Does IR matter
in crypto?
We scored 22 protocols on investor relations practices and measured the relationship to valuation multiples. The data tells a clear story.
Protocols that invest in institutional-grade IR (consistent reporting, third-party data coverage, accessible communication) trade at multiples that reflect their fundamentals.
Protocols that don’t are subject to opacity discounts: the market either overpays because it can’t see the risks, or underpays because it can’t see the value.
Higher IR scores correlate with tighter valuation multiples. The market isn't overpaying for transparency. It's pricing well-covered protocols closer to fundamentals. Protocols with low IR and high multiples are trading on opacity. That’s rerating risk.
For protocols: improving IR doesn't inflate your multiple. It removes the opacity discount keeping your token mispriced. For investors: low IR and a high multiple is the highest correction risk when institutional scrutiny arrives.
| # | Protocol | Sector | IR Score | MCap / rev | Revenue | Market cap |
|---|
* Excluded from scatter and correlation. MCap / revenue is not meaningful for governance protocols with sub-$1M revenue.
The Novora IR Score™ evaluates protocols across 5 equally-weighted pillars (20 points each) for a 100-point composite. Each pillar contains 6 sub-criteria scored on a 0/5/10/15 scale, normalized to the pillar weight. Valuation data sourced from CoinGecko and Artemis. Revenue data sourced from Artemis and DefiLlama. Sample limited to protocols with verifiable onchain revenue. Pearson’s r used for correlation. This is observational. Correlation does not imply causation. Market data as of April 1, 2026.
The IR Score is the starting point. From there: a full IR diagnostic, ongoing monitoring, or hands-on capital markets advisory.
Novora IR Score™Get in touchData: CoinGecko, Artemis, DefiLlama. n = 22. April 2026.