Ore (ORE)

Things that should not be on here:
- ORE

Things that should be but revenue is hard to verify onchain:
- Tether
- Circle
- Ethena

Things that surprise me:
- how much Tron makes on stablecoin transfer gas fees alone when other chains have them for free
- that market does not value Pump buybacks
- why Lighter trades at half the relative value of Hyperliquid and Aster

credit to my replyguy @0xSmite

Most P/S ratios in crypto are lying to you.

P/S = Market Cap ÷ Revenue

It tells you how much you're paying for every $1 of revenue.

1. Low P/S (2x) = paying $2 per $1 revenue. Cheaper.
2. High P/S (20x) = paying $20 per $1 revenue. Pricier.

But in crypto, this breaks down:
- Not all tokens receive revenue
- Not all revenue goes to holders
- Circulating supply ≠ eligible supply

A protocol can print $100M in fees while token holders see nothing.

Effective Revenue Multiplier is the fix here:
→ Only count supply that actually receives cashflow
→ Only count cashflow that actually reaches holders

Here are the tokens with the strongest ERM👇

$PUMP $JUP $AERO are the ones with biggest mcap.

(A lower ERM indicates a more efficient valuation from a token holder's cash flow perspective)

h/t to @DefiLlama for the data