The Smart Ape’s Float Comparison Hinges on One Week of Revenue
A comparison of three Solana launchpads puts Float lowest on an annualized revenue multiple, with one week of data behind the ranking.
Crypto commentator The Smart Ape (@the_smart_ape) put Float, Pumpfun and StonkFun on the same valuation yardstick on November 8. He took his estimate of each Solana launchpad’s protocol revenue for November 1–7, turned it into an annual run rate and divided the associated token’s market cap by that figure. Float came out lowest in his comparison. The ranking depends on how representative that week was and what each revenue figure includes.
“I took the protocol revenue of 3 launchpads for nov 1-7, annualized it, and divided each market cap by it.”
— The Smart Ape (@the_smart_ape) November 8, 2026
What one week can tell you
Annualizing takes the pace of a short period and extends it over a year. The Smart Ape’s $388,000 estimate for Float works out to about $20.2 million at an annual pace. The post did not include the underlying fee records. The multiple can move even if the token’s market cap stands still. If the next week brings in half as much revenue, for example, using that week alone would double the multiple at the same market cap.
Float separately reported more than $1 million in cumulative fees on November 8. Its breakdown included token buybacks and allocations to traders, holders and creators. That cumulative total covers a different period and a different measure from the weekly protocol revenue in The Smart Ape’s comparison. DefiLlama’s Pumpfun methodology likewise distinguishes the fees traders pay from the share classified as protocol revenue.
The missing breakdown
In the replies, TardiLabs asked how much of Float’s revenue came from its biggest launch. A breakdown by token over the same seven days would show whether the week leaned on one breakout or drew from several launches. Repeating that calculation over subsequent weeks would give traders a firmer basis for comparing the platforms.
