Explore private market DeFi valuation multiples with benchmarks structured by stage and region. Updated quarterly.
DeFi (decentralised finance) companies build protocols and applications for lending, trading, and yield without traditional intermediaries. Private-market valuations track total value locked, protocol revenue, and the durability of fee capture across market cycles.
The category spans decentralised exchanges, lending protocols, stablecoin and yield infrastructure, and DeFi tooling. DealMatrix tracks valuation dynamics across 7 funding stages and all major global regions, updated every quarter.
Sector
Finance & FinTech
Sector tracked since
2000
25+ years of data
EV/SALES & EV/EBITDA ACROSS
6 Regions, 7 Stages
Modelled independently via proprietary econometric approach
UPDATE FREQUENCY
Quarterly
Data updates & model improvement
As of 30 September 2025, calculated as on the DealMatrix platform
EV/EBITDA is shown from Series C onwards.
DealMatrix multiples are derived from institutional-grade public-market index data covering ~150 GICS sub-industries across 6 regions, with quarterly history back to 2000, and adjusted for region and funding stage in a six-step model that follows the IPEV Guidelines 2025. Published benchmarks are one year old and illustrative; because IPEV 2025 prohibits static multiples for reporting periods from 1 April 2026, current quarterly data for valuation work is available on the platform.
These figures are as of 30 September 2025, one year behind the platform. On the platform you combine up to four industries and get the current quarter.
DealMatrix multiples are proprietary private-market benchmarks, derived through a six-step model that translates public capital-market index comparables into private-market segments and funding stages, adjusted for macroeconomic conditions.
The model produces three components: The reported public multiple, the model-predicted multiple, and the lower bound predicted multiple averaged into the DealMatrix Composite, then adjusted for region and funding stage. The methodology follows the IPEV Guidelines 2025.
raised
Valuation
Region
Stage
Valuation benchmarks differ across industries as business models, growth rates and margins vary. Explore the sectors most related to DeFi to see how their EV/Sales and EV/EBITDA multiples compare.
What is the average valuation multiple for DeFi companies?
As of 30 September 2025, across all regions, venture-backed DeFi companies were valued at about 4.9× to 18.5× EV/Sales, depending on the funding stage: 18.5× at Series A, 8.6× at Series C and 4.9× at Series E. EV/EBITDA was about 27.4× at Series C and 15.6× at Series E. Region-specific and current-quarter figures are available in DealMatrix.
How does the funding stage change DeFi multiples?
Multiples rise from Pre-Seed to a peak at Series A (18.5× EV/Sales for DeFi): growth is still very high while the risk investors price in has fallen. From Series B on, growth slows faster than risk falls, and multiples come down towards the level of listed companies by Series D and E. EV/EBITDA is shown from Series C onwards.
What is the difference between EV/Sales and EV/EBITDA for DeFi?
EV/Sales (enterprise value ÷ revenue) is used for high-growth DeFi companies that are not yet profitable, while EV/EBITDA (enterprise value ÷ operating profit) applies to mature, profitable ones. Early-stage companies are usually benchmarked on EV/Sales.
How are DeFi valuation multiples calculated?
Each DeFi multiple is a weighted blend of public-market index comparables, cleaned for outliers and gaps, then adjusted for macroeconomic conditions, region, and funding stage through a six-step model that follows the IPEV Guidelines 2025.
Do DeFi valuation multiples vary by region?
Yes. North America serves as the reference market and typically carries the highest multiples, while emerging markets trade at a structural discount. Region-specific figures are available in the DealMatrix platform.
How current is this DeFi data and how often is it updated?
The benchmark shown is an illustrative annual figure as of 30 September 2025. The underlying model is updated every quarter. Because the IPEV Guidelines 2025 prohibit static multiples for reporting periods from 1 April 2026, current quarterly data for valuations is available in the DealMatrix platform.
