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Ethereum Token Terminal

Are Ethereum DeFi Titans Like Uniswap, Maker, And Lido Grossly Undervalued?

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in DeFi
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ethereum is the home of decentralized finance (DeFi), looking at the over $100 billion in total value locked (TVL). Even though the figure fluctuates, mainly depending on the performance of ETH, it is clear that DeFi has proven revolutionary, opening up new use cases spanning multiple sectors, including finance and insurance.

Are Ethereum DeFi Protocols Undervalued?

Taking to X, one analyst is now convinced that a group of established DeFi protocols on Ethereum, including Uniswap and Aave, are highly likely to be grossly undervalued.

Ethereum DeFi protocols overvalued | Source: @@JustDeauIt via X
Ethereum DeFi protocols overvalued | Source: @@JustDeauIt via X

To put it in context, DeFiLlama data shows that Uniswap, a decentralized exchange, Aave–a decentralized money market, and Lido Finance–a liquidity staking platform, are among the largest by TVL.

The analyst noted that these protocols’ price-to-fees ratio, a metric used to gauge financial health, is unusually high and way better than top traditional finance platforms listed on bourses across the United States.

Of the identified, Uniswap has a price-to-fees ratio of 9.6x from the $807 million in fees collected over the past year. However, according to LinkedIn data, the DEX employs roughly 137 people.

Related Reading: Shiba Inu Team Member Declares Shiboshis “The Real Dark Horse Of NFTs,” Here’s Why

Meanwhile, Maker, a lending and borrowing platform and the issuer of the algorithmic stablecoin DAI, has a price-to-fee ratio of 6.9X. The protocol generated $252 million in fees last year from a team of roughly 100 employees.

The same trend can be seen in Aave and Lido, where their price-to-fees ratio stood at 2.8X and 1.5X, respectively, though their team remains relatively small.  

To understand the potential undervaluation of DeFi protocols, the analyst then compared these price-to-fee ratios with TradFi giants. The AI giant Nvidia has a price-to-sales ratio of 40X–higher than Uniswap’s.

However, the Wall Street giant employs a larger workforce of approximately 32,000. The same trend can be seen in Robinhood. Though the brokerage has a price-to-sale ratio of 9.8X, it generated $2 billion in revenue but with a larger workforce of over 3,300 employees.

Potential For Growth, Regulatory Clarity, And Continuous Scaling

Though Nvidia could have a higher ratio than Uniswap, DeFi protocols are inherently more scalable than traditional financial institutions. Accordingly, as Ethereum finds regulatory clarity, it will likely continue to rake in more fees and scale to serve new vectors.

Ethereum price trending sideways on the daily chart | Source: ETHUSDT on Binance, TradingView
Ethereum price trending sideways on the daily chart | Source: ETHUSDT on Binance, TradingView

Besides the regulatory clarity that comes with the United States Securities and Exchange Commission (SEC) approving a spot Ethereum exchange-traded fund (ETF) and deciding to stop their investigation into Ethereum 2.0, the broader Ethereum ecosystem is scaling.

Related Reading: Cardano Founder Gives Crucial Update On The Chang Fork

According to on-chain data, the mainnet, layer-2, and layer-3 solutions process around 300 transactions per second (TPS).

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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