Decentralized Exchanges Show Discrepancy Between Valuation and Fee Revenue

According to PANews, recent data from Alpha Updates highlights a significant discrepancy between the valuations and fee revenues of decentralized exchanges (DEXs). Over the past year, Uniswap generated $104.2 million in fees with a fully diluted valuation (FDV) of approximately $8.5 billion. PancakeSwap reported $51.6 million in fees and an FDV of around $900 million. Jupiter's fees amounted to $95.2 million, with an FDV of about $2.4 billion, while Raydium collected $79.6 million in fees, with an FDV of $8.8 billion. In contrast, Solana's ecosystem project, Meteora, generated $136 million in fees but has an FDV of only $521 million, significantly lower than its peers, suggesting a potential undervaluation.