DeFi through the lens of traditional marketplace metrics

Below is a comparison of all Dapps (L2) listed on Token Terminal based on:

1. Gross merchandise volume (GMV)
2. Take rate
3. Revenue (total fees paid)
4. Price to sales ratio (P/S)

Note: GMV and Revenue figures are both annualized (calculated based on a 30 day moving average).

1. Gross merchandise volume (GMV)

What is the total dollar value flowing through the protocol?

2. Take rate

What is the (fixed or weighted avg.) fee rate that the protocol charges on its GMV?

3. Revenue (total fees paid)

How much revenue is the protocol generating?

4. Price to sales ratio (P/S)

How is the protocol valued in relation to its revenues?

Here is a thread with more info on how we think about the metrics we use:

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