DefiLlama Turns Protocols into Companies

DefiLlama has also implemented new protocol income statements on their Pro dashboards, which is a significant improvement over the user experience of analyzing decentralized finance projects. The new feature gives investors and analysts access to structured financial information rather than basing the analysis solely on token prices and total value locked. The move moves DeFi analytics towards traditional financial reporting standards.

Protocol income statements are now available on DefiLlama Pro dashboards.

Add financial granularity alongside charts to understand line item protocol fundamentals. pic.twitter.com/eDdtvjSQb7

— DefiLlama.com (@DefiLlama) January 21, 2026

To date, the majority of the DeFi platforms were measured by superficial metrics such as TVL, the trading volume, and token performance. Under the income statements, the users are now able to monitor actual protocol fundamentals including sources of revenue, cost of operation, and gross profit. This provides the dashboards with financial depth and allows making better decisions.

Hyperliquid Makes the First Precedent

The launch of the feature was presented based on financial data of Hyperliquid. As it can be seen, the income statement reflects that in Q1 2026, the protocol brought in gross revenue of $40.2 million. The large portion of this was attributed to perpetual trading fees which amounted to almost 36 million. Other operations services and builder code fees were also used to generate additional revenues.

Hyperliquid registered a gross profit of about 36.13 million after deduction of costs in the same quarter. This points to the fact that there are already DeFi protocols that are already highly profitable businesses. This is data that had hitherto been obscured or had been hard to quantify because of fragmented on-chain data.

Better Risk Assessment to Investors

Another enhancement of Defillama risk management is income statements. Investors are able to determine protocols that will yield constant returns rather than depending on incentives that are created through inflation. This will assist in isolating platforms that are sustainable and platforms that rely on token emissions and hype.

Surface-level metrics and transparency have been one of the largest issues of DeFi. DefiLlama decreases the information asymmetry by revealing actual financial performance. Now users will be in a position to know whether the protocols are actually profitable or whether they are just making ends meet because of the liquidity incentives.

Such an aspect would establish a new standard of the industry. Other analytics solutions can also come behind with similar financial reporting solutions. Structured financial information will be critical to both amateur and professional investors as DeFi expands. Teams of protocols can now be under greater pressure. The bad revenue performance will be conspicuous to the society. It makes the accountability much higher and promotes improved development of products, user retention, and maximization of revenues.

DeFi Market Long-term Effect

In the long run, the income statements may redefine the way capital is entering DeFi. Strong cash flows protocols can receive more long-term investment. Poor protocols will not be able to argue their valuations based on actual financial performance.

The income statement the feature of DefiLlama is a turning point to decentralized finance. Defi is no longer only about returns and gambling. It is becoming a quantifiable financial regime where the protocols are evaluated on the basis of true revenue, true costs and true profitability. This has the potential to reinterpret the value assessment of the whole crypto market.