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.

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Uniswap

# Uniswap P/S ratio (fully diluted) Methodology

## 1. Overview

The P/S ratio (fully diluted) is calculated as the ratio of the fully diluted market cap to the annualized revenue retained by the project. This metric is utilized to evaluate the valuation of Uniswap relative to the portion of user-paid fees captured by the protocol. A comparison of valuation against protocol-retained fees is provided across Uniswap V2, Uniswap V3, and Uniswap V4. This metric is utilized by institutional investors to assess the relative valuation of the protocol.

## 2. Data sources

- **Fully diluted market cap**: Derived from the Fully diluted market cap metric
- **Revenue**: Derived from the Revenue metric

## 3. Step-by-step calculation

### Component A: Fully diluted market cap retrieval

- **Purpose**: The daily fully diluted market cap of the Uniswap asset is retrieved.
- **Logic**: The daily fully diluted market cap is obtained from the upstream Fully diluted market cap metric. This value is calculated by multiplying the total supply of the UNI asset by its end-of-day price.
- **Key fields**: `fully_diluted_market_cap`

### Component B: Annualized revenue calculation

- **Purpose**: The annualized revenue retained by the protocol is calculated.
- **Logic**: Daily revenue is retrieved from the upstream Revenue metric. The daily revenue is annualized by multiplying the daily value by 365.
- **Key fields**: `revenue`

### Component C: P/S ratio (fully diluted) calculation

- **Purpose**: The final valuation ratio is computed.
- **Logic**: The fully diluted market cap is divided by the annualized revenue. If the annualized revenue is determined to be zero, a null value is returned so that division-by-zero errors are avoided.
- **Key fields**: `ps_fully_diluted`

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

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

Fully diluted market cap relative to annualized revenue.

UniswapUNI

P/S ratio (fully diluted)

P/S ratio (fully diluted)

Competitive landscape