Looking at the DeFi landscape, several projects stand out when examining valuation efficiency metrics. A handful of emerging protocols are trading at particularly attractive multiples relative to their market positioning.

The list includes established names like SiloFinance, AlpacaFinance, and Bifrost Network alongside emerging players such as Merchant Moe, Protocol FX, and ExtraFi. MagpiexYZ and Veno Finance round out the group, each reflecting distinct market sentiments.

Valuation multiples serve as a key lens for identifying potential mispricings in the DeFi ecosystem. When projects trade at lower multiples relative to comparable protocols, it often signals either undervaluation opportunities or market skepticism worth investigating. The multiplier approach helps investors quickly scan the landscape and identify which protocols might deserve deeper analysis.

Of course, low valuation multiples alone don't guarantee returns—execution, adoption, and market conditions all matter significantly. But for those actively exploring the DeFi space, monitoring these relative valuation metrics can be a useful starting point for deeper due diligence.