Market Cap / Annualized Fees

Fees are what users actually pay to use a blockchain or protocol: gas paid to get an Ethereum transaction included, the swap fee paid to an automated market maker, or the borrow fee paid to a lending market. This ratio divides the market capitalization of the circulating supply by those fees measured over a trailing window and scaled up to a full year. It expresses how much market value the token carries for each dollar of usage the network charges for, which allows a rough comparison between networks of very different sizes. It is a usage multiple, not a claim on anything.

计算方式

circulating market capitalization / (total protocol fees over the last 30 days x 365/30)

易产生误导之处

Providers disagree on what a fee is: priority tips and maximal extractable value are counted by some and excluded by others, and front-end interface fees taken by a separate company are usually invisible entirely. Assets that charge almost nothing, including most meme tokens and chains built for low-cost transfers, produce enormous or undefined ratios that look like signals but are arithmetic artifacts of a near-zero denominator. A trailing 30-day window annualized to a year is badly distorted by one-off events such as an NFT mint wave, an airdrop farming campaign, or a congestion spike. Because fees are typically paid in the network's own token, numerator and denominator move together with price, which damps the ratio's response to real changes in usage.

与股权的类比，以及为何该类比不成立

Price-to-sales. The analogy fails because protocol fees are cash payments observed on a public ledger rather than accrual revenue recognized by an audited entity under an accounting standard, there is no consolidated company behind the ledger, and holding the token grants no legal claim on any of the fees paid.

如何解读高值或低值

A high value means the market capitalization is large relative to the fees currently being paid to use the network; a low value means the opposite. The level describes the present relationship between two measured quantities and carries no information about future fee levels.