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Here is a more comprehensive list of >100 protocols that did 1M+ in June (data by DefiLlama.com and Token Terminal 📊 , which still isn't all, e.g. misses clanker ): aave aerodrome aethir astherus axiom banana-gun base binance-staked-eth bitcoin bitlayer bloom-trading-bot

ICNT is live, trading around 270-290 M FDV. If you like some anchor points: DePIN Pulse - Find DePIN Earning Opportunities shows a 3.7M ARR for ICN, which makes the P/S ratio 73-78 DePINs median P/S ratio for June was 115

good summary of Defillama's revenue numbers - but can someone explain to me how tether/circle are onchain revenue?

DePIN remains the one sector where revenues continue to climb...yet prices are down as everywhere else and hence P/S ratios trend down. More in the latest OurNetwork 🔎 on DePINs: