About this Chart

Fully Diluted Valuation (FDV) represents the theoretical market cap if every AERO token in existence — including locked veAERO and unvested allocations — were priced at the current spot rate.
Protocol Revenue is the subset of trading fees that actually flows to veAERO voters as economic yield.

This chart divides FDV by annualized protocol revenue to produce a price-to-revenue multiple.

At a ratio of 20×, the market is paying $20 for every $1 of annualized voter cash flow — or equivalently, pricing in 20 years of current revenue.

• ↓ Compressing multiple — fundamentals improving relative to price
• ↑ Expanding multiple — market pricing ahead of current fee generation

Revenue is annualized using a 4-epoch (~30 day) trailing average × 52 to smooth weekly volatility and claim-timing lumpiness.