Most P/S ratios in crypto are lying to you. P/S = Market Cap ÷ Revenue It tells you how much you're paying for every $1 of revenue. 1. Low P/S (2x) = paying $2 per $1 revenue. Cheaper. 2. High P/S (20x) = paying $20 per $1 revenue. Pricier. But in crypto, this breaks down: - Not all tokens receive revenue - Not all revenue goes to holders - Circulating supply ≠ eligible supply A protocol can print $100M in fees while token holders see nothing. Effective Revenue Multiplier is the fix here: → Only count supply that actually receives cashflow → Only count cashflow that actually reaches holders Here are the tokens with the strongest ERM👇 $PUMP $JUP $AERO are the ones with biggest mcap. (A lower ERM indicates a more efficient valuation from a token holder's cash flow perspective) h/t to @DefiLlama for the data

Cashflow alignment matters more than raw fees. ERM exposes real value.

True bro

thank you Yas, i love $JUP and $AERO