How Overvalued Are Top Blockchains?
Market Cap to Revenue (annualized total fees) ratio compares a project’s valuation to the fees that it generates. A low ratio indicates that the protocol is undervalued, and a high ratio the opposite.
Among major smart contract platforms, BNB Chain and Ethereum have the lowest ratios, mostly due to high usage of the networks (or, higher fees), even despite having the highest market cap among the mentioned blockchains. Algorand, on the other hand, has the highest ratio due to decent valuation, but low fees and moderate number of transactions.