Protocol revenue, annualized

Revenue is the share of user fees the protocol keeps rather than pays out to whoever supplied the service. Annualizing it puts a monthly figure on the same footing as a market capitalization, which is what makes the revenue ratios on this site comparable across assets.

计算方式

protocol revenue over the last 30 days x 365/30

易产生误导之处

It is a run-rate, not a forecast: it states what a year would look like if the last month repeated, which it will not. Retention policy is a governance choice and can be changed by a vote, so the denominator of any ratio built on it is not a stable quantity.

与股权的类比，以及为何该类比不成立

It is not revenue in the accounting sense. There are no audited accounts, no consolidated entity, and no holder with an enforceable claim on any of it.

如何解读高值或低值

Read next to the twelve-month total: a wide gap means the last month was not typical of the year.