The list of protocols with the lowest P/F (fully diluted) ratio on @tokenterminal Read as: POTENTIALLY UNDERVALUED How to read a Low P/F Ratio ↓ • Undervalued (potentially): A low P/F ratio suggests the protocol is generating a lot of fees relative to its market cap. This can signal that the protocol is undervalued compared to its real economic activity. • Efficient revenue capture: It shows the protocol is monetizing usage well — people are actually using it and paying for it. • Possible hidden gem for investors looking for fundamental value in DeFi or infrastructure protocols. If a DEX has: FDV = $100M Annualized fees = $50M Then: P/F = 2, which is quite low, meaning you're paying $2 in FDV per $1 of protocol revenue. Compare that to another DEX with: FDV = $1B Fees = $25M P/F = 40 → potentially overvalued relative to the actual usage.