CRYPTO MARKET INTELLIGENCE / ASSET DOSSIER

Hegic.

hegic · coingecko:hegic

EVIDENCE · NOT A RECOMMENDATION

This dossier explains why the asset surfaced, what the stored evidence says, what changed, and which limitations remain. Deterministic signals are research questions, not investment conclusions.

Price$0.014114

Market cap$15.21M

Active signals2

Total / circulating1.00×

Longest active streak6

Snapshots compared6

Why it surfaced

peer valuation difference

The valuation multiple differs materially from the eligible peer median

Current streak: 6 snapshots · triggered 6/6 observed snapshots

data quality investigation

Provider relationships disagree or map one protocol to multiple assets

Current streak: 6 snapshots · triggered 6/6 observed snapshots

What changed

peer valuation difference

continuing · streak 6 · 6/6 snapshots

data quality investigation

continuing · streak 6 · 6/6 snapshots

Latest fundamental observations

Metric	Period	Value	Observed
fees	24h	$0.82	2026-10-18T04:35:58.074Z
fees	30d	-$75,160.15	2026-10-18T04:35:58.074Z
fees	7d	$6,185.85	2026-10-18T04:35:58.074Z
holders revenue	24h	$0.82	2026-10-18T04:36:12.168Z
holders revenue	30d	-$75,160.15	2026-10-18T04:36:12.168Z
holders revenue	7d	$6,185.85	2026-10-18T04:36:12.168Z
revenue	24h	$0.82	2026-10-18T04:36:00.033Z
revenue	30d	-$75,160.15	2026-10-18T04:36:00.033Z
revenue	7d	$6,185.85	2026-10-18T04:36:00.033Z
tvl	point in time	$9.25M	2026-10-18T04:35:46.584Z

Historical changes

Metric	Window	Change	Boundary
fees usd:24h	7d	100.01%	2026-10-11T04:49:24.915Z → 2026-10-18T04:35:58.074Z
fees usd:30d	7d	-4.55%	2026-10-11T04:49:24.915Z → 2026-10-18T04:35:58.074Z
fees usd:7d	7d	125.27%	2026-10-11T04:49:24.915Z → 2026-10-18T04:35:58.074Z
holders revenue usd:24h	7d	100.01%	2026-10-11T04:49:36.133Z → 2026-10-18T04:36:12.168Z
holders revenue usd:30d	7d	-4.55%	2026-10-11T04:49:36.133Z → 2026-10-18T04:36:12.168Z
holders revenue usd:7d	7d	125.27%	2026-10-11T04:49:36.133Z → 2026-10-18T04:36:12.168Z
market cap usd:point in time	7d	-2.39%	2026-10-10T04:07:04.000Z → 2026-10-18T03:52:58.000Z
revenue usd:24h	7d	100.01%	2026-10-11T04:49:28.176Z → 2026-10-18T04:36:00.033Z
revenue usd:30d	7d	-4.55%	2026-10-11T04:49:28.176Z → 2026-10-18T04:36:00.033Z
revenue usd:7d	7d	125.27%	2026-10-11T04:49:28.176Z → 2026-10-18T04:36:00.033Z
tvl usd:point in time	7d	-1.62%	2026-10-11T04:49:10.103Z → 2026-10-18T04:35:46.584Z

Market snapshot

Circulating supply: 1.08B
Total supply: 1.08B
Max supply: 1.08B
Provider updated: 2026-10-18T03:52:58.000Z

Evidence coverage

Verified/provider links: 1
Stored fundamental observations: 60
Calculated history rows: 11
Signal comparison: prior snapshot

Evidence synthesis

Generate or open a cached AI research brief constrained to this dossier's stored evidence, calculations, and limitations.

Open AI research brief

Rule evaluations

revenue growth declining multiple · excluded · no signal

Insufficient actual 30-day revenue or market-cap history

Limits: No observation within 2 days of the 30-day boundary · No observation within 2 days of the 30-day boundary

Inputs and calculation

{
  "inputs": {},
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

activity growth stagnant market cap · excluded · no signal

Insufficient actual 30-day activity or market-cap history

Inputs and calculation

{
  "inputs": {},
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

improving tokenholder value capture · excluded · no signal

No observations

Limits: Requires holders revenue and fees at both boundaries

Inputs and calculation

{
  "inputs": {},
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

peer valuation difference · included · signal

The valuation multiple differs materially from the eligible peer median

Limits: A difference is not evidence of mispricing; protocol economics may not be comparable

Inputs and calculation

{
  "inputs": {
    "currentCap": 15210302,
    "latestRevenue": 0.82,
    "peerMedian": 39.57062354650812
  },
  "calculation": {
    "annualizedRevenueMultiple": 50819.5856999666,
    "peerMultipleRatio": 1284.2755848979066
  },
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

fundamental deterioration · excluded · no signal

Insufficient actual 30-day fundamental history

Inputs and calculation

{
  "inputs": {},
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

high dilution · included · no signal

Eligible, but dilution threshold was not met

Limits: Supply fields are provider-reported and do not describe unlock timing

Inputs and calculation

{
  "inputs": {
    "circulatingSupply": 1077684725,
    "totalSupply": 1077684725
  },
  "calculation": {
    "totalToCirculatingRatio": 1
  },
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

data quality investigation · included · signal

Provider relationships disagree or map one protocol to multiple assets

Inputs and calculation

{
  "inputs": {
    "identityConflict": true
  },
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

Provenance and raw evidence

Classification evidence

[
  {
    "assetId": "coingecko:hegic",
    "kind": "sector",
    "value": "other",
    "status": "classified",
    "reason": "Canonical mapping from DeFiLlama category Options",
    "sourceProvider": "defillama",
    "sourceRecord": "128",
    "observedAt": "2026-10-18T04:35:46.584Z"
  },
  {
    "assetId": "coingecko:hegic",
    "kind": "asset_type",
    "value": "protocol_token",
    "status": "classified",
    "reason": "Canonical type mapping from DeFiLlama category Options",
    "sourceProvider": "defillama",
    "sourceRecord": "128",
    "observedAt": "2026-10-18T04:35:46.584Z"
  }
]

Identity relationships

[
  {
    "assetId": "coingecko:hegic",
    "protocolId": "128",
    "protocolSlug": "hegic",
    "method": "gecko_id",
    "evidence": "DeFiLlama gecko_id=hegic",
    "status": "verified_provider_relationship"
  }
]

Research statuses

[
  {
    "assetId": "coingecko:hegic",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "analyzable",
    "method": "global",
    "reason": "At least one deterministic screening method is eligible"
  },
  {
    "assetId": "coingecko:hegic",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "insufficient_historical_data",
    "method": "global",
    "reason": "One or more historical methods lack actual boundary observations"
  },
  {
    "assetId": "coingecko:hegic",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "excluded_from_method",
    "method": "revenue_growth_declining_multiple",
    "reason": "Insufficient actual 30-day revenue or market-cap history"
  },
  {
    "assetId": "coingecko:hegic",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "excluded_from_method",
    "method": "activity_growth_stagnant_market_cap",
    "reason": "Insufficient actual 30-day activity or market-cap history"
  },
  {
    "assetId": "coingecko:hegic",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "excluded_from_method",
    "method": "improving_tokenholder_value_capture",
    "reason": "No observations"
  },
  {
    "assetId": "coingecko:hegic",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "excluded_from_method",
    "method": "fundamental_deterioration",
    "reason": "Insufficient actual 30-day fundamental history"
  },
  {
    "assetId": "coingecko:hegic",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "requires_manual_investigation",
    "method": "global",
    "reason": "At least one deterministic research signal triggered"
  }
]

Human review decisions

[]

Full fundamental evidence

[
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:681",
    "protocolId": "128",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-09-22T21:51:30.762Z",
    "value": 10320175.791990807,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:7138",
    "protocolId": "128",
    "metric": "fees_usd",
    "period": "24h",
    "observedAt": "2026-09-22T21:51:32.324Z",
    "value": 7922,
    "unit": "USD",
    "definition": "Net premiums retained by the Hegic Stake & Cover pool: everything users pay into the Operational Treasury to open options/strategies, minus everything the treasury pays out on settlement.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "UserFees": "Fees paid by users",
      "Fees": "Net premiums retained by the Hegic Stake & Cover pool: everything users pay into the Operational Treasury to open options/strategies, minus everything the treasury pays out on settlement.",
      "Revenue": "The same as Fees, the Stake & Cover pool keeps all of its net premiums.",
      "ProtocolRevenue": "Fees going to treasury",
      "HoldersRevenue": "100% of net premiums accrue to HEGIC Stake & Cover pool participants.",
      "SupplySideRevenue": "LPs revenue"
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:7139",
    "protocolId": "128",
    "metric": "fees_usd",
    "period": "7d",
    "observedAt": "2026-09-22T21:51:32.324Z",
    "value": -44256,
    "unit": "USD",
    "definition": "Net premiums retained by the Hegic Stake & Cover pool: everything users pay into the Operational Treasury to open options/strategies, minus everything the treasury pays out on settlement.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "UserFees": "Fees paid by users",
      "Fees": "Net premiums retained by the Hegic Stake & Cover pool: everything users pay into the Operational Treasury to open options/strategies, minus everything the treasury pays out on settlement.",
      "Revenue": "The same as Fees, the Stake & Cover pool keeps all of its net premiums.",
      "ProtocolRevenue": "Fees going to treasury",
      "HoldersRevenue": "100% of net premiums accrue to HEGIC Stake & Cover pool participants.",
      "SupplySideRevenue": "LPs revenue"
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:7140",
    "protocolId": "128",
    "metric": "fees_usd",
    "period": "30d",
    "observedAt": "2026-09-22T21:51:32.324Z",
    "value": -50284.94,
    "unit": "USD",
    "definition": "Net premiums retained by the Hegic Stake & Cover pool: everything users pay into the Operational Treasury to open options/strategies, minus everything the treasury pays out on settlement.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "UserFees": "Fees paid by users",
      "Fees": "Net premiums retained by the Hegic Stake & Cover pool: everything users pay into the Operational Treasury to open options/strategies, minus everything the treasury pays out on settlement.",
      "Revenue": "The same as Fees, the Stake & Cover pool keeps all of its net premiums.",
      "ProtocolRevenue": "Fees going to treasury",
      "HoldersRevenue": "100% of net premiums accrue to HEGIC Stake & Cover pool participants.",
      "SupplySideRevenue": "LPs revenue"
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:14306",
    "protocolId": "128",
    "metric": "revenue_usd",
    "period": "24h",
    "observedAt": "2026-09-22T21:51:34.223Z",
    "value": 7922,
    "unit": "USD",
    "definition": "The same as Fees, the Stake & Cover pool keeps all of its net premiums.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "UserFees": "Fees paid by users",
      "Fees": "Net premiums retained by the Hegic Stake & Cover pool: everything users pay into the Operational Treasury to open options/strategies, minus everything the treasury pays out on settlement.",
      "Revenue": "The same as Fees, the Stake & Cover pool keeps all of its net premiums.",
      "ProtocolRevenue": "Fees going to treasury",
      "HoldersRevenue": "100% of net premiums accrue to HEGIC Stake & Cover pool participants.",
      "SupplySideRevenue": "LPs revenue"
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:14307",
    "protocolId": "128",
    "metric": "revenue_usd",
    "period": "7d",
    "observedAt": "2026-09-22T21:51:34.223Z",
    "value": -44256,
    "unit": "USD",
    "definition": "The same as Fees, the Stake & Cover pool keeps all of its net premiums.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "UserFees": "Fees paid by users",
      "Fees": "Net premiums retained by the Hegic Stake & Cover pool: everything users pay into the Operational Treasury to open options/strategies, minus everything the treasury pays out on settlement.",
      "Revenue": "The same as Fees, the Stake & Cover pool keeps all of its net premiums.",
      "ProtocolRevenue": "Fees going to treasury",
      "HoldersRevenue": "100% of net premiums accrue to HEGIC Stake & Cover pool participants.",
      "SupplySideRevenue": "LPs revenue"
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:14308",
    "protocolId": "128",
    "metric": "revenue_usd",
    "period": "30d",
    "observedAt": "2026-09-22T21:51:34.223Z",
    "value": -50284.94,
    "unit": "USD",
    "definition": "The same as Fees, the Stake & Cover pool keeps all of its net premiums.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "UserFees": "Fees paid by users",
      "Fees": "Net premiums retained by the Hegic Stake & Cover pool: everything users pay into the Operational Treasury to open options/strategies, minus everything the treasury pays out on settlement.",
      "Revenue": "The same as Fees, the Stake & Cover pool keeps all of its net premiums.",
      "ProtocolRevenue": "Fees going to treasury",
      "HoldersRevenue": "100% of net premiums accrue to HEGIC Stake & Cover pool participants.",
      "SupplySideRevenue": "LPs revenue"
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:20658",
    "protocolId": "128",
    "metric": "holders_revenue_usd",
    "period": "24h",
    "observedAt": "2026-09-22T21:51:36.166Z",
    "value": 7922,
    "unit": "USD",
    "definition": "100% of net premiums accrue to HEGIC Stake & Cover pool participants.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyHoldersRevenue",
    "methodology": {
      "UserFees": "Fees paid by users",
      "Fees": "Net premiums retained by the Hegic Stake & Cover pool: everything users pay into the Operational Treasury to open options/strategies, minus everything the treasury pays out on settlement.",
      "Revenue": "The same as Fees, the Stake & Cover pool keeps all of its net premiums.",
      "ProtocolRevenue": "Fees going to treasury",
      "HoldersRevenue": "100% of net premiums accrue to HEGIC Stake & Cover pool participants.",
      "SupplySideRevenue": "LPs revenue"
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:20659",
    "protocolId": "128",
    "metric": "holders_revenue_usd",
    "period": "7d",
    "observedAt": "2026-09-22T21:51:36.166Z",
    "value": -44256,
    "unit": "USD",
    "definition": "100% of net premiums accrue to HEGIC Stake & Cover pool participants.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyHoldersRevenue",
    "methodology": {
      "UserFees": "Fees paid by users",
      "Fees": "Net premiums retained by the Hegic Stake & Cover pool: everything users pay into the Operational Treasury to open options/strategies, minus everything the treasury pays out on settlement.",
      "Revenue": "The same as Fees, the Stake & Cover pool keeps all of its net premiums.",
      "ProtocolRevenue": "Fees going to treasury",
      "HoldersRevenue": "100% of net premiums accrue to HEGIC Stake & Cover pool participants.",
      "SupplySideRevenue": "LPs revenue"
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:20660",
    "protocolId": "128",
    "metric": "holders_revenue_usd",
    "period": "30d",
    "observedAt": "2026-09-22T21:51:36.166Z",
    "value": -50284.94,
    "unit": "USD",
    "definition": "100% of net premiums accrue to HEGIC Stake & Cover pool participants.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyHoldersRevenue",
    "methodology": {
      "UserFees": "Fees paid by users",
      "Fees": "Net premiums retained by the Hegic Stake & Cover pool: everything users pay into the Operational Treasury to open options/strategies, minus everything the treasury pays out on settlement.",
      "Revenue": "The same as Fees, the Stake & Cover pool keeps all of its net premiums.",
      "ProtocolRevenue": "Fees going to treasury",
      "HoldersRevenue": "100% of net premiums accrue to HEGIC Stake & Cover pool participants.",
      "SupplySideRevenue": "LPs revenue"
    }
  },
  {
    "id": "643a86d5-0f73-414c-92e0-793343ff7d6c:688",
    "protocolId": "128",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-09-24T00:45:17.400Z",
    "value": 9978087.882339435,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "643a86d5-0f73-414c-92e0-793343ff7d6c:7151",
    "protocolId": "128",
    "metric": "fees_usd",
    "period": "24h",
    "observedAt": "2026-09-24T00:45:20.664Z",
    "value": 57.91,
    "unit": "USD",
    "definition": "Net premiums retained by the Hegic Stake & Cover pool: everything users pay into the Operational Treasury to open options/strategies, minus everything the treasury pays out on settlement.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "UserFees": "Fees paid by users",
      "Fees": "Net premiums retained by the Hegic Stake & Cover pool: everything users pay into the Operational Treasury to open options/strategies, minus everything the treasury pays out on settlement.",
      "Revenue": "The same as Fees, the Stake & Cover pool keeps all of its net premiums.",
      "ProtocolRevenue": "Fees going to treasury",
      "HoldersRevenue": "100% of net premiums accrue to HEGIC Stake & Cover pool participants.",
      "SupplySideRevenue": "LPs revenue"
    }
  },
  {
    "id": "643a86d5-0f73-414c-92e0-793343ff7d6c:7152",
    "protocolId": "128",
    "metric": "fees_usd",
    "period": "7d",
    "observedAt": "2026-09-24T00:45:20.664Z",
    "value": -48562.09,
    "unit": "USD",
    "definition": "Net premiums retained by the Hegic Stake & Cover pool: everything users pay into the Operational Treasury to open options/strategies, minus everything the treasury pays out on settlement.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "UserFees": "Fees paid by users",
      "Fees": "Net premiums retained by the Hegic Stake & Cover pool: everything users pay into the Operational Treasury to open options/strategies, minus everything the treasury pays out on settlement.",
      "Revenue": "The same as Fees, the Stake & Cover pool keeps all of its net premiums.",
      "ProtocolRevenue": "Fees going to treasury",
      "HoldersRevenue": "100% of net premiums accrue to HEGIC Stake & Cover pool participants.",
      "SupplySideRevenue": "LPs revenue"
    }
  },
  {
    "id": "643a86d5-0f73-414c-92e0-793343ff7d6c:7153",
    "protocolId": "128",
    "metric": "fees_usd",
    "period": "30d",
    "observedAt": "2026-09-24T00:45:20.664Z",
    "value": -50234.729999999996,
    "unit": "USD",
    "definition": "Net premiums retained by the Hegic Stake & Cover pool: everything users pay into the Operational Treasury to open options/strategies, minus everything the treasury pays out on settlement.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "UserFees": "Fees paid by users",
      "Fees": "Net premiums retained by the Hegic Stake & Cover pool: everything users pay into the Operational Treasury to open options/strategies, minus everything the treasury pays out on settlement.",
      "Revenue": "The same as Fees, the Stake & Cover pool keeps all of its net premiums.",
      "ProtocolRevenue": "Fees going to treasury",
      "HoldersRevenue": "100% of net premiums accrue to HEGIC Stake & Cover pool participants.",
      "SupplySideRevenue": "LPs revenue"
    }
  },
  {
    "id": "643a86d5-0f73-414c-92e0-793343ff7d6c:14321",
    "protocolId": "128",
    "metric": "revenue_usd",
    "period": "24h",
    "observedAt": "2026-09-24T00:45:22.760Z",
    "value": 57.91,
    "unit": "USD",
    "definition": "The same as Fees, the Stake & Cover pool keeps all of its net premiums.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "UserFees": "Fees paid by users",
      "Fees": "Net premiums retained by the Hegic Stake & Cover pool: everything users pay into the Operational Treasury to open options/strategies, minus everything the treasury pays out on settlement.",
      "Revenue": "The same as Fees, the Stake & Cover pool keeps all of its net premiums.",
      "ProtocolRevenue": "Fees going to treasury",
      "HoldersRevenue": "100% of net premiums accrue to HEGIC Stake & Cover pool participants.",
      "SupplySideRevenue": "LPs revenue"
    }
  },
  {
    "id": "643a86d5-0f73-414c-92e0-793343ff7d6c:14322",
    "protocolId": "128",
    "metric": "revenue_usd",
    "period": "7d",
    "observedAt": "2026-09-24T00:45:22.760Z",
    "value": -48562.09,
    "unit": "USD",
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