Comparable Analysis(Comps)
Valuation method comparing a protocol's metrics and multiples to similar protocols in the same category.
In-Depth Explanation
Comps answer: 'If similar protocols trade at X multiple, what should this one trade at?' Group protocols by category (DEXs, lending, L2s), compare multiples (P/S, P/F, FDV/TVL), and adjust for differences in growth, risk, and quality. Comps are relative valuations—they tell you if something is cheap vs peers, not if the whole sector is overvalued.
Related Terms
Price to Sales Ratio
P/SValuation metric comparing market cap (or FDV) to annualized revenue.
Price to Fees Ratio
P/FValuation metric comparing market cap (or FDV) to total fees generated, regardless of fee distribution.
Fully Diluted Valuation
FDVThe theoretical market cap if all tokens (including locked, unvested, and unissued) were in circulation.
More in Valuation
View all →Market Capitalization
Market CapThe total value of a token's circulating supply, calculated as price × circulating supply.
Fully Diluted Valuation
FDVThe theoretical market cap if all tokens (including locked, unvested, and unissued) were in circulation.
Price to Sales Ratio
P/SValuation metric comparing market cap (or FDV) to annualized revenue.
Price to Fees Ratio
P/FValuation metric comparing market cap (or FDV) to total fees generated, regardless of fee distribution.