Price to Fees Ratio(P/F)
Valuation metric comparing market cap (or FDV) to total fees generated, regardless of fee distribution.
In-Depth Explanation
P/F = Market Cap / Annual Fees. This captures all economic activity on a protocol, even if fees go to LPs rather than the protocol. Useful for protocols that generate significant fees but haven't turned on revenue capture yet (like Uniswap before fee switch).
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Related Terms
Price to Sales Ratio
P/SValuation metric comparing market cap (or FDV) to annualized revenue.
Fees
Total fees generated by activity on a protocol, regardless of who receives them.
Protocol Revenue
Fees collected by a protocol that accrue to the protocol itself or its tokenholders, rather than to liquidity providers or other participants.
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.
Tokenholder Revenue
The portion of protocol revenue that actually flows to token holders through buybacks, dividends, or burns.