Liquidity providers deposit funds into Uniswap and receive trading fees from traders (supply-side fees).

Uniswap is a non-custodial exchange protocol built on Ethereum. Uniswap was founded by Hayden Adams and launched in 2018.

UNI tokenholders own and govern the protocol. They do not currently take a cut of the total trading fees paid by traders (revenue). Uniswap's investors include Paradigm, a16z, USV, etc.

governance

github

twitter

discord

etherscan

website

Exchanges (DEX)

Uniswap

# Uniswap P/S ratio (circulating) Methodology

## 1. Overview

P/S ratio (circulating) is calculated as the circulating market capitalization of Uniswap relative to its annualized protocol revenue. The metric is utilized in the evaluation of the project across all deployments, including Uniswap V2, Uniswap V3, and Uniswap V4, in relation to the share of user-paid fees that is retained by the protocol rather than distributed to liquidity providers. It is used as a key indicator for institutional investors in the assessment of the relationship between Uniswap's market valuation and its revenue-generating efficiency.

## 2. Data sources

- **Circulating market cap**: Derived from the Circulating market cap metric
- **Revenue**: Derived from the Revenue metric

## 3. Step-by-step calculation

### Component A: Annualized revenue calculation

- **Purpose**: The projection of daily protocol revenue to an annualized figure.
- **Logic**: Daily protocol revenue is multiplied by 365 to estimate the annualized revenue retained by the protocol.
- **Key fields**: `revenue`

### Component B: Ratio calculation

- **Purpose**: The calculation of the valuation multiple based on circulating supply.
- **Logic**: The circulating market capitalization is divided by the annualized protocol revenue. If the annualized protocol revenue is zero, the resulting ratio is returned as null.
- **Key fields**: `circulating_market_cap`, `annualized_revenue`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

${market_cap_circulating} / (rolling_avg(${revenue}, 30) * 365)

Circulating market cap relative to annualized revenue.

UniswapUNI

P/S ratio (circulating)

P/S ratio (circulating)

Competitive landscape