Network Revenue Yield

This is the inverse of the market-cap-to-revenue multiple, presented as a percentage because readers find rate-style figures easier to compare. It takes the fee income a protocol retains over a trailing window, scales it to a year, and divides by circulating market capitalization. The word yield here describes a computed ratio between two aggregates; it is not a payment schedule, and in most designs no holder receives anything as a consequence of it.

计算方式

(protocol revenue over the last 30 days x 365/30) / circulating market capitalization x 100

易产生误导之处

Nothing is distributed in the great majority of cases, so the figure describes revenue that stays with a treasury, with validators, or is destroyed by a burn mechanism rather than paid out. Where value does reach holders it arrives as reduced supply through a burn such as the EIP-1559 base fee, or as new tokens through staking rewards, neither of which is comparable with a cash dividend received in currency the payer did not issue. The revenue definition varies by provider, so the same protocol carries different yields on different sites. Because the denominator is market capitalization, the figure rises mechanically when price falls without any change in revenue.

与股权的类比，以及为何该类比不成立

Earnings yield. The analogy fails on the accounting and on the claim: protocol revenue is cash observed on-chain rather than accrual earnings, no auditor attests to it, no consolidated entity reports it, and the holder has no enforceable residual claim entitling them to a share.

如何解读高值或低值

A higher percentage means annualized retained fee income is large relative to market capitalization; a lower percentage means it is small relative to it. The figure is a ratio between two aggregates and should not be read as income a holder receives.