A study by Berlin-based venture firm Greenfield reveals that DeFi market valuations are increasingly driven by fundamental metrics such as fees, total value locked, and revenue. The analysis, covering 2021 to 2025, shows that models based on these metrics outperform those tracking Bitcoin and Ethereum prices or social sentiment over three- and six-month periods. Felix Machart, a partner at Greenfield, highlighted that this shift towards fundamentals indicates market maturation, although short-term volatility and social sentiment remain influential. The report also underscores the significance of metrics like decentralized exchange volume and treasury value.