Valuation multiples
Financial metrics used to assess the relative valuation of a protocol
P/F ratio (fully diluted)
What is this metric: Valuation multiple, based on the fees paid by end users.
How it is calculated: Fully diluted market capitalization / annualized fees. The annualized fees are calculated based on the past 30d sum.
Why do we show it: Shows how many years it would take for the fees to "repay" the fully diluted valuation.
Example:
![Stargate dashboard: <https://tokenterminal.com/terminal/projects/stargate>](https://files.readme.io/e00990d-image.png)
Stargate dashboard: https://tokenterminal.com/terminal/projects/stargate
P/F ratio (circulating)
What is this metric: Valuation multiple, based on the fees paid by end users.
How it is calculated: Circulating market capitalization / annualized fees. The annualized fees are calculated based on the past 30d sum.
Why do we show it: Shows how many years it would take for the fees to "repay" the circulating valuation.
Example:
![Ethereum Name Service dashboard: <https://tokenterminal.com/terminal/projects/ethereum-name-service>](https://files.readme.io/3c0bc07-image.png)
Ethereum Name Service dashboard: https://tokenterminal.com/terminal/projects/ethereum-name-service
P/S ratio (fully diluted)
What is this metric: Valuation multiple, based on the revenue earned by the protocol.
How it is calculated: Fully diluted market capitalization / annualized revenue. The annualized revenue is calculated based on the past 30d sum.
Why do we show it: Shows how many years it would take for the revenue to "repay" the fully diluted valuation.
Example:
![Hop Protocol dashboard: <https://tokenterminal.com/terminal/projects/hop-protocol>](https://files.readme.io/b6b360c-image.png)
Hop Protocol dashboard: https://tokenterminal.com/terminal/projects/hop-protocol
P/S ratio (circulating)
What is this metric: Valuation multiple, based on the revenue earned by the protocol.
How it is calculated: Circulating market capitalization / annualized revenue. The annualized revenue is calculated based on the past 30d sum.
Why do we show it: Shows how many years it would take for the revenue to "repay" the circulating valuation.
Example:
![Optimism dashboard: <https://tokenterminal.com/terminal/projects/optimism>](https://files.readme.io/0f213c0-image.png)
Optimism dashboard: https://tokenterminal.com/terminal/projects/optimism
Updated 8 months ago