Spread of Market-Cap-to-Fees Ratios
Across the fourteen assets observed as of 02 October 2026, the market-cap-to-fees ratio (fees annualized from the trailing 30 days) ranges from 2.4x for Uniswap to 19,743x for Bitcoin. Between those poles sit TRON at 109x, Solana at 234x, BNB at 398x, and Ethereum at 1,676x, among others. A wide ratio indicates that the network's point-in-time market capitalisation is large relative to the fee volume it generated over the trailing 30 days annualized; it does not, by itself, indicate that fees are low in absolute terms, nor does it carry any implication about future fee generation or whether the ratio will narrow or widen. Bitcoin's annualized fees of $87.5 million against a market cap of $1.73 trillion illustrate that absolute fee scale and ratio scale can move independently.
Fee Retention: Pass-Through vs. Retention Models
The dataset separates fees from revenue, where available, and the gap between the two reflects how much of user-paid fees a protocol retains. TRON, Avalanche, Canton, and Hyperliquid each show a take rate of 100%, meaning all fees recorded flow to the protocol as revenue. Chainlink reports a take rate of 99.9% (application:CCIP basis). At the other end, Uniswap retains only 7.7% of its annualized fees of $2.40 billion, passing the remainder to liquidity providers. Ethereum retains 31.8% of its $198.9 million annualized fees; Sui retains 38.0%. These differences mean that market-cap-to-fees ratios are not equivalent to market-cap-to-revenue ratios, and conflating the two would misrepresent the economics of each asset.
Chain-Basis vs. Application-Basis Figures
Several entries in this dataset are measured on a chain basis (e.g., chain:Bitcoin, chain:Ethereum, chain:Solana), while others use an application basis (application:Uniswap V3, application:CCIP, application:Bitway Earn). Chain-basis figures aggregate all activity settled on that network; application-basis figures capture only what flows through a specific protocol or product, which may operate across multiple chains and excludes activity on those chains outside the application. Uniswap V3's $2.40 billion annualized fee figure, for instance, reflects swap fees across its deployments and is architecturally distinct from Ethereum's $198.9 million chain-level fee figure. Comparing a chain-basis multiple directly to an application-basis multiple conflates different units of measurement and should be avoided.
Why These Are Not Equity Multiples
The single most important reason these market-cap-to-fees ratios cannot be read as equity price-to-sales or price-to-earnings multiples is that token holders do not automatically hold a legal or contractual claim on fee cash flows. Fees accrue to validators, stakers, liquidity providers, or are burned, depending on the protocol's design—and that design can change through governance. Unlike a share of common stock, a token does not represent a residual claim on a defined income stream. The ratio therefore describes a structural relationship between two quantities, not a valuation multiple in the equity-finance sense.
assets[{'name': 'Bitcoin', 'take_rate_pct': None, 'classification': 'layer1', 'market_cap_usd': 1734334784745.0, 'accounting_basis': 'chain:Bitcoin', 'fees_annualized_usd': 87478661.83333333, 'market_cap_over_fees': 19742.95222082263, 'revenue_annualized_usd': None}, {'name': 'Ethereum', 'take_rate_pct': 31.765174910558386, 'classification': 'layer1', 'market_cap_usd': 336924346789.0, 'accounting_basis': 'chain:Ethereum', 'fees_annualized_usd': 198854214.33333334, 'market_cap_over_fees': 1676.0140181154454, 'revenue_annualized_usd': 63166389.0}, {'name': 'BNB', 'take_rate_pct': 9.999992979570784, 'classification': 'exchange-token', 'market_cap_usd': 103707884929.0, 'accounting_basis': 'chain:Binance', 'fees_annualized_usd': 259955615.83333334, 'market_cap_over_fees': 398.2231240750364, 'revenue_annualized_usd': 25995543.333333332}, {'name': 'Solana', 'take_rate_pct': 11.649377278416068, 'classification': 'layer1', 'market_cap_usd': 71905473154.0, 'accounting_basis': 'chain:Solana', 'fees_annualized_usd': 306564169.1666667, 'market_cap_over_fees': 233.65304882077663, 'revenue_annualized_usd': 35712816.666666664}, {'name': 'TRON', 'take_rate_pct': 100.0, 'classification': 'layer1', 'market_cap_usd': 31757646218.0, 'accounting_basis': 'chain:Tron', 'fees_annualized_usd': 290167079.5, 'market_cap_over_fees': 109.36270299057134, 'revenue_annualized_usd': 290167079.5}, {'name': 'Zcash', 'take_rate_pct': None, 'classification': 'privacy', 'market_cap_usd': 23446654169.0, 'accounting_basis': 'chain:Zcash', 'fees_annualized_usd': 1785190.6666666667, 'market_cap_over_fees': 13129.530169886615, 'revenue_annualized_usd': None}, {'name': 'Hyperliquid', 'take_rate_pct': 100.0, 'classification': 'layer1', 'market_cap_usd': 20043922847.0, 'accounting_basis': 'chain:Hyperliquid L1', 'fees_annualized_usd': 7659026.166666667, 'market_cap_over_fees': 2617.618580578031, 'revenue_annualized_usd': 7659026.166666667}, {'name': 'Chainlink', 'take_rate_pct': 99.88474099663121, 'classification': 'oracle', 'market_cap_usd': 10786844872.0, 'accounting_basis': 'application:CCIP', 'fees_annualized_usd': 67410207.5, 'market_cap_over_fees': 160.27268060256304, 'revenue_annualized_usd': 67332511.16666667}, {'name': 'NEAR Protocol', 'take_rate_pct': 69.99867395730142, 'classification': 'layer2', 'market_cap_usd': 6490036027.0, 'accounting_basis': 'chain:Near', 'fees_annualized_usd': 1559778.8333333333, 'market_cap_over_fees': 4204.928442312281, 'revenue_annualized_usd': 1091824.5}, {'name': 'Uniswap', 'take_rate_pct': 7.710643287472707, 'classification': 'defi', 'market_cap_usd': 5679339748.0, 'accounting_basis': 'application:Uniswap V3', 'fees_annualized_usd': 2399093797.1916666, 'market_cap_over_fees': 2.3879778375927767, 'revenue_annualized_usd': 184985564.83333334}, {'name': 'Avalanche', 'take_rate_pct': 100.0, 'classification': 'layer1', 'market_cap_usd': 4929544962.0, 'accounting_basis': 'chain:Avalanche', 'fees_annualized_usd': 4286864.166666667, 'market_cap_over_fees': 1147.4302918780763, 'revenue_annualized_usd': 4286864.166666667}, {'name': 'Sui', 'take_rate_pct': 38.04474940003436, 'classification': 'layer1', 'market_cap_usd': 4898161302.0, 'accounting_basis': 'chain:Sui', 'fees_annualized_usd': 2195195.1666666665, 'market_cap_over_fees': 2230.6292307646754, 'revenue_annualized_usd': 835156.5}, {'name': 'Canton', 'take_rate_pct': 100.0, 'classification': 'layer1', 'market_cap_usd': 4765784839.0, 'accounting_basis': 'chain:Canton', 'fees_annualized_usd': 594430629.3333334, 'market_cap_over_fees': 8.008467121451964, 'revenue_annualized_usd': 594430629.3333334}, {'name': 'Bitway', 'take_rate_pct': 25.426765977150783, 'classification': 'defi', 'market_cap_usd': 3938201904.0, 'accounting_basis': 'application:Bitway Earn', 'fees_annualized_usd': 7068091.166666667, 'market_cap_over_fees': 565.4773577128215, 'revenue_annualized_usd': 1797187.0}]
periods{'market_cap': 'point-in-time', 'fees_and_revenue': 'annualized from the trailing 30 days'}
observation date02 October 2026
Written by an AI language model from the figures listed above and nothing else. It contains no price view and no recommendation. Figures carry the reference periods shown on their own pages.
· claude-sonnet-4-6