Protocol Fees (Annualized)

Annualizing puts a recent run rate on the same footing as a yearly figure so it can sit in the denominator of valuation ratios such as market capitalization divided by fees. It is a projection of a recent window, not a record of a year that happened. This catalog annualizes from the trailing thirty days unless a metric states otherwise.

计算方式

protocol fees over the last 30 days x 365 / 30

易产生误导之处

The method assumes the last thirty days repeat twelve times, and digital-asset activity is episodic rather than steady: one congested month, one airdrop season or one liquidation cascade is multiplied by roughly twelve and presented as a yearly rate. Other research sites annualize from the trailing 90 or 365 days, or use a calendar year to date, so the same protocol carries materially different annualized fees depending on which site is read. Scheduled protocol events that change fee mechanics, such as a supply halving on a proof-of-work chain or a data-availability upgrade that cuts layer 2 costs, invalidate the extrapolation the moment they occur. Any error here propagates directly into every ratio built on top of it.

与股权的类比，以及为何该类比不成立

Annual revenue run rate. The analogy fails because a company's run rate rests on contracted or recurring customer relationships, whereas blockspace demand carries no commitment from anyone to transact again tomorrow.

如何解读高值或低值

A higher annualized figure means the recent month, if repeated all year, would produce more fee payments. Treat it as a scaled snapshot of one month rather than a forecast.