{"id":3835,"date":"2021-04-15T22:10:00","date_gmt":"2021-04-15T20:10:00","guid":{"rendered":"https:\/\/bicon.li\/?p=3835"},"modified":"2023-05-10T21:47:42","modified_gmt":"2023-05-10T19:47:42","slug":"defi-p-e-ratios","status":"publish","type":"post","link":"https:\/\/bicon.li\/en\/2021\/04\/15\/defi-p-e-ratios\/","title":{"rendered":"DeFi \u00abP\/E Ratios\u00bb compared to Tech Stocks"},"content":{"rendered":"<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since the supply-side revenues (blue) are given to the lenders, liquidity providers etc. they are not relevant earnings wise.<br>Under the admittedly idealistic assumption that all protocol revenue (red) remains within the protocol (no pay-outs to non-token holders) and is a 100% reflected as profit in the protocol token, the following P\/E ratios would result:<\/p>\n\n\n<div class=\"wp-block-ub-styled-list ub_styled_list\" id=\"ub_styled_list-f0c7affe-f66c-47bc-9618-80b7acdd1289\"><ul class=\"fa-ul\"><li>Maker = 32<\/li><li>Compound = 46<\/li><li>Bancor= 62<\/li><li>Sushiswap = 388<\/li><li>Aave = 545<\/li><li>Uniswap = infinite<\/li><li>Balancer = infinite<\/li><\/ul><\/div>\n\n\n<p class=\"wp-block-paragraph\">As with most crypto and tech ventures a lot of growth priced in, but compared to<\/p>\n\n\n<div class=\"wp-block-ub-styled-list ub_styled_list\" id=\"ub_styled_list-b9310481-e1ba-44c7-b748-7dc42dc43443\"><ul class=\"fa-ul\"><li>Microsoft = 38<\/li><li>Apple = 36<\/li><li>Amazon = 81<\/li><li>Tesla = 1\u2019115<\/li><li>Airbnb =-11<\/li><li>Spotify =-82<\/li><\/ul><\/div>\n\n\n<p class=\"wp-block-paragraph\">actually are rather \"modest\" in places.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nevertheless the Uniswap token seems way to expensive also with a planned future 0.05% protocol fee which would result in a P\/E of 3\u2019000 (also compare to Sushiswap with a 0.05% protocol fee already in place).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.theblockcrypto.com\/data\/decentralized-finance\/protocol-revenue\/annualized-defi-protocols-revenue\" target=\"_blank\" aria-label=\" (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">Link to revenue figures<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/coinmarketcap.com\/view\/defi\/\" target=\"_blank\" aria-label=\" (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"ek-link\">Link to marketcap figures<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>","protected":false},"excerpt":{"rendered":"<p>Since the supply-side revenues (blue) are given to the lenders, ... <\/p>\n<p class=\"read-more-container\"><a title=\"DeFi \u00abP\/E Ratios\u00bb compared to Tech Stocks\" class=\"read-more button\" href=\"https:\/\/bicon.li\/en\/2021\/04\/15\/defi-p-e-ratios\/#more-3835\" aria-label=\"Read more about DeFi \u00abP\/E Ratios\u00bb compared to Tech Stocks\">Read Article<\/a><\/p>","protected":false},"author":1,"featured_media":3836,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_uag_custom_page_level_css":"","ub_ctt_via":"","advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","generate_page_header":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[17,24],"tags":[31],"class_list":["post-3835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","category-defi","tag-english","infinite-scroll-item","masonry-post","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50","no-featured-image-padding"],"featured_image_src":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/04\/9A357C4B-584D-4002-8B0E-191DDECAB880.jpeg?fit=1280%2C671&ssl=1","author_info":{"display_name":"Volkmar Ritter","author_link":"https:\/\/bicon.li\/en\/author\/wm\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>DeFi \u00abP\/E Ratios\u00bb compared to Tech Stocks | BICon<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bicon.li\/en\/2021\/04\/15\/defi-p-e-ratios\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DeFi \u00abP\/E Ratios\u00bb compared to Tech Stocks | BICon\" \/>\n<meta property=\"og:description\" content=\"Since the supply-side revenues (blue) are given to the lenders, ... 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Artikel lesen","coauthors":[],"tax_additional":{"categories":{"linked":["<a href=\"https:\/\/bicon.li\/en\/category\/blockchain\/\" class=\"advgb-post-tax-term\">Blockchain<\/a>","<a href=\"https:\/\/bicon.li\/en\/category\/defi\/\" class=\"advgb-post-tax-term\">DeFi<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Blockchain<\/span>","<span class=\"advgb-post-tax-term\">DeFi<\/span>"]},"tags":{"linked":["<a href=\"https:\/\/bicon.li\/en\/category\/defi\/\" class=\"advgb-post-tax-term\">English<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">English<\/span>"]}},"comment_count":"0","relative_dates":{"created":"Posted 5 years ago","modified":"Updated 3 years ago"},"absolute_dates":{"created":"Posted on 2021-04-15","modified":"Updated on 2023-05-10"},"absolute_dates_time":{"created":"Posted on 2021-04-15 22:10","modified":"Updated on 2023-05-10 21:47"},"featured_img_caption":"","series_order":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9UXv9-ZR","jetpack-related-posts":[{"id":5194,"url":"https:\/\/bicon.li\/en\/2022\/11\/13\/minimum-viable-decentralization\/","url_meta":{"origin":3835,"position":0},"title":"Minimum Viable Decentralization (MvD): A Framework for Evaluating Decentralized Finance (DeFi) Protocols","author":"Volkmar Ritter","date":"2022-11-13","format":false,"excerpt":"The concept of Decentralized Finance (DeFi) has gained considerable attention as a transformative force in the financial sector, leveraging blockchain technology to offer financial services without traditional intermediaries. However, many projects labeled as \"DeFi\" exhibit significant centralization in key areas, leading to confusion about what truly constitutes decentralization. To address\u2026","rel":"","context":"In &quot;Blockchain&quot;","block_context":{"text":"Blockchain","link":"https:\/\/bicon.li\/en\/category\/blockchain\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Strategy-1.webp?fit=1200%2C686&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Strategy-1.webp?fit=1200%2C686&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Strategy-1.webp?fit=1200%2C686&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Strategy-1.webp?fit=1200%2C686&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/11\/Strategy-1.webp?fit=1200%2C686&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":6403,"url":"https:\/\/bicon.li\/en\/2023\/10\/09\/panel-discusion-micar-centralisation-vs-decentralisation\/","url_meta":{"origin":3835,"position":1},"title":"Panel Discusion: MiCAR - Centralisation VS. Decentralisation","author":"Volkmar Ritter","date":"2023-10-09","format":false,"excerpt":"I am looking forward to an interesting panel discussion at the Token Summit Liechtenstein 2023 with a highly relevant topic. Possible discussion points that I see: MiCA and DeFi Is decentralisation according to MiCA* possible on the various DeFi levels (according to Fabian Sch\u00e4r): Settlement \/ Asset Layer Protocol \/\u2026","rel":"","context":"In &quot;BICon News&quot;","block_context":{"text":"BICon News","link":"https:\/\/bicon.li\/en\/category\/news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/10\/img_4072-1-scaled.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/10\/img_4072-1-scaled.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/10\/img_4072-1-scaled.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/10\/img_4072-1-scaled.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2023\/10\/img_4072-1-scaled.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":3142,"url":"https:\/\/bicon.li\/en\/2021\/02\/02\/defi\/","url_meta":{"origin":3835,"position":2},"title":"DeFi und der innere Wert von Crypto \u00abW\u00e4hrungen\u00bb","author":"Volkmar Ritter","date":"2021-02-02","format":false,"excerpt":"Im Schatten der Schlagzeilen zu Kursfeuerwerken von Bitcoin, Tesla sowie von Technologie Investments im Allgemeinen, fand die wahrscheinlich gr\u00f6sste Blockchain Innovation des letzten Jahres und der damit verbundene Kursanstieg nur wenig Erw\u00e4hnung in den Massenmedien: DeFi. Dieses K\u00fcrzel steht f\u00fcr Decentralized Finance. DeFi und Ethereum Um was geht es? Auf\u2026","rel":"","context":"In &quot;Blockchain&quot;","block_context":{"text":"Blockchain","link":"https:\/\/bicon.li\/en\/category\/blockchain\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/01\/img_6447-e1612095281279.jpg?fit=1200%2C795&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/01\/img_6447-e1612095281279.jpg?fit=1200%2C795&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/01\/img_6447-e1612095281279.jpg?fit=1200%2C795&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/01\/img_6447-e1612095281279.jpg?fit=1200%2C795&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/01\/img_6447-e1612095281279.jpg?fit=1200%2C795&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":1274,"url":"https:\/\/bicon.li\/en\/2017\/06\/19\/the-full-potential-of-the-blockchain\/","url_meta":{"origin":3835,"position":3},"title":"The Full Potential of the Blockchain","author":"Volkmar Ritter","date":"2017-06-19","format":false,"excerpt":"If you look at the blockchain from a technical perspective and focus on a distributed ledger\/database which is slower and less performant than a conventional centralized database you will miss the point. The real \"sex appeal\" of the blockchain is that no central authority is needed and therefore no central\u2026","rel":"","context":"In &quot;Blockchain&quot;","block_context":{"text":"Blockchain","link":"https:\/\/bicon.li\/en\/category\/blockchain\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/01\/img_6445.jpg?fit=800%2C543&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/01\/img_6445.jpg?fit=800%2C543&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/01\/img_6445.jpg?fit=800%2C543&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2021\/01\/img_6445.jpg?fit=800%2C543&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":6644,"url":"https:\/\/bicon.li\/en\/2024\/03\/03\/the-transformative-impact-of-exchange-traded-funds\/","url_meta":{"origin":3835,"position":4},"title":"The Transformative Impact of Exchange-Traded Funds (ETFs)","author":"Volkmar Ritter","date":"2024-03-03","format":false,"excerpt":"Exchange-Traded Funds (ETFs) have emerged as a pivotal innovation in financial markets, markedly influencing investment strategies, wealth management, and overall market efficiency. This article explores the multifaceted role of ETFs in: Democratizing investing Disrupting traditional wealth management paradigms Enhancing financial market efficiency This article aims to shed light on the\u2026","rel":"","context":"In &quot;Asset Management&quot;","block_context":{"text":"Asset Management","link":"https:\/\/bicon.li\/en\/category\/assetmanagement\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2024\/03\/img_5923.jpg?fit=562%2C240&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2024\/03\/img_5923.jpg?fit=562%2C240&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2024\/03\/img_5923.jpg?fit=562%2C240&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":807,"url":"https:\/\/bicon.li\/en\/2015\/12\/22\/there-is-music-in-the-fintech-air\/","url_meta":{"origin":3835,"position":5},"title":"The Disruption of Finance: Lessons from the Music Industry","author":"Volkmar Ritter","date":"2015-12-22","format":false,"excerpt":"In the ongoing dialogue around the \"Uberization\" of finance, a richer and perhaps more illustrative analogy lies in the digital transformation of the music industry. Over the past several decades, the music sector has been disrupted repeatedly by technological advances, reshaping its structure and income streams. A retrospective analysis offers\u2026","rel":"","context":"In &quot;Client Management&quot;","block_context":{"text":"Client Management","link":"https:\/\/bicon.li\/en\/category\/clientmanagement\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2015\/12\/Music-e1477516277574.jpg?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2015\/12\/Music-e1477516277574.jpg?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2015\/12\/Music-e1477516277574.jpg?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2015\/12\/Music-e1477516277574.jpg?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/bicon.li\/wp-content\/uploads\/2015\/12\/Music-e1477516277574.jpg?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"publishpress_future_action":{"enabled":false,"date":"2026-06-19 22:58:46","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/posts\/3835","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/comments?post=3835"}],"version-history":[{"count":0,"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/posts\/3835\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/media\/3836"}],"wp:attachment":[{"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/media?parent=3835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/categories?post=3835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bicon.li\/en\/wp-json\/wp\/v2\/tags?post=3835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}