new, in-depth research report by crypto analytics platform CoinLaunch introduces a professional framework for evaluating profit-sharing tokens. Its conclusion poses a question about the market’s highest-revenue projects and expresses doubts that they may be the best investment picks due to flawed economic models.
This analysis comes at a time when the DeFi market is still recovering from a speculative era. A report from March 31 suggests that 1.8 million cryptocurrency projects have failed in 2025, accounting for nearly half (49.7%) of all project closures since 2021. These failures, compounded by the collapse of Terra/Luna and Celsius, served as a wake-up call and have led investors to scrutinize projects more closely. In response, the industry is moving away from overpromising and exploring more sustainable approaches.
With the new research report by CoinLaunch, users gain access to a professional framework that could help them identify sustainable projects. The report’s findings show that some of the biggest names in the space may underdeliver, and users may be better off looking at low to mid-cap alternatives.
Coinlaunch’s 6-Point Framework for Analysis
CoinLaunch research has created a 6-point framework to help investors assess a project and scrutinize it in the same way institutions would. The focus is on maintaining an unbiased perspective when analyzing a cryptocurrency project, regardless of its size.
1. Fundamental Growth:
This point focuses on the historical growth patterns of the project. It asks whether the business is actually growing. It helps investors determine whether the project is simply riding a wave of speculation or has a genuine use case that could deliver long-term upside.
2. Value Accrual & Sharing Mechanism:
This point encourages users to examine the project’s revenue-generating and distribution mechanisms. Revenue generation should be realistic and consistent, and the distribution mechanism should be fair.
3. Token Growth Upside:
This point involves comparing the project with market standards to draw precise conclusions about its real upside potential, based on actual metrics rather than promises.
4. Demand on Revenue:
This point highlights how much of the distributed revenue becomes accessible to investors. A high-demand project may generate massive upsides, but the portion of revenue available could be small. Conversely, a project with balanced demand but strong potential could offer better returns.
5. Exposure to Ecosystem:
This point asks investors to evaluate the risk factors associated with the project. It examines whether the project has failsafe measures in place and whether its core system is diversified enough to remain resilient in volatile markets.
6. Current Yield & Holder Risk:
This point considers the real APY of the project and the risks that holders could face. It asks investors to assess whether the project is transparent about its tokenomics and whether those risks are clearly communicated.
The Verdict of the CoinLaunch Research: Leaders, Outsiders, and Non-Obvious Truths
Coinlaunch research identifies a clear group of leaders and outsiders based on their tokenomics and business models.
The Leaders: A Mix of Blue-Chips and High-Growth Gems
The report has highlighted the following three projects that could be a suitable pick for investors.
Aerodrome (AERO), an established blue-chip of the Base ecosystem, has perfect scores in terms of Fundamental Growth and Value Accrual. However, new investors could face the following weakness:
Token Growth Upside is limited by a $1.7B valuation.
Demand on Revenue is extremely high.
Usual Protocol (USUAL) has been identified as a well-backed stablecoin that offers a stable-yield opportunity.
GoodcryptoX ($GOOD) has been identified as a project with high-growth potential. It has high metrics like Token Growth Upside (due to a tiny $25M FDV) and extremely low Demand on Revenue.
The Outsiders: High-Revenue Projects with Fatal Flaws
The research has flagged the following projects as weaker investments.
Pump.fun (PUMP) is labeled the ultimate “high-revenue trap” due to its failure on Value Accrual, as its tokenomics offer zero direct yield to holders.
Raydium (RAY) and PancakeSwap (CAKE) are also shown to have outdated or inefficient models, such as a reliance on indirect buybacks or the removal of direct staking rewards.
The Data-Driven Summary on the Next Crypto to Explode
Below is the full analysis of the projects based on CoinLaunch’s six core points:
Project
Fundamental Growth
Value Accrual & Sharing
Exposure to Ecosystem
Token Growth Upside
Demand on Revenue
Current Yield (APY/APR)
Aerodrome (AERO)
Strong 🟢
High 🟢
Medium 🟡
Limited 🔴
High 🔴
Varies 🟡
USUAL (USUAL)
Moderate 🟡
High 🟢
High 🟢
Moderate 🟡
Moderate 🟡
~35%
APR 🟡
PUMP.FUN (PUMP)
Moderate 🟡
Low 🔴
High 🟡
Volatile 🔴
High 🔴
N/A ❌
Raydium (RAY)
Moderate 🟡
Moderat🟡
High 🔴
Limited 🔴
Moderate 🟡
Indirect 🟡
Banana Gun (BANANA)
Moderate 🟡
High 🟢
Moderate 🟡
Moderate 🟡
Moderate 🟡
~9.98% APY🟡
PancakeSwap (CAKE)
Strong 🟢
Low 🔴
High 🟡
Moderate 🟡
High 🔴
Indirect 🟡
goodcryptoX (GOOD)
Strong 🟢
High 🟢
High 🟢
Significant 🟢
Low 🟢
~102% APY 🟢
Final Analysis: A New Playbook for the Modern Market Participant
CoinLaunch takes a multi-faceted approach to research, focusing on key factors that cover projects of all caps.
The framework shows a diverse focus of opportunities, each with its own distinct profile. There are established Aerodrome (AERO) and Usual Protocol (USUAL). They represent the “blue-chips” of the Real Yield space, which is a good choice for those who prioritize stability, but with a more modest growth ceiling due to their mature valuations and large user bases.
On the other hand, the framework helps identify early-stage, high-growth opportunities like goodcryptoX ($GOOD). These are the asymmetric bets that score highly on potential upside of the next big crypto and early-adopter advantages, but naturally carry the risks inherent to any emerging venture.
Furthermore, CoinLaunch flags projects like Pump.fun (PUMP) or PancakeSwap (CAKE), where impressive revenue figures can mask fundamentally flawed tokenomics that fail to deliver value to holders.
