# Chainfees

> Every blockchain ranked by its revenue multiple (FDV ÷ yearly network fees), most undervalued first, with each chain's fair price: the price it would have at the median revenue multiple of all chains. 59 chains ranked, 13 more tracked. Rebuilt hourly from DefiLlama (fees), CoinGecko (prices) and public RPCs (transfer fees).

Data through 2026-09-26; generated 2026-09-27T18:18:46.058Z. Numbers below use the default 90-day window.

## How to cite
Chainfees (https://chainfees.fyi), data through 2026-09-26. Link the chain page, e.g. https://chainfees.fyi/chain/polygon/. Numbers change hourly; prefer the JSON endpoints for exact values.

## Key definitions
- Revenue multiple (FDV/Fees) = fully diluted valuation ÷ yearly network fees. What the market pays per $1 of yearly fees. Lower = cheaper.
- Yearly fees = fees in the window × 365 ÷ days with data (default window 90 days; 30, 180 and 365 available on the site).
- Fair price = price × (median revenue multiple ÷ chain revenue multiple): the price at the median chain's revenue multiple.
- Undervalued rank = position when ranked chains are sorted by revenue multiple, lowest first.
- Network fees = what users pay the chain itself (gas, base and priority fees; on rollups, what users pay the L2). App fees such as DEX trading fees are excluded.
- Ranked when the chain has a token, a price, fee data on ≥50% of the window's days and a market cap of at least $10M. "Estimated" rows have some missing days. Chains whose token is valued mainly for revenue outside the chain (Hyperliquid, Unichain) are listed but not ranked.
- Full glossary: https://chainfees.fyi/learn/

## Most undervalued right now (top 10)
- #1 [Polygon](https://chainfees.fyi/chain/polygon/) (POL, L2): revenue multiple 45.6×, FDV $1.28B, yearly fees $28.1M, fair price $10.97 (+8,989%) vs $0.1207 today.
- #2 [Tron](https://chainfees.fyi/chain/tron/) (TRX, L1): revenue multiple 102×, FDV $31.7B, yearly fees $310M, fair price $13.54 (+3,952%) vs $0.3341 today.
- #3 [Celo](https://chainfees.fyi/chain/celo/) (CELO, L2): revenue multiple 121×, FDV $96.2M, yearly fees $795K, fair price $3.29 (+3,322%) vs $0.09622 today.
- #4 [Starknet](https://chainfees.fyi/chain/starknet/) (STRK, L2): revenue multiple 199×, FDV $414M, yearly fees $2.08M, fair price $0.8617 (+1,982%) vs $0.04139 today.
- #5 [Injective](https://chainfees.fyi/chain/injective/) (INJ, L1): revenue multiple 278×, FDV $787M, yearly fees $2.83M, fair price $117.22 (+1,389%) vs $7.87 today.
- #6 [Solana](https://chainfees.fyi/chain/solana/) (SOL, L1): revenue multiple 320×, FDV $77.8B, yearly fees $243M, fair price $1,589 (+1,195%) vs $122.69 today.
- #7 [Arbitrum](https://chainfees.fyi/chain/arbitrum/) (ARB, L2): revenue multiple 428×, FDV $2.26B, yearly fees $5.28M, fair price $2.19 (+869%) vs $0.2259 today.
- #8 [Linea](https://chainfees.fyi/chain/linea/) (LINEA, L2): revenue multiple 458×, FDV $210M, yearly fees $459K, fair price $0.02657 (+804%) vs $0.002938 today.
- #9 [BNB Chain](https://chainfees.fyi/chain/bsc/) (BNB, L1): revenue multiple 542×, FDV $104B, yearly fees $191M, fair price $5,952 (+665%) vs $778.10 today.
- #10 [MegaETH](https://chainfees.fyi/chain/megaeth/) (MEGA, L2): revenue multiple 629×, FDV $439M, yearly fees $699K, fair price $0.2896 (+559%) vs $0.04394 today.

## Reference chains
- #25 [Ethereum](https://chainfees.fyi/chain/ethereum/) (ETH, L1): revenue multiple 2,639×, FDV $329B, yearly fees $125M, fair price $4,229 (+57.0%) vs $2,693 today.
- #45 [Bitcoin](https://chainfees.fyi/chain/bitcoin/) (BTC, L1): revenue multiple 21,724×, FDV $1.70T, yearly fees $78.2M, fair price $16,137 (−80.9%) vs $84,604 today.

## Machine-readable data
- [Ranking (JSON)](https://chainfees.fyi/data/ranking.json): rank, price, FDV, yearly fees, revenue multiple, fair price and upside for every chain.
- [Full snapshot (JSON)](https://chainfees.fyi/data/latest.json): daily fee series, 30/90/180/365-day windows, prices, FDV, market cap, transfer fees, transaction counts.
- [Every chain, the methodology, glossary and FAQ (Markdown)](https://chainfees.fyi/llms-full.txt)
- Per-chain Markdown: `https://chainfees.fyi/chain/<slug>/index.md` (for example [Polygon](https://chainfees.fyi/chain/polygon/index.md))

## Pages
- [Ranking](https://chainfees.fyi/): the full table, a fair-multiple slider, L1/L2 filter and 30/90/180/365-day windows.
- [Glossary](https://chainfees.fyi/learn/)
- [Methodology](https://chainfees.fyi/methodology/)
- [Compare chains](https://chainfees.fyi/compare/?c=polygon,tron): `?c=slug,slug[,slug]`
- Chain pages: `https://chainfees.fyi/chain/<slug>/`