Market Cap / Annualized Revenue

Fees are what users pay; revenue is the portion of those fees that the protocol retains after paying the parties who supply the service. On an automated market maker, most of the swap fee goes to liquidity providers and only the remainder is treated as protocol revenue; on a proof-of-stake chain, much of the fee goes to validators. This ratio divides circulating market capitalization by that retained portion, annualized from a trailing window. It is narrower and usually far larger than the fee multiple, and the gap between the two shows how much of the fee stream is paid away to keep the service running.

计算方式

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

易产生误导之处

The split between fees and revenue is a modeling choice, not an observation, and providers draw it in different places for the same protocol, so two reputable sites can differ by a multiple on the same token. The cost of earning that revenue in token emissions paid to liquidity providers or depositors is excluded entirely, so a protocol paying out more in emissions than it retains can still show a positive revenue figure. Revenue attributed to a burn mechanism, such as the EIP-1559 base fee, is not received by anyone at all; it is a supply reduction being labeled with an income word. Governance can change the fee split by vote from one week to the next, which resets the series without any change in usage.

与股权的类比，以及为何该类比不成立

Price-to-earnings or price-to-revenue. The analogy fails because there is no consolidated entity, no auditor, no revenue-recognition standard governing when an amount is booked, and no residual claim that entitles a token holder to the retained amount.

如何解读高值或低值

A high value means market capitalization is large relative to the fee income the protocol currently keeps; a low value means it is small relative to that income. Because the fee split is a modeling choice, the level is only comparable across assets when the same methodology was applied to both.