Last complete day 2026-10-13 (UTC) · Built 2026-10-14 21:45 UTC from the stored daily data. Values are for 2026-10-13; the live value is on the dashboard.
Price-to-Sales ratio comparing market cap to annual transaction fee revenue. Fees here are burned fees only (L1 base fee + blob fee, as on ultrasound.money), not gross fees incl. tips/MEV (DefiLlama-style totals are higher). Unlike traditional companies, L1 protocols like Ethereum have no "net income" at the protocol level — all fees flow to validators. Therefore, P/S (not P/E) is the industry standard, as used by Token Terminal. The 25x multiple reflects growth tech stock valuations.
Limits: 25x multiple borrowed from SaaS sector; crypto protocols may warrant different multiples
Constants
Constant
Value
Meaning
PS_RATIO
25
Price ÷ annual fee revenue
One-year history
$1.73$84.91$4,1632025-10-142026-10-13
Daily fair value (purple) vs ETH close (grey), 2025-10-14 – 2026-10-13.