How Does the Concept of “Take Rate” Influence the P/S Multiple for a Protocol?

The "take rate" is the percentage of the total transaction volume or economic activity that the protocol captures as revenue (fees). A higher take rate means the protocol monetizes its user base more effectively, leading to higher protocol revenue.

This justifies a higher Price-to-Sales (P/S) multiple in Comps analysis, as the token is fundamentally capturing more value from the underlying economic activity compared to a peer with a lower take rate.