What Are the Key Valuation Multiples Used in Crypto Comps Analysis?

Key valuation multiples include Market Cap to Total Value Locked (MC/TVL), Price to Sales (P/S) or Price to Protocol Revenue, and Fully Diluted Valuation (FDV) to Protocol Revenue. The MC/TVL is dominant in DeFi.

P/S is adapted to use the protocol's fee revenue as the "sales" metric. These multiples are compared across similar projects to establish a relative valuation range, allowing analysts to identify potentially undervalued or overvalued assets.