Growth · DeFi index / DTF
Reserve Rights RSR
MC ~$76M
FDV ~$122M
Price ~$0.001
Supply ~100B
Composite50.2 #10 of 25
Buyback yield1.0% $882.2K/yr
P/S99.8× sector 96.1×
Below 1y peak83% 5.8× to reclaim
Float63% FDV $141.0M
Fwd P/S y336.6× base case
Moat42 judgement
Innovation45 judgement
Moat 42. Index and basket wrappers over existing primitives. The construction is replicable; distribution would have to be the moat and is not yet.
Innovation 45. Tokenised index baskets (DTFs) are a sensible product wrapper over existing primitives rather than a new primitive.
Innovation 45. Tokenised index baskets (DTFs) are a sensible product wrapper over existing primitives rather than a new primitive.
Measured from live data, except Moat and Innovation which are hand-set judgements · snapshot 2026-08-23 · full model →
What it does
Reserve is the leading platform for Decentralized Token Folios (DTFs) — onchain ETF-like baskets. Anyone can create a DTF; RSR stakers earn a slice of that DTF's fees, and Index DTFs (Reserve's canonical products) direct a portion of every mint/TVL fee into market-buying and burning RSR.
Fundamentals
- Real fee generation from an expanding DTF suite.
- Ecosystem includes eUSD and other RTokens.
- DTFs are a natural bridge between RWA and DeFi — tokenized index wrappers.
Tokenomics
- 100B total supply — optically bad, but relevant number is float and burn rate.
- Proposed 30B token burn on the table (~30% of supply if approved).
- Index DTF fees mechanically buy and burn RSR.
- RSR staked on a specific DTF earns that DTF's fees directly.
Catalysts (6–12mo)
- Proposed 30B burn approval.
- DTF category adoption as tokenized indices become a real on-chain wrapper narrative.
- Any RWA/index-fund tailwind (e.g., BlackRock tokenized index launches).
Risks
- DTF category still nascent — no clear winner yet.
- 100B supply is optically bad even after burns.
- Execution risk against IndexCoop and future entrants.
Speculative Buy. Highest upside / lowest-MC name on the list with a real mechanical burn attached. Size accordingly — asymmetric option on the DTF category.
How it compares to its peers
| Infra | Mkt cap | Revenue/yr | Growth/yr | Bull y3 rev | P/S | Fwd P/S y3 | Buyback |
|---|---|---|---|---|---|---|---|
| LayerZeropeer | $406.5M | $4.2M | -36% | $3.6M | 96.1× | 222.0× | 1.0% |
| Celestiapeer | $349.2M | $0 | -44% | $0 | — | — | — |
| Reserve Rights | $88.2M | $883.2K | 62% | $4.3M | 99.8× | 36.6× | 1.0% |
| Babylon | $53.1M | $0 | — | — | — | — | 0.0% |
| Axelarpeer | $49.9M | $0 | -38% | $0 | — | — | 0.0% |
| Hyperlane | $22.4M | $1.3M | -33% | $4.5M | 17.8× | 37.8× | 0.0% |
Sector median P/S is 96.1×. Reserve Rights trades at 99.8× — above the median, worth 4% if it re-rated to it. Peer revenue growth runs at a median of -36% a year, with 4 of 5 shrinking — so this multiple sits inside a contracting sector.