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Valueverse: Aborean, Nest, and Derive added to Listing Roadmap

Today we announce that native assets of aborean.finance ($ABX), usenest.xyz ($NEST), and derive.xyz ($DRV) are added to Valueverse's listing roadmap.

A while ago we launched Accrual - token fundamentals tracking solution for first whitelisted users. It tracks holders' revenues, multipliers, enabling backtesting dividend-focused portfolio strategies and hedged positions.

Aborean.finance ($ABX)

$ABX is the native asset of the metaDEX protocol, originally launched on Abstract, Ethereum's ZK-powered L2.

Following the recent announcement of its expansion to Ethereum mainnet and the token mechanics update, we believe the protocol has entered a new phase of development. As a result, it is worth closely tracking both its key metrics and the execution of this expansion strategy.

  • Liquid m.cap: $165k, FDV ~$680k
  • TVL $5.7m, lifetime volume + fees: $0.98B & $1.24m
  • P/FCF 7D 1.38x

Onchain data sources: Team dashboard

Token value: originates from Aborean.finance trading fees since veABX lockers receive all fees and distribute $ABX incentives via voting.

Owning this asset means: betting on growth of the Aborean fees stream, which in turn depends on Ethereum deployment TVL acquisition strategy.

It is a small project today so it's the perfect timing to start tracking its numbers and compare it to other ve-tokenomics projects and metaDEXes.

NEST ($NEST)

Nest is a MetaDEX operating in the rapidly growing HyperEVM ecosystem. In terms of token design features, Nest modified classical MetaDEX ve-tokenomics, the particular changes:

  • 6 months max locks instead of 4 years ones
  • no rebases for veNEST owners
  • $HYPE weekly drops (a share of fees is converted to $HYPE and distributed to new $veNEST lockes)

Recently, NEST demonstrated strong traction in TVL and fees that brought strong attention to this project from the market:

  • Liquid m.cap $4.6m, FDV $33.3m
  • TVL $19.4m, lifetime volume + fees: $1.4B & $1.49m
  • P/FCF 7D 1.4x

Onchain data sources: Analytics page.

Token value: originates from NEST trading fees since veNEST lockers receive all fees and distribute $NEST incentives via voting.

Owning this asset means: betting on growth of the NEST fees stream and HyperEVM DEX trading activity in general.

$ABX vs $NEST discussion

One of the reasons why $ABX was added to the Listing Roadmap is that it has comparable lifetime metrics with $NEST:

  • $0.98B vs $1.4B processed volume
  • $1.24m vs $1.49m lifetime fees
  • 1.38x vs 1.4x 7D P/FCF multiplier

Even the number of passed operational epochs (35 for $ABX and 28 for $NEST) is quite close.

The key difference is that $ABX experienced significant traction immediately after launch, followed by a prolonged decline in activity and attention.

In contrast, $NEST appears to be gaining momentum more recently, with adoption and market interest accelerating over time.

Derive ($DRV)

Derive (formerly Lyra) is a decentralized on-chain derivatives exchange focused on options, perpetuals, and structured trading products built on Ethereum's L2s and HyperEVM.

The native $DRV token functions:

  • Fee Discounts
  • Governance
  • Revenue sharing via buybacks and staking

The protocol generated ~$8.9m lifetime fees while the share that was accrued by $DRV token holders is uncertain for us. We plan to retrieve all onchain data and provide verified numbers to our users.

  • Liquid m.cap $105m, FDV $158m
  • TVL $116m, lifetime volume + fees: $28.83B & $8.9m
  • P/FCF 7D: undefined

Data sources: Stats

Token value: originates from $DRV trading fees distributed to $DRV holders and stakers via buybacks and staking rewards. Additional value arises from fee discounts and governance.

Owning this asset means: betting on growth of the Derive fees stream and sharing these fees with token holders. For platform users, owning this asset provides some savings on trading fees.

We will notify you once these assets are listed on the platform, including the release of original dashboards, verification of revenue metrics, and calculation of Holder P/FCF multipliers.

About Accrual

Accrual is an equity-research-style analytics platform for crypto assets, designed to measure, verify, and value the economic flows accruing to token holders.

The platform analyzes digital assets through a fundamentals-driven framework centered on cashflows, value-capturing mechanisms, and token-holder economics.

Disclaimer: This article and the accompanying analysis are provided by Valueverse for research and educational purposes only. All token valuation frameworks, metrics, comparisons, and conclusions discussed herein are experimental in nature and may rely on incomplete, estimated, delayed, or incorrect data, as well as subjective assumptions and methodologies.

Nothing in this publication constitutes investment advice, financial advice, legal advice, or a recommendation to buy, sell, or hold any asset. Readers are solely responsible for their own research, risk assessment, and investment decisions.