**Fully Diluted Valuation (FDV)-to-Sales (P/S) and FDV-to-Fees (P/F) ratios, based on latest FDV and annualized (30d run-rate) fees/revenue:**

| Protocol | FDV | P/F Ratio | P/S Ratio | Fees (30d) | Revenue (30d) |
|---|---|---|---|---|---|
| Hyperliquid | $60.13B | 61.88x | 83.57x | $80.98M | $59.96M |
| Aster | $4.90B | 65.03x | n/a (no revenue tracked) | $6.28M | n/a |
| Lighter | $1.98B | 42.46x | 57.08x | $3.90M | $2.90M |
| edgeX | $253.4M | 2.23x | 3.74x | $9.46M | $5.65M |
| dYdX | $145.2M | 117.81x | 117.81x | $102.7K | $102.7K |

**Key takeaways (FDV-based, not mcap):** Using FDV instead of mcap materially raises multiples for the tokens with large future unlocks — Hyperliquid's P/F jumps to ~62x and P/S to ~84x on a $60B FDV, since only a portion of supply is currently circulating. edgeX remains by far the cheapest on a fully-diluted basis (P/F ~2.2x) despite generating the second-highest 30d fees in the group — its FDV has not caught up to its fee generation. dYdX is still the most expensive (~118x on both metrics) given its shrunken fee/revenue base relative to FDV. Aster has no separately tracked revenue figure, so only its P/F is shown. Lighter sits mid-pack, trading richer than edgeX but well below Hyperliquid, Aster, and dYdX.

Valuation Multiples: P/S & P/F (FDV-based)

TVL Comparison

Volume Comparison

Fees Comparison

Revenue Comparison

Perps Volume Comparison

Holders Revenue Comparison

**Fully Diluted Valuation (FDV)-to-Sales (P/S) and FDV-to-Fees (P/F) ratios — computed live from current FDV divided by annualized (30d run-rate) fees/revenue:**

| Protocol | FDV | Fees (30d) | Revenue (30d) | P/F Ratio (FDV) | P/S Ratio (FDV) |
|---|---|---|---|---|---|
| Hyperliquid | $60.13B | $80.98M | $59.96M | 61.88x | 83.57x |
| Aster | $4.90B | $6.28M | n/a (no revenue tracked) | 65.03x | n/a |
| Lighter | $1.98B | $3.90M | $2.90M | 42.46x | 57.08x |
| edgeX | $253.4M | $9.46M | $5.65M | 2.23x | 3.74x |
| dYdX | $145.2M | $102.7K | $102.7K | 117.81x | 117.81x |

**Key takeaways (FDV-based, not mcap):** Using FDV instead of mcap materially raises multiples for tokens with large future unlocks — Hyperliquid's P/F sits at ~62x and P/S at ~84x on a $60B FDV, since only a portion of supply is currently circulating. edgeX remains by far the cheapest on a fully-diluted basis (P/F ~2.2x) despite generating the second-highest 30d fees in the group — its FDV hasn't caught up to its fee generation. dYdX is the most expensive (~118x on both metrics) given its shrunken fee/revenue base relative to FDV. Aster has no separately tracked revenue figure, so only its P/F is shown. Lighter sits mid-pack, trading richer than edgeX but well below Hyperliquid, Aster, and dYdX.

Valuation Multiples: P/S & P/F (FDV-based, live)

P/F Ratio (FDV-based)

P/S Ratio (FDV-based)

Unlocks Comparison

Open Interest Comparison

P/F Ratio Comparison

Borrowed Comparison

Median APY Comparison

Treasury Comparison

Perps Volume

Fees

P/S Ratio Comparison

DEX Aggregators Volume Comparison

Stablecoin Inflows Comparison

New Addresses Comparison

Month-over-Month Fees Growth Rate

GLOBAL ETHEREUM TVL

APP DOMINANCE

Overview of the Top Applications generating Fees on Ethereum

GLOBAL ETHEREUM FEES

FEE DOMINANCE

Overview of Top 10 Applications on Ethereum by Revenue Generation

GLOBAL ETHEREUM REVENUE

REVENUE DOMINANCE

Comparison of the top 10 DEXs on Ethereum

DEXs

DEX TVL

DEX TVL DOMINANCE

DEX VOLUME

DEX VOLUME DOMINANCE

DEX FEES

DEX FEE DOMINANCE

Comparison of the top 10 Lending Markets on Ethereum

LENDING MARKETS

LENDING TVL

LENDING TVL DOMINANCE

LENDING FEES

LENDING FEES DOMINANCE

LENDING REVENUE

LENDING REVENUE DOMINANCE

Comparison of Top 10 Liquid Staking Protocols on Ethereum

LIQUID STAKING

LIQUID STAKING TVL

LIQUID STAKING TVL DOMINANCE

LIQUID STAKING FEES

LIQUID STAKING FEE DOMINANCE

LIQUID STAKING REVENUE

LIQUID STAKING REVENUE DOMINANCE

Stablecoins Comparison

Chain Revenue Comparison

Bridged TVL Comparison

### Valuation Multipliers: Market Cap vs. Key Metrics
These charts provide the underlying data for calculating valuation multipliers. 'Market Cap' serves as a proxy for Fully Diluted Valuation (FDV). You can use these metrics to derive ratios such as FDV/Fees and FDV/Stablecoins MCAP to assess relative valuation across chains.

Market Cap vs. Fees

Market Cap vs. Stablecoins MCAP

Lending Protocols P/F Ratio

DEX P/F Ratios

Perp DEX P/F Ratios

Liquid Staking P/F Ratios

## Aerodrome vs Uniswap — DEX Volume on Base
A head-to-head volume comparison between Base's two largest DEXes over the past 12 months. Aerodrome (Base-native, forked from Velodrome's ve(3,3) model) consistently dominates daily volume, while Uniswap V3's concentrated liquidity competes for share. Each bar represents one day's total swap volume on Base chain only.

Aerodrome vs Uniswap Daily Volume on Base (1Y)

## Aerodrome vs Uniswap — DEX Volume on Base
A head-to-head volume comparison between Base's two largest DEX protocols using **complete volume data**: Aerodrome includes both V1 (ve(3,3) AMM) and Slipstream (concentrated liquidity fork of Uniswap V3), while Uniswap covers all three active versions on Base — V2, V3, and V4. Metric cards and the comparison chart reflect full protocol totals; the Uniswap breakdown chart below reveals how volume has shifted between versions, with V4 overtaking V3 in recent weeks.

Aerodrome (V1 + Slipstream) vs Uniswap (V2 + V3 + V4) — Daily Volume on Base (1Y)

Uniswap on Base — Volume by Version (V2 / V3 / V4)

P/F Ratio (30d Run Rate) Comparison

Lucky Vibrant Llama

Aster vs Hyperliquid

Public dashboard library

Hyperliquid vs 4 competitors

Aave vs Morpho

EdgeX

edgeX vs 8 competitors

Hyperliquid vs 2 competitors

L2

EtherFi Cash Liquid vs 3 competitors

Ethena USDe vs 5 competitors

Top 10 DeFi Apps (Ethereum) (Copy)

Tron vs 2 competitors

Valuation Multiples (Copy)

Top 10 DeFi Apps (Ethereum) (Copy)

base

Aave vs 3 competitors