A flow divided by a stock
Fees accumulate over a period; TVL describes a balance at a point in time. In a hypothetical example, $50,000 of 24-hour fees divided by $25 million of current TVL equals 0.2%. This arithmetic does not show what a depositor earns. Fees can go to different participants, and the TVL balance may have changed substantially during the day. Multiplying the number by 365 would add an assumption that this page does not make.
Examine the two sides of an unusually high ratio
The ratio can rise because fees increase, because TVL falls, or because both change. A second hypothetical snapshot with unchanged $50,000 fees and TVL reduced to $10 million produces 0.5%. That higher result does not by itself indicate improving business quality. Use fee rankings and protocol history separately to investigate which side of the relationship moved.
Identity and scope matter more than a neat number
Only exact, unique provider identifiers are joined. Missing matches are excluded rather than paired through similar names. The minimum filter applies to TVL, and the deployment-chain control does not isolate chain-specific balances or fees. Source responses can have different underlying cutoffs, which are not solved simply by loading them moments apart. Review adapter boundaries before comparing products with very different capital requirements. The output is neither a price-to-earnings ratio, an earnings yield nor a quoted return for holding the protocol’s token.