// most undervalued chains

What chains would be worth at a fair revenue multiple

Priced at the median revenue multiple: 2,608×

Revenue multiple · FDV ÷ yearly fees · lower is cheaper

All chains · ranked by revenue multiple, lowest first

Fair revenue multipledefault: median

2,608×median

59 ranked · 13 not ranked

Chains ranked by market value to yearly fees, most undervalued first

01	PolygonPOL · L2	$0.08776−1.1%	$934M	$25.9M	36.0×	$6.35+7,137%	$0.00035	$0.014
02	CeloCELO · L2	$0.06584+3.3%	$65.8M	$896K	73.4×	$2.34+3,451%	$0.00028	$0.0026
03	TronTRX · L1	$0.319+0.5%	$30.3B	$294M	103×	$8.07+2,429%	—	—
04	KatanaKAT · L2	$0.003342−0.2%	$33.4M	$265K	126×	$0.0691+1,967%	$0.0023	—
05	StarknetSTRK · L2	$0.03875+1.5%	$395M	$2.40M	165×	$0.6134+1,483%	—	$0.052
06	SolanaSOL · L1	$85.30−1.8%	$54.4B	$276M	197×	$1,128+1,223%	$0.00043	—
07	LineaLINEA · L2	$0.002078+2.9%	$149M	$637K	234×	$0.02319+1,016%	$0.0025	$0.095
08	ArbitrumARB · L2	$0.1687−4.0%	$1.69B	$6.69M	252×	$1.74+935%	$0.00090	$0.013
09	Injective^*INJ · L1	$7.89+0%	$789M	$2.82M	280×	$73.51+832%	—	—
10	MonadMON · L1	$0.01682+5.0%	$1.69B	$4.71M	360×	$0.1218+624%	$0.000036	—
11	ArweaveAR · L1	$3.27+3.0%	$214M	$508K	422×	$20.21+518%	—	—
12	BNB ChainBNB · L1	$687.75+0.7%	$90.5B	$206M	440×	$4,080+493%	$0.00072	—
13	OP MainnetOP · L2	$0.09985−0.2%	$429M	$905K	474×	$0.5496+450%	$0.000046	$0.0016
14	AptosAPT · L1	$0.5868+1.6%	$711M	$1.40M	508×	$3.01+414%	—	—
15	Osmosis^*OSMO · L1	$0.03497−2.3%	$31.4M	$49.2K	639×	$0.1427+308%	—	—
16	MegaETHMEGA · L2	$0.05147+0.5%	$515M	$787K	654×	$0.2051+299%	$0.00013	—
17	AvalancheAVAX · L1	$8.42+5.0%	$3.96B	$3.61M	1,099×	$19.98+137%	$0.0013	—
18	THORChain^*RUNE · L1	$0.5954+4.6%	$211M	$191K	1,105×	$1.41+136%	—	—
19	PulseChainPLS · L1	$0.00000531−0%	$718M	$618K	1,161×	$0.00001192+125%	$0.000058	—
20	TaikoTAIKO · L2	$0.06764+1.3%	$67.6M	$57.4K	1,179×	$0.1496+121%	$0.00044	$0.0034
21	Aurora^*AURORA · L2	$0.04053−2.2%	$40.5M	$33.4K	1,214×	$0.08707+115%	$0.0041	—
22	StacksSTX · L1	$0.3084−2.4%	$581M	$479K	1,214×	$0.6623+115%	—	—
23	MetisMETIS · L2	$2.61+0.5%	$26.0M	$20.8K	1,248×	$5.45+109%	$0.00086	$0.0075
24	EthereumETH · L1	$2,101−0.7%	$257B	$202M	1,271×	$4,310+105%	$0.0027	$0.29
25	ZKsync EraZK · L2	$0.009038+2.6%	$190M	$139K	1,364×	$0.01727+91.1%	$0.014	$0.023
26	Filecoin^*FIL · L1	$0.7694+2.0%	$1.51B	$1.05M	1,429×	$1.40+82.5%	—	—
27	Flare^*FLR · L1	$0.005419−1.0%	$579M	$288K	2,010×	$0.007033+29.8%	$0.000074	—
28	BerachainBERA · L1	$0.1034+0.4%	$58.4M	$28.8K	2,029×	$0.133+28.5%	$0.0000054	—
29	RoninRON · L2	$0.04549+0.8%	$45.5M	$21.4K	2,120×	$0.05595+23.0%	$0.000020	$0.00022
30	SonicS · L1	$0.03665+2.5%	$142M	$54.6K	2,608×	$0.036650%	$0.000042	—
31	TezosXTZ · L1	$0.249−0.7%	$279M	$98.4K	2,836×	$0.2289−8.0%	—	—
32	MultiversXEGLD · L1	$2.98+0.8%	$92.8M	$32.2K	2,882×	$2.70−9.5%	—	—
33	ChilizCHZ · L1	$0.01106+1.7%	$117M	$37.5K	3,128×	$0.009221−16.6%	$0.00058	—
34	NearNEAR · L1	$3.61+1.9%	$4.73B	$1.51M	3,138×	$3.00−16.9%	—	—
35	GnosisGNO · L1	$107.85+2.4%	$324M	$92.0K	3,516×	$80.00−25.8%	$3.6e-13	—
36	PlasmaXPL · L1	$0.05224+0.3%	$523M	$148K	3,528×	$0.03862−26.1%	$9.9e-9	—
37	Sui^*SUI · L1	$0.8407+1.7%	$8.41B	$1.73M	4,848×	$0.4522−46.2%	—	—
38	KaiaKAIA · L1	$0.03193+3.9%	$207M	$41.6K	4,969×	$0.01675−47.5%	$0.000018	—
39	TONGRAM · L1	$1.10+8.0%	$5.81B	$902K	6,434×	$0.4455−59.5%	—	—
40	MantaMANTA · L2	$0.05112+2.1%	$51.1M	$7.27K	7,031×	$0.01896−62.9%	$0.000051	$0.00058
41	Lisk^*LSK · L2	$0.1701−2.5%	$50.9M	$7.08K	7,195×	$0.06167−63.8%	$0.00010	$0.0080
42	MoneroXMR · L1	$560.58−6.5%	$10.5B	$1.41M	7,492×	$195.14−65.2%	—	—
43	CardanoADA · L1	$0.1782+1.6%	$8.02B	$955K	8,393×	$0.05538−68.9%	$0.030	—
44	World Chain^*WLD · L2	$0.3189+0.7%	$3.19B	$249K	12,814×	$0.06491−79.6%	$0.000069	$0.0011
45	StellarXLM · L1	$0.1472+0.5%	$7.36B	$484K	15,199×	$0.02525−82.8%	$0.0000015	—
46	HederaHBAR · L1	$0.06672−0.2%	$3.34B	$204K	16,317×	$0.01066−84.0%	$0.00010	—
47	CelestiaTIA · L1	$0.4348+3.1%	$514M	$30.6K	16,809×	$0.06745−84.5%	—	—
48	ZcashZEC · L1	$1,143−6.5%	$19.5B	$1.08M	17,981×	$165.73−85.5%	—	—
49	BitcoinBTC · L1	$74,310−0.2%	$1.49T	$82.6M	18,090×	$10,713−85.6%	$0.11	—
50	SeiSEI · L1	$0.04421+1.5%	$442M	$21.3K	20,732×	$0.005561−87.4%	$0.000051	—
51	MantleMNT · L2	$0.447+0%	$2.78B	$122K	22,720×	$0.05131−88.5%	$0.00047	$0.014
52	LitecoinLTC · L1	$51.28+0.8%	$3.99B	$162K	24,628×	$5.43−89.4%	$0.000072	—
53	Cosmos HubATOM · L1	$1.39+4.2%	$750M	$21.9K	34,198×	$0.106−92.4%	—	—
54	Immutable zkEVMIMX · L2	$0.1183−4.1%	$237M	$6.58K	35,960×	$0.008578−92.7%	$0.000027	—
55	DogecoinDOGE · L1	$0.06966+0.5%	$10.9B	$275K	39,673×	$0.004579−93.4%	$0.070	—
56	DashDASH · L1	$46.04−3.0%	$594M	$7.34K	80,886×	$1.48−96.8%	—	—
57	AlgorandALGO · L1	$0.09198+0.9%	$835M	$6.20K	134,688×	$0.001781−98.1%	$0.000092	—
58	Ethereum ClassicETC · L1	$6.83+1.8%	$1.09B	$6.80K	159,655×	$0.1116−98.4%	$0.00057	—
59	Bitcoin CashBCH · L1	$237.26−0.7%	$4.77B	$27.1K	176,013×	$3.52−98.5%	$0.00054	—
Not ranked · 13
—	Abstractno token · L2	—	—	$1.15M	no token	—	$0.014	—
—	Arbitrum Novano token · L2	—	—	$8.34K	no token	—	$0.044	$0.043
—	Baseno token · L2	—	—	$43.0M	no token	—	$0.00027	$0.013
—	BlastBLAST · L2	$0.00000499	$499K	$35.2K	under $10M*	—	$0.000045	—
—	Hyperliquid L1HYPE · L1	$74.37	$70.7B	$13.2M	non-chain revenue*	—	$0.00019	—
—	Inkno token · L2	—	—	$295K	no token	—	$0.000046	$0.0012
—	ModeMODE · L2	$0.00008895	$889K	$6.79K	under $10M*	—	$0.000067	$0.00053
—	opBNBno token · L2	—	—	$19.2K	no token	—	$0.000018	—
—	Robinhood Chainno token · L2	—	—	$195M	no token	—	$0.0010	—
—	ScrollSCR · L2	$0.01769	$17.7M	$22.5K	under $10M*	—	$0.00059	$0.0044
—	Soneiumno token · L2	—	—	$51.8K	no token	—	$0.00058	$0.00049
—	UnichainUNI · L2	$7.04	$6.24B	$120K	non-chain revenue*	—	$0.000067	$0.00050
—	ZoraZORA · L2	$0.004932	$49.4M	—	not enough fee data	—	$0.000067	—

* Some days are missing fee data; yearly fees are estimated from the days available.

* Hyperliquid L1: HYPE is valued mainly for the Hyperliquid exchange, not the chain’s own fees.

* Unichain: UNI is valued mainly for the Uniswap protocol, not Unichain’s fees.

* Blast, Mode, Scroll: market cap under $10M, too small to rank.

1PolygonPOL · L2FDV$934MYearly fees$25.9MRevenue multiple36.0×Fair price$6.35+7,137%
Price
$0.08776
Market cap
$934M
Transfer fee
$0.00035
Avg tx fee
$0.014
Open Polygon →
2CeloCELO · L2FDV$65.8MYearly fees$896KRevenue multiple73.4×Fair price$2.34+3,451%
Price
$0.06584
Market cap
$40.1M
Transfer fee
$0.00028
Avg tx fee
$0.0026
Open Celo →
3TronTRX · L1FDV$30.3BYearly fees$294MRevenue multiple103×Fair price$8.07+2,429%
Price
$0.319
Market cap
$30.3B
Transfer fee
—
Avg tx fee
—
Open Tron →
4KatanaKAT · L2FDV$33.4MYearly fees$265KRevenue multiple126×Fair price$0.0691+1,967%
Price
$0.003342
Market cap
$11.2M
Transfer fee
$0.0023
Avg tx fee
—
Open Katana →
5StarknetSTRK · L2FDV$395MYearly fees$2.40MRevenue multiple165×Fair price$0.6134+1,483%
Price
$0.03875
Market cap
$297M
Transfer fee
—
Avg tx fee
$0.052
Open Starknet →
6SolanaSOL · L1FDV$54.4BYearly fees$276MRevenue multiple197×Fair price$1,128+1,223%
Price
$85.30
Market cap
$50.4B
Transfer fee
$0.00043
Avg tx fee
—
Open Solana →
7LineaLINEA · L2FDV$149MYearly fees$637KRevenue multiple234×Fair price$0.02319+1,016%
Price
$0.002078
Market cap
$51.0M
Transfer fee
$0.0025
Avg tx fee
$0.095
Open Linea →
8ArbitrumARB · L2FDV$1.69BYearly fees$6.69MRevenue multiple252×Fair price$1.74+935%
Price
$0.1687
Market cap
$1.16B
Transfer fee
$0.00090
Avg tx fee
$0.013
Open Arbitrum →
9Injective^*INJ · L1FDV$789MYearly fees$2.82MRevenue multiple280×Fair price$73.51+832%
Price
$7.89
Market cap
$789M
Transfer fee
—
Avg tx fee
—
Open Injective →
10MonadMON · L1FDV$1.69BYearly fees$4.71MRevenue multiple360×Fair price$0.1218+624%
Price
$0.01682
Market cap
$199M
Transfer fee
$0.000036
Avg tx fee
—
Open Monad →
11ArweaveAR · L1FDV$214MYearly fees$508KRevenue multiple422×Fair price$20.21+518%
Price
$3.27
Market cap
$214M
Transfer fee
—
Avg tx fee
—
Open Arweave →
12BNB ChainBNB · L1FDV$90.5BYearly fees$206MRevenue multiple440×Fair price$4,080+493%
Price
$687.75
Market cap
$90.5B
Transfer fee
$0.00072
Avg tx fee
—
Open BNB Chain →
13OP MainnetOP · L2FDV$429MYearly fees$905KRevenue multiple474×Fair price$0.5496+450%
Price
$0.09985
Market cap
$229M
Transfer fee
$0.000046
Avg tx fee
$0.0016
Open OP Mainnet →
14AptosAPT · L1FDV$711MYearly fees$1.40MRevenue multiple508×Fair price$3.01+414%
Price
$0.5868
Market cap
$519M
Transfer fee
—
Avg tx fee
—
Open Aptos →
15Osmosis^*OSMO · L1FDV$31.4MYearly fees$49.2KRevenue multiple639×Fair price$0.1427+308%
Price
$0.03497
Market cap
$24.2M
Transfer fee
—
Avg tx fee
—
Open Osmosis →
16MegaETHMEGA · L2FDV$515MYearly fees$787KRevenue multiple654×Fair price$0.2051+299%
Price
$0.05147
Market cap
$58.2M
Transfer fee
$0.00013
Avg tx fee
—
Open MegaETH →
17AvalancheAVAX · L1FDV$3.96BYearly fees$3.61MRevenue multiple1,099×Fair price$19.98+137%
Price
$8.42
Market cap
$3.75B
Transfer fee
$0.0013
Avg tx fee
—
Open Avalanche →
18THORChain^*RUNE · L1FDV$211MYearly fees$191KRevenue multiple1,105×Fair price$1.41+136%
Price
$0.5954
Market cap
$196M
Transfer fee
—
Avg tx fee
—
Open THORChain →
19PulseChainPLS · L1FDV$718MYearly fees$618KRevenue multiple1,161×Fair price$0.00001192+125%
Price
$0.00000531
Market cap
$0
Transfer fee
$0.000058
Avg tx fee
—
Open PulseChain →
20TaikoTAIKO · L2FDV$67.6MYearly fees$57.4KRevenue multiple1,179×Fair price$0.1496+121%
Price
$0.06764
Market cap
$16.4M
Transfer fee
$0.00044
Avg tx fee
$0.0034
Open Taiko →
21Aurora^*AURORA · L2FDV$40.5MYearly fees$33.4KRevenue multiple1,214×Fair price$0.08707+115%
Price
$0.04053
Market cap
$30.4M
Transfer fee
$0.0041
Avg tx fee
—
Open Aurora →
22StacksSTX · L1FDV$581MYearly fees$479KRevenue multiple1,214×Fair price$0.6623+115%
Price
$0.3084
Market cap
$581M
Transfer fee
—
Avg tx fee
—
Open Stacks →
23MetisMETIS · L2FDV$26.0MYearly fees$20.8KRevenue multiple1,248×Fair price$5.45+109%
Price
$2.61
Market cap
$21.3M
Transfer fee
$0.00086
Avg tx fee
$0.0075
Open Metis →
24EthereumETH · L1FDV$257BYearly fees$202MRevenue multiple1,271×Fair price$4,310+105%
Price
$2,101
Market cap
$257B
Transfer fee
$0.0027
Avg tx fee
$0.29
Open Ethereum →
25ZKsync EraZK · L2FDV$190MYearly fees$139KRevenue multiple1,364×Fair price$0.01727+91.1%
Price
$0.009038
Market cap
$99.5M
Transfer fee
$0.014
Avg tx fee
$0.023
Open ZKsync Era →
26Filecoin^*FIL · L1FDV$1.51BYearly fees$1.05MRevenue multiple1,429×Fair price$1.40+82.5%
Price
$0.7694
Market cap
$651M
Transfer fee
—
Avg tx fee
—
Open Filecoin →
27Flare^*FLR · L1FDV$579MYearly fees$288KRevenue multiple2,010×Fair price$0.007033+29.8%
Price
$0.005419
Market cap
$476M
Transfer fee
$0.000074
Avg tx fee
—
Open Flare →
28BerachainBERA · L1FDV$58.4MYearly fees$28.8KRevenue multiple2,029×Fair price$0.133+28.5%
Price
$0.1034
Market cap
$37.8M
Transfer fee
$0.0000054
Avg tx fee
—
Open Berachain →
29RoninRON · L2FDV$45.5MYearly fees$21.4KRevenue multiple2,120×Fair price$0.05595+23.0%
Price
$0.04549
Market cap
$35.1M
Transfer fee
$0.000020
Avg tx fee
$0.00022
Open Ronin →
30SonicS · L1FDV$142MYearly fees$54.6KRevenue multiple2,608×Fair price$0.036650%
Price
$0.03665
Market cap
$142M
Transfer fee
$0.000042
Avg tx fee
—
Open Sonic →
31TezosXTZ · L1FDV$279MYearly fees$98.4KRevenue multiple2,836×Fair price$0.2289−8.0%
Price
$0.249
Market cap
$274M
Transfer fee
—
Avg tx fee
—
Open Tezos →
32MultiversXEGLD · L1FDV$92.8MYearly fees$32.2KRevenue multiple2,882×Fair price$2.70−9.5%
Price
$2.98
Market cap
$92.8M
Transfer fee
—
Avg tx fee
—
Open MultiversX →
33ChilizCHZ · L1FDV$117MYearly fees$37.5KRevenue multiple3,128×Fair price$0.009221−16.6%
Price
$0.01106
Market cap
$117M
Transfer fee
$0.00058
Avg tx fee
—
Open Chiliz →
34NearNEAR · L1FDV$4.73BYearly fees$1.51MRevenue multiple3,138×Fair price$3.00−16.9%
Price
$3.61
Market cap
$4.73B
Transfer fee
—
Avg tx fee
—
Open Near →
35GnosisGNO · L1FDV$324MYearly fees$92.0KRevenue multiple3,516×Fair price$80.00−25.8%
Price
$107.85
Market cap
$285M
Transfer fee
$3.6e-13
Avg tx fee
—
Open Gnosis →
36PlasmaXPL · L1FDV$523MYearly fees$148KRevenue multiple3,528×Fair price$0.03862−26.1%
Price
$0.05224
Market cap
$249M
Transfer fee
$9.9e-9
Avg tx fee
—
Open Plasma →
37Sui^*SUI · L1FDV$8.41BYearly fees$1.73MRevenue multiple4,848×Fair price$0.4522−46.2%
Price
$0.8407
Market cap
$3.48B
Transfer fee
—
Avg tx fee
—
Open Sui →
38KaiaKAIA · L1FDV$207MYearly fees$41.6KRevenue multiple4,969×Fair price$0.01675−47.5%
Price
$0.03193
Market cap
$207M
Transfer fee
$0.000018
Avg tx fee
—
Open Kaia →
39TONGRAM · L1FDV$5.81BYearly fees$902KRevenue multiple6,434×Fair price$0.4455−59.5%
Price
$1.10
Market cap
$3.14B
Transfer fee
—
Avg tx fee
—
Open TON →
40MantaMANTA · L2FDV$51.1MYearly fees$7.27KRevenue multiple7,031×Fair price$0.01896−62.9%
Price
$0.05112
Market cap
$24.6M
Transfer fee
$0.000051
Avg tx fee
$0.00058
Open Manta →
41Lisk^*LSK · L2FDV$50.9MYearly fees$7.08KRevenue multiple7,195×Fair price$0.06167−63.8%
Price
$0.1701
Market cap
$37.4M
Transfer fee
$0.00010
Avg tx fee
$0.0080
Open Lisk →
42MoneroXMR · L1FDV$10.5BYearly fees$1.41MRevenue multiple7,492×Fair price$195.14−65.2%
Price
$560.58
Market cap
$10.5B
Transfer fee
—
Avg tx fee
—
Open Monero →
43CardanoADA · L1FDV$8.02BYearly fees$955KRevenue multiple8,393×Fair price$0.05538−68.9%
Price
$0.1782
Market cap
$6.70B
Transfer fee
$0.030
Avg tx fee
—
Open Cardano →
44World Chain^*WLD · L2FDV$3.19BYearly fees$249KRevenue multiple12,814×Fair price$0.06491−79.6%
Price
$0.3189
Market cap
$1.20B
Transfer fee
$0.000069
Avg tx fee
$0.0011
Open World Chain →
45StellarXLM · L1FDV$7.36BYearly fees$484KRevenue multiple15,199×Fair price$0.02525−82.8%
Price
$0.1472
Market cap
$5.20B
Transfer fee
$0.0000015
Avg tx fee
—
Open Stellar →
46HederaHBAR · L1FDV$3.34BYearly fees$204KRevenue multiple16,317×Fair price$0.01066−84.0%
Price
$0.06672
Market cap
$2.96B
Transfer fee
$0.00010
Avg tx fee
—
Open Hedera →
47CelestiaTIA · L1FDV$514MYearly fees$30.6KRevenue multiple16,809×Fair price$0.06745−84.5%
Price
$0.4348
Market cap
$431M
Transfer fee
—
Avg tx fee
—
Open Celestia →
48ZcashZEC · L1FDV$19.5BYearly fees$1.08MRevenue multiple17,981×Fair price$165.73−85.5%
Price
$1,143
Market cap
$19.5B
Transfer fee
—
Avg tx fee
—
Open Zcash →
49BitcoinBTC · L1FDV$1.49TYearly fees$82.6MRevenue multiple18,090×Fair price$10,713−85.6%
Price
$74,310
Market cap
$1.49T
Transfer fee
$0.11
Avg tx fee
—
Open Bitcoin →
50SeiSEI · L1FDV$442MYearly fees$21.3KRevenue multiple20,732×Fair price$0.005561−87.4%
Price
$0.04421
Market cap
$298M
Transfer fee
$0.000051
Avg tx fee
—
Open Sei →
51MantleMNT · L2FDV$2.78BYearly fees$122KRevenue multiple22,720×Fair price$0.05131−88.5%
Price
$0.447
Market cap
$1.48B
Transfer fee
$0.00047
Avg tx fee
$0.014
Open Mantle →
52LitecoinLTC · L1FDV$3.99BYearly fees$162KRevenue multiple24,628×Fair price$5.43−89.4%
Price
$51.28
Market cap
$3.99B
Transfer fee
$0.000072
Avg tx fee
—
Open Litecoin →
53Cosmos HubATOM · L1FDV$750MYearly fees$21.9KRevenue multiple34,198×Fair price$0.106−92.4%
Price
$1.39
Market cap
$750M
Transfer fee
—
Avg tx fee
—
Open Cosmos Hub →
54Immutable zkEVMIMX · L2FDV$237MYearly fees$6.58KRevenue multiple35,960×Fair price$0.008578−92.7%
Price
$0.1183
Market cap
$107M
Transfer fee
$0.000027
Avg tx fee
—
Open Immutable zkEVM →
55DogecoinDOGE · L1FDV$10.9BYearly fees$275KRevenue multiple39,673×Fair price$0.004579−93.4%
Price
$0.06966
Market cap
$10.9B
Transfer fee
$0.070
Avg tx fee
—
Open Dogecoin →
56DashDASH · L1FDV$594MYearly fees$7.34KRevenue multiple80,886×Fair price$1.48−96.8%
Price
$46.04
Market cap
$594M
Transfer fee
—
Avg tx fee
—
Open Dash →
57AlgorandALGO · L1FDV$835MYearly fees$6.20KRevenue multiple134,688×Fair price$0.001781−98.1%
Price
$0.09198
Market cap
$835M
Transfer fee
$0.000092
Avg tx fee
—
Open Algorand →
58Ethereum ClassicETC · L1FDV$1.09BYearly fees$6.80KRevenue multiple159,655×Fair price$0.1116−98.4%
Price
$6.83
Market cap
$1.09B
Transfer fee
$0.00057
Avg tx fee
—
Open Ethereum Classic →
59Bitcoin CashBCH · L1FDV$4.77BYearly fees$27.1KRevenue multiple176,013×Fair price$3.52−98.5%
Price
$237.26
Market cap
$4.77B
Transfer fee
$0.00054
Avg tx fee
—
Open Bitcoin Cash →
Not ranked · 13
—Abstract^*no token · L2FDV—Yearly fees$1.15MRevenue multiple—Fair priceno token
Price
—
Market cap
—
Transfer fee
$0.014
Avg tx fee
—
No native token, so there is no market value to compare.
Open Abstract →
—Arbitrum Novano token · L2FDV—Yearly fees$8.34KRevenue multiple—Fair priceno token
Price
—
Market cap
—
Transfer fee
$0.044
Avg tx fee
$0.043
No native token, so there is no market value to compare.
Open Arbitrum Nova →
—Baseno token · L2FDV—Yearly fees$43.0MRevenue multiple—Fair priceno token
Price
—
Market cap
—
Transfer fee
$0.00027
Avg tx fee
$0.013
No native token, so there is no market value to compare.
Open Base →
—Blast^*BLAST · L2FDV$499KYearly fees$35.2KRevenue multiple—Fair price$0.0009182+18,301%
Price
$0.00000499
Market cap
$363K
Transfer fee
$0.000045
Avg tx fee
—
Market cap under $10M: too small to rank.
Open Blast →
—Hyperliquid L1HYPE · L1FDV$70.7BYearly fees$13.2MRevenue multiple—Fair price$36.25−51.3%
Price
$74.37
Market cap
$17.8B
Transfer fee
$0.00019
Avg tx fee
—
The token is valued mainly for revenue outside the chain.
Open Hyperliquid L1 →
—Inkno token · L2FDV—Yearly fees$295KRevenue multiple—Fair priceno token
Price
—
Market cap
—
Transfer fee
$0.000046
Avg tx fee
$0.0012
No native token, so there is no market value to compare.
Open Ink →
—ModeMODE · L2FDV$889KYearly fees$6.79KRevenue multiple—Fair price$0.00177+1,890%
Price
$0.00008895
Market cap
$752K
Transfer fee
$0.000067
Avg tx fee
$0.00053
Market cap under $10M: too small to rank.
Open Mode →
—opBNBno token · L2FDV—Yearly fees$19.2KRevenue multiple—Fair priceno token
Price
—
Market cap
—
Transfer fee
$0.000018
Avg tx fee
—
No native token, so there is no market value to compare.
Open opBNB →
—Robinhood Chainno token · L2FDV—Yearly fees$195MRevenue multiple—Fair priceno token
Price
—
Market cap
—
Transfer fee
$0.0010
Avg tx fee
—
No native token, so there is no market value to compare.
Open Robinhood Chain →
—Scroll^*SCR · L2FDV$17.7MYearly fees$22.5KRevenue multiple—Fair price$0.05859+231%
Price
$0.01769
Market cap
$3.36M
Transfer fee
$0.00059
Avg tx fee
$0.0044
Market cap under $10M: too small to rank.
Open Scroll →
—Soneiumno token · L2FDV—Yearly fees$51.8KRevenue multiple—Fair priceno token
Price
—
Market cap
—
Transfer fee
$0.00058
Avg tx fee
$0.00049
No native token, so there is no market value to compare.
Open Soneium →
—Unichain^*UNI · L2FDV$6.24BYearly fees$120KRevenue multiple—Fair price$0.353−95.0%
Price
$7.04
Market cap
$4.28B
Transfer fee
$0.000067
Avg tx fee
$0.00050
The token is valued mainly for revenue outside the chain.
Open Unichain →
—ZoraZORA · L2FDV$49.4MYearly fees—Revenue multiple—Fair pricenot enough fee data
Price
$0.004932
Market cap
$22.1M
Transfer fee
$0.000067
Avg tx fee
—
Fee data on fewer than half of the days in this window.
Open Zora →

* Some days are missing fee data; yearly fees are estimated from the days available.

* Hyperliquid L1: HYPE is valued mainly for the Hyperliquid exchange, not the chain’s own fees.

* Unichain: UNI is valued mainly for the Uniswap protocol, not Unichain’s fees.

* Blast, Mode, Scroll: market cap under $10M, too small to rank.

// faq

Questions, answered

What is a revenue multiple?

A chain's fully diluted valuation (FDV) divided by the network fees it earns in a year. It's what the market pays for each $1 of yearly fees, the crypto version of a price-to-sales ratio. Lower means cheaper. The fair benchmark is the median revenue multiple of all ranked chains.

How is a chain’s fair price calculated?

Fair price = today’s price × (median revenue multiple ÷ the chain’s revenue multiple). It’s the price the token would have if the market valued its fees like the median chain. Move the slider on the ranking to try any other multiple.

Which blockchain is the most undervalued right now?

Polygon. It earns $25.9M a year in network fees at a $934M FDV, a revenue multiple of 36.0×. At the median multiple POL would be worth $6.35 (+7,137%). The top three: Polygon (36.0×), Celo (73.4×), Tron (103×).

How do Ethereum and Bitcoin compare?

Ethereum trades at 1,271× (#24); Bitcoin trades at 18,090× (#49), out of 59 ranked chains. Both are marked on the slider, so you can price any chain like Ethereum or Bitcoin in one tap.

Why is Bitcoin’s fair price so low?

At the median revenue multiple, BTC would be worth $10,713 (−85.6% from $74,310 today). That's because Bitcoin isn't valued for the fees its network earns: it's valued as a store of value in its own right, digital gold. Its $82.6M of yearly fees are a small fraction of its $1.49T valuation, so a fees-based fair price says little about what BTC is worth. It's on the list as a reference point.

What counts as network fees?

The fees users pay the chain itself to get transactions included: gas, base and priority fees, and on rollups what users pay the L2. Fees charged by apps on the chain, like DEX trading fees, don’t count. The data comes from DefiLlama’s chain-fee adapters.

Where does the data come from, and how often does it update?

Fees from DefiLlama, prices and FDV from CoinGecko (Binance as a fallback), transaction counts from growthepie, and transfer fees from each chain’s public RPCs. Everything is rebuilt every hour. Fee data currently runs through Nov 9, 2026.

Why are some chains not ranked?

13 chains are listed but not ranked: no token or price, fee data on fewer than half the days in the window, a market cap under $10M, or a token valued mainly for something other than the chain’s fees (Hyperliquid, Unichain). Each one shows its reason in the table.

Are L1s and L2s compared fairly?

Both are measured with the same yardstick: FDV ÷ the fees users pay the network. Use the L1 / L2 filter to rank within one group. Rollup fees include what the L2 spends posting data to its L1, which is part of what its users pay.

How much does it cost to send crypto on each chain?

Sending ETH on Ethereum costs about $0.0027 right now; on Gnosis a native transfer costs $3.6e-13. The Transfer fee column shows the live cost for 40 ranked chains, updated hourly.

New to this? Every term, defined · How the numbers work