This thread tracks ENS protocol fundamentals using four core indicators on a Last Twelve Months (LTM) basis.
The objective is to monitor:
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Operating performance
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Fiscal discipline
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Valuation relative to revenue
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Treasury strength
LTM Revenue vs LTM Expenses
Tracks the operating engine of the protocol.
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Revenue = registrations + renewals
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Expenses = operating costs (excluding FX, currency effects, and investment P&L)
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LTM basis smooths monthly volatility
This chart shows structural revenue trends versus cost structure.
LTM Net Margin (%)
Defined as: Net Revenue / Gross Revenue
This captures fiscal discipline and operating efficiency over time.
LTM basis avoids short-term noise.
ENS Market Cap vs Treasury
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ENS market cap calculated using 100-day EMA price
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Treasury valued using 100-day EMA ETH price
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Treasury assumed composition: ~60% ETH / ~40% stables
EMA pricing is used to reduce short-term volatility and better reflect structural valuation trends.
This chart compares speculative valuation vs asset backing.
LTM Gross Revenue Yield (%)
Defined as: LTM Revenue / ENS Market Cap (100-day EMA basis)
This functions as a structural valuation anchor for the token relative to protocol revenue generation.
Methodology Notes
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LTM = Last Twelve Months.
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Revenue data sourced from dune.com/steakhouse/ens-steakhouse
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All figures reflect month-end values.
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FX, currency effects, and investment P&L are excluded to focus on operating dynamics.
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ENS market cap and ETH in treasury are calculated using 100-day EMA prices to reduce short-term volatility and better reflect structural valuation trends.
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Circulating supply includes ENS tokens held by ENS Labs, as they are not under direct DAO treasury control.
This thread will be updated at each month-end with refreshed charts.
