P/F (Price to fees) ratio shows how much you pay per dollar of protocol revenue. Lower = potentially undervalued > $SYRUP: $639M FDV ÷ $12.45M fees = 51.3 P/F > $AAVE: $4.86B FDV ÷ $737.71M fees = 6.6 P/F You're paying $51 for each $1 of Maple's revenue vs $6.60 for Aave's SEE @aave generates 60x more fees than @maplefinance but trades at only 7.6x the valuation. By pure fundamentals, Aave looks undervalued. But Maple's targeting institutional lending & smaller market, bigger growth potential. Their 5.5x TVL growth since April explains the premium. But both are VALUE plays.