LDO: Price to Fees Ratio
Shown as its Jul–Sep 2022 sample; the latest readings and full history are included with Plus.
LDO's market cap divided by the fees Lido earns on Ethereum in a year.
Why use it. The multiple investors pay for each dollar of the protocol's fees, the way company shares are compared on price to sales. It lets tokens of different sizes be set side by side. How to read it. Lower means more fees for each dollar of token value; the ratio falls when fees grow or the price drops. The 30-day line reacts faster; the 365-day line is steadier.
Calculation. Price to fees = market cap / annualised fees. Annualised: the last 30 whole days of fees (or revenue) x 365 / 30 (in the first month of the record, the whole days it has, from the 7th, x 365 / days), and the trailing 365 days as they are, each day against that day's closing market cap (price x supply, from CryptoKeyhole's market data and coin supply figures). The free-float lines use the market cap of the supply outside the project's own disclosed wallets. For this token the whole supply already exists, so its fully diluted value equals its market cap. The 365-day line starts once a whole year of fees exists. Fees are Ethereum's only, so the ratios are higher than they would be with the protocol's other networks. Lido: each daily oracle report's rewards on the stake (consensus-layer balance change plus withdrawals, less the 32 ether of every validator that appeared, plus the execution-layer rewards it collected), dated to the report's day and valued at CryptoKeyhole's ETH/USD close for the report's hour. Revenue is Lido's 10% fee, the ether value of the stETH it mints to its treasury and node operators; the supply side is the 90% left to stETH holders. Read from Lido's own report events on CryptoKeyhole's own Ethereum node (from 30 April 2021 its PostTotalShares, earlier its Completed reports).