CRYPTO MARKET INTELLIGENCE / ASSET DOSSIER

Surf.

surf · coingecko:surf-2

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$0.004415

Market cap$92,711.00

Active signals1

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

What changed

peer valuation difference

continuing · streak 6 · 6/6 snapshots

Latest fundamental observations

Metric	Period	Value	Observed
fees	24h	$0.14	2026-10-18T04:35:58.074Z
fees	30d	$4.60	2026-10-18T04:35:58.074Z
fees	7d	$0.98	2026-10-18T04:35:58.074Z
holders revenue	24h	$0.01	2026-10-18T04:36:12.168Z
holders revenue	30d	$0.43	2026-10-18T04:36:12.168Z
holders revenue	7d	$0.07	2026-10-18T04:36:12.168Z
revenue	24h	$0.01	2026-10-18T04:36:00.033Z
revenue	30d	$0.43	2026-10-18T04:36:00.033Z
revenue	7d	$0.07	2026-10-18T04:36:00.033Z
tvl	point in time	$195,432.24	2026-10-18T04:35:46.584Z

Historical changes

Metric	Window	Change	Boundary
fees usd:24h	7d	0.00%	2026-10-11T04:49:24.915Z → 2026-10-18T04:35:58.074Z
fees usd:30d	7d	-13.53%	2026-10-11T04:49:24.915Z → 2026-10-18T04:35:58.074Z
fees usd:7d	7d	2.08%	2026-10-11T04:49:24.915Z → 2026-10-18T04:35:58.074Z
holders revenue usd:24h	7d	0.00%	2026-10-11T04:49:36.133Z → 2026-10-18T04:36:12.168Z
holders revenue usd:30d	7d	-15.69%	2026-10-11T04:49:36.133Z → 2026-10-18T04:36:12.168Z
holders revenue usd:7d	7d	0.00%	2026-10-11T04:49:36.133Z → 2026-10-18T04:36:12.168Z
market cap usd:point in time	7d	-7.08%	2026-10-11T04:32:43.000Z → 2026-10-17T20:25:35.000Z
revenue usd:24h	7d	0.00%	2026-10-11T04:49:28.176Z → 2026-10-18T04:36:00.033Z
revenue usd:30d	7d	-15.69%	2026-10-11T04:49:28.176Z → 2026-10-18T04:36:00.033Z
revenue usd:7d	7d	0.00%	2026-10-11T04:49:28.176Z → 2026-10-18T04:36:00.033Z
tvl usd:point in time	7d	-2.04%	2026-10-11T04:49:10.103Z → 2026-10-18T04:35:46.584Z

Market snapshot

Circulating supply: 21M
Total supply: 21M
Max supply: 21M
Provider updated: 2026-10-17T20:25:35.000Z

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": 92711,
    "latestRevenue": 0.01,
    "peerMedian": 142.31323867645898
  },
  "calculation": {
    "annualizedRevenueMultiple": 25400.27397260274,
    "peerMultipleRatio": 178.4814554768781
  },
  "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": 21000000,
    "totalSupply": 21000000
  },
  "calculation": {
    "totalToCirculatingRatio": 1
  },
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

data quality investigation · included · no signal

No provider identity conflict detected

Inputs and calculation

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

Provenance and raw evidence

Classification evidence

[
  {
    "assetId": "coingecko:surf-2",
    "kind": "sector",
    "value": "yield_protocols",
    "status": "classified",
    "reason": "Canonical mapping from DeFiLlama category Yield",
    "sourceProvider": "defillama",
    "sourceRecord": "6765",
    "observedAt": "2026-10-18T04:35:46.584Z"
  },
  {
    "assetId": "coingecko:surf-2",
    "kind": "asset_type",
    "value": "protocol_token",
    "status": "classified",
    "reason": "Canonical type mapping from DeFiLlama category Yield",
    "sourceProvider": "defillama",
    "sourceRecord": "6765",
    "observedAt": "2026-10-18T04:35:46.584Z"
  }
]

Identity relationships

[
  {
    "assetId": "coingecko:surf-2",
    "protocolId": "6765",
    "protocolSlug": "surf-liquid",
    "method": "gecko_id_and_chain_contract",
    "evidence": "DeFiLlama gecko_id=surf-2; DeFiLlama address=base:0xcdca2eaae4a8a6b83d7a3589946c2301040dafbf; CoinGecko platforms.base=0xcdca2eaae4a8a6b83d7a3589946c2301040dafbf",
    "status": "verified_provider_relationship"
  }
]

Research statuses

[
  {
    "assetId": "coingecko:surf-2",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "analyzable",
    "method": "global",
    "reason": "At least one deterministic screening method is eligible"
  },
  {
    "assetId": "coingecko:surf-2",
    "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:surf-2",
    "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:surf-2",
    "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:surf-2",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "excluded_from_method",
    "method": "improving_tokenholder_value_capture",
    "reason": "No observations"
  },
  {
    "assetId": "coingecko:surf-2",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "excluded_from_method",
    "method": "fundamental_deterioration",
    "reason": "Insufficient actual 30-day fundamental history"
  },
  {
    "assetId": "coingecko:surf-2",
    "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-b174-122aa3718807:2061",
    "protocolId": "6765",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-09-22T21:51:30.762Z",
    "value": 218753.05183200305,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:10908",
    "protocolId": "6765",
    "metric": "fees_usd",
    "period": "24h",
    "observedAt": "2026-09-22T21:51:32.324Z",
    "value": 0.16,
    "unit": "USD",
    "definition": "All the yield earned across all Morpho vault positions, calculated from share price changes.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "UserFees": "Pays management + performance fees",
      "Fees": "All the yield earned across all Morpho vault positions, calculated from share price changes.",
      "Revenue": "10% performance fee on the yield.",
      "ProtocolRevenue": "Protocol retains no revenue; all fees go to SURF buybacks.",
      "SupplySideRevenue": "90% of earned yield is retained by vault depositors.",
      "HoldersRevenue": "All revenue is distributed to SURF holders via token buybacks."
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:10909",
    "protocolId": "6765",
    "metric": "fees_usd",
    "period": "7d",
    "observedAt": "2026-09-22T21:51:32.324Z",
    "value": 1.4699999999999998,
    "unit": "USD",
    "definition": "All the yield earned across all Morpho vault positions, calculated from share price changes.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "UserFees": "Pays management + performance fees",
      "Fees": "All the yield earned across all Morpho vault positions, calculated from share price changes.",
      "Revenue": "10% performance fee on the yield.",
      "ProtocolRevenue": "Protocol retains no revenue; all fees go to SURF buybacks.",
      "SupplySideRevenue": "90% of earned yield is retained by vault depositors.",
      "HoldersRevenue": "All revenue is distributed to SURF holders via token buybacks."
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:10910",
    "protocolId": "6765",
    "metric": "fees_usd",
    "period": "30d",
    "observedAt": "2026-09-22T21:51:32.324Z",
    "value": 7.500000000000003,
    "unit": "USD",
    "definition": "All the yield earned across all Morpho vault positions, calculated from share price changes.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "UserFees": "Pays management + performance fees",
      "Fees": "All the yield earned across all Morpho vault positions, calculated from share price changes.",
      "Revenue": "10% performance fee on the yield.",
      "ProtocolRevenue": "Protocol retains no revenue; all fees go to SURF buybacks.",
      "SupplySideRevenue": "90% of earned yield is retained by vault depositors.",
      "HoldersRevenue": "All revenue is distributed to SURF holders via token buybacks."
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:17637",
    "protocolId": "6765",
    "metric": "revenue_usd",
    "period": "24h",
    "observedAt": "2026-09-22T21:51:34.223Z",
    "value": 0.02,
    "unit": "USD",
    "definition": "10% performance fee on the yield.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "UserFees": "Pays management + performance fees",
      "Fees": "All the yield earned across all Morpho vault positions, calculated from share price changes.",
      "Revenue": "10% performance fee on the yield.",
      "ProtocolRevenue": "Protocol retains no revenue; all fees go to SURF buybacks.",
      "SupplySideRevenue": "90% of earned yield is retained by vault depositors.",
      "HoldersRevenue": "All revenue is distributed to SURF holders via token buybacks."
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:17638",
    "protocolId": "6765",
    "metric": "revenue_usd",
    "period": "7d",
    "observedAt": "2026-09-22T21:51:34.223Z",
    "value": 0.15,
    "unit": "USD",
    "definition": "10% performance fee on the yield.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "UserFees": "Pays management + performance fees",
      "Fees": "All the yield earned across all Morpho vault positions, calculated from share price changes.",
      "Revenue": "10% performance fee on the yield.",
      "ProtocolRevenue": "Protocol retains no revenue; all fees go to SURF buybacks.",
      "SupplySideRevenue": "90% of earned yield is retained by vault depositors.",
      "HoldersRevenue": "All revenue is distributed to SURF holders via token buybacks."
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:17639",
    "protocolId": "6765",
    "metric": "revenue_usd",
    "period": "30d",
    "observedAt": "2026-09-22T21:51:34.223Z",
    "value": 0.7100000000000003,
    "unit": "USD",
    "definition": "10% performance fee on the yield.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "UserFees": "Pays management + performance fees",
      "Fees": "All the yield earned across all Morpho vault positions, calculated from share price changes.",
      "Revenue": "10% performance fee on the yield.",
      "ProtocolRevenue": "Protocol retains no revenue; all fees go to SURF buybacks.",
      "SupplySideRevenue": "90% of earned yield is retained by vault depositors.",
      "HoldersRevenue": "All revenue is distributed to SURF holders via token buybacks."
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:22346",
    "protocolId": "6765",
    "metric": "holders_revenue_usd",
    "period": "24h",
    "observedAt": "2026-09-22T21:51:36.166Z",
    "value": 0.02,
    "unit": "USD",
    "definition": "All revenue is distributed to SURF holders via token buybacks.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyHoldersRevenue",
    "methodology": {
      "UserFees": "Pays management + performance fees",
      "Fees": "All the yield earned across all Morpho vault positions, calculated from share price changes.",
      "Revenue": "10% performance fee on the yield.",
      "ProtocolRevenue": "Protocol retains no revenue; all fees go to SURF buybacks.",
      "SupplySideRevenue": "90% of earned yield is retained by vault depositors.",
      "HoldersRevenue": "All revenue is distributed to SURF holders via token buybacks."
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:22347",
    "protocolId": "6765",
    "metric": "holders_revenue_usd",
    "period": "7d",
    "observedAt": "2026-09-22T21:51:36.166Z",
    "value": 0.15,
    "unit": "USD",
    "definition": "All revenue is distributed to SURF holders via token buybacks.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyHoldersRevenue",
    "methodology": {
      "UserFees": "Pays management + performance fees",
      "Fees": "All the yield earned across all Morpho vault positions, calculated from share price changes.",
      "Revenue": "10% performance fee on the yield.",
      "ProtocolRevenue": "Protocol retains no revenue; all fees go to SURF buybacks.",
      "SupplySideRevenue": "90% of earned yield is retained by vault depositors.",
      "HoldersRevenue": "All revenue is distributed to SURF holders via token buybacks."
    }
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:22348",
    "protocolId": "6765",
    "metric": "holders_revenue_usd",
    "period": "30d",
    "observedAt": "2026-09-22T21:51:36.166Z",
    "value": 0.7100000000000003,
    "unit": "USD",
    "definition": "All revenue is distributed to SURF holders via token buybacks.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyHoldersRevenue",
    "methodology": {
      "UserFees": "Pays management + performance fees",
      "Fees": "All the yield earned across all Morpho vault positions, calculated from share price changes.",
      "Revenue": "10% performance fee on the yield.",
      "ProtocolRevenue": "Protocol retains no revenue; all fees go to SURF buybacks.",
      "SupplySideRevenue": "90% of earned yield is retained by vault depositors.",
      "HoldersRevenue": "All revenue is distributed to SURF holders via token buybacks."
    }
  },
  {
    "id": "643a86d5-0f73-414c-92e0-793343ff7d6c:2077",
    "protocolId": "6765",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-09-24T00:45:17.400Z",
    "value": 209843.72663621823,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "643a86d5-0f73-414c-92e0-793343ff7d6c:10913",
    "protocolId": "6765",
    "metric": "fees_usd",
    "period": "24h",
    "observedAt": "2026-09-24T00:45:20.664Z",
    "value": 0.16,
    "unit": "USD",
    "definition": "All the yield earned across all Morpho vault positions, calculated from share price changes.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "UserFees": "Pays management + performance fees",
      "Fees": "All the yield earned across all Morpho vault positions, calculated from share price changes.",
      "Revenue": "10% performance fee on the yield.",
      "ProtocolRevenue": "Protocol retains no revenue; all fees go to SURF buybacks.",
      "SupplySideRevenue": "90% of earned yield is retained by vault depositors.",
      "HoldersRevenue": "All revenue is distributed to SURF holders via token buybacks."
    }
  },
  {
    "id": "643a86d5-0f73-414c-92e0-793343ff7d6c:10914",
    "protocolId": "6765",
    "metric": "fees_usd",
    "period": "7d",
    "observedAt": "2026-09-24T00:45:20.664Z",
    "value": 1.3,
    "unit": "USD",
    "definition": "All the yield earned across all Morpho vault positions, calculated from share price changes.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "UserFees": "Pays management + performance fees",
      "Fees": "All the yield earned across all Morpho vault positions, calculated from share price changes.",
      "Revenue": "10% performance fee on the yield.",
      "ProtocolRevenue": "Protocol retains no revenue; all fees go to SURF buybacks.",
      "SupplySideRevenue": "90% of earned yield is retained by vault depositors.",
      "HoldersRevenue": "All revenue is distributed to SURF holders via token buybacks."
    }
  },
  {
    "id": "643a86d5-0f73-414c-92e0-793343ff7d6c:10915",
    "protocolId": "6765",
    "metric": "fees_usd",
    "period": "30d",
    "observedAt": "2026-09-24T00:45:20.664Z",
    "value": 6.910000000000002,
    "unit": "USD",
    "definition": "All the yield earned across all Morpho vault positions, calculated from share price changes.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "UserFees": "Pays management + performance fees",
      "Fees": "All the yield earned across all Morpho vault positions, calculated from share price changes.",
      "Revenue": "10% performance fee on the yield.",
      "ProtocolRevenue": "Protocol retains no revenue; all fees go to SURF buybacks.",
      "SupplySideRevenue": "90% of earned yield is retained by vault depositors.",
      "HoldersRevenue": "All revenue is distributed to SURF holders via token buybacks."
    }
  },
  {
    "id": "643a86d5-0f73-414c-92e0-793343ff7d6c:17645",
    "protocolId": "6765",
    "metric": "revenue_usd",
    "period": "24h",
    "observedAt": "2026-09-24T00:45:22.760Z",
    "value": 0.02,
    "unit": "USD",
    "definition": "10% performance fee on the yield.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "UserFees": "Pays management + performance fees",
      "Fees": "All the yield earned across all Morpho vault positions, calculated from share price changes.",
      "Revenue": "10% performance fee on the yield.",
      "ProtocolRevenue": "Protocol retains no revenue; all fees go to SURF buybacks.",
      "SupplySideRevenue": "90% of earned yield is retained by vault depositors.",
      "HoldersRevenue": "All revenue is distributed to SURF holders via token buybacks."
    }
  },
  {
    "id": "643a86d5-0f73-414c-92e0-793343ff7d6c:17646",
    "protocolId": "6765",
    "metric": "revenue_usd",
    "period": "7d",
    "observedAt": "2026-09-24T00:45:22.760Z",
    "value": 0.14,
    "unit": "USD",
    "definition": "10% performance fee on the yield.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "UserFees": "Pays management + performance fees",
      "Fees": "All the yield earned across all Morpho vault positions, calculated from share price changes.",
      "Revenue": "10% performance fee on the yield.",
      "ProtocolRevenue": "Protocol retains no revenue; all fees go to SURF buybacks.",
      "SupplySideRevenue": "90% of earned yield is retained by vault depositors.",
      "HoldersRevenue": "All revenue is distributed to SURF holders via token buybacks."
    }
  },
  {
    "id": "643a86d5-0f73-414c-92e0-793343ff7d6c:17647",
    "protocolId": "6765",
    "metric": "revenue_usd",
    "period": "30d",
    "observedAt": "2026-09-24T00:45:22.760Z",
    "value": 0.6600000000000003,
    "unit": "USD",
    "definition": "10% performance fee on the yield.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "UserFees": "Pays management + performance fees",
      "Fees": "All the yield earned across all Morpho vault positions, calculated from share price changes.",
      "Revenue": "10% performance fee on the yield.",
      "ProtocolRevenue": "Protocol retains no revenue; all fees go to SURF buybacks.",
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