Traditional companies are valued based on revenue. Do you know how much fees your favorite protocol or chain generates?

Traditional companies are valued based on various metrics on their balance sheets. However, their revenue and profits generally largely contribute to their valuations. Several metrics such as P/E and P/S ratios help investors decided whether or not an investment is worth making.

https://cryptofees.info/ is a website that lets you see your favorite protocol or chains generated fees in the past day and a weekly average.

As expected, Ethereum tops the rankings with $3.2M of fees generated per day on a weekly average. In terms of different chains, Ethereum is followed by Bitcoin ($172k per day) and Solana ($58k per day). However, a few protocols on their own generate more revenue than Bitcoin does.

These are Uniswap ($930k per day), GMX ($243k per day), and Aave ($257k per day). These DeFi protocols generate revenue from fees, funding payments, and interest payments respectively. Although Uniswap and Aave are also on Ethereum, which may explain their somewhat elevated fees, GMX manages to raise a revenue of nearly $250k per day without the high gas fees associated with Ethereum (GMX is a protocol on Arbitrum and Avalanche).

Some surprising figures can also be found on the website. Relatively large chains like Cardano ($8.8k per day), Fantom ($780 per day), Polkadot ($950 per day), and Ripple ($650 per day) dominate the bottom of the fees ranking.

Assuming that Cardano's revenue of $8800 per day stays relatively stable throughout the year, they would generate about $3.2M per year. However, looking at its market cap of $13.6B, we can see that Cardano trades at a value of 4234x magnitudes larger than its revenue.

On the other hand, a protocol like GMX, which has a market cap of $311.5M and yearly interpolated revenue of $88.7M, trades around 3.5x times its revenue.