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What’s the point of this metric? What can be inferred by it?
Just a way to look at the market cap relative to the protocol revenue via fees. Fees can be a surrogate for usage/utility/financial sustainability, and in cases like ETH, value accrual to the token via EIP1559 burn. A lower value there may suggest relative undervaluing of the token, whereas high values may indicate overvaluing. There’s a lot of nuance that’s not captured by that metric but I think it’s an interesting data point.