Holder Revenue Yield

This narrows revenue to the part that reaches token holders through a specific mechanism: tokens destroyed by a burn funded from fees, tokens repurchased on the market by the protocol, or fee income distributed to those who stake the token. It is annualized from a trailing window and divided by circulating market capitalization. Of the yield-style figures on this site it is the closest to a distribution rate, and it is still not one, because the mechanisms differ fundamentally from a cash dividend.

Como é calculado

(fee-funded burns, buybacks and holder distributions over the last 30 days x 365/30) / circulating market capitalization x 100

Onde induz em erro

A burn reaches holders only as a proportional supply reduction, and it can be entirely offset by issuance elsewhere in the same protocol, which this figure does not net off. Fee distributions to stakers are received only by tokens that are actually staked and locked, while the calculation spreads them across all circulating tokens, understating the rate for stakers and overstating it for everyone else. Buyback programs are discretionary and can be reduced or stopped by a governance vote or a company decision with no notice, particularly for exchange tokens where the program is corporate policy. Distributions paid in the protocol's own token are self-funded and are not equivalent to receiving external currency.

A comparação com ações, e por que ela não se aplica

Dividend yield, or total shareholder yield including buybacks. The analogy fails because a declared dividend is a legally enforceable obligation of a company to its shareholders, whereas these mechanisms are code and policy that confer no claim, are frequently self-funded in the protocol's own token, and can be altered by vote at any time.

Como ler um valor alto ou baixo

A higher percentage means a larger share of fee income is currently reaching holders through burns, buybacks, or distributions relative to market capitalization. The mechanism matters as much as the level, because a supply reduction and a distribution to stakers reach very different sets of holders.