A recent analysis by Alpha Updates reveals a considerable discrepancy between the valuations and fee revenues of decentralized exchanges (DEXs). Uniswap, for instance, generated $104.2 million in fees during the past year with an estimated fully diluted valuation (FDV) of around $8.5 billion. PancakeSwap reported comparable fees of $51.6 million at a much lower FDV of approximately $900 million. Other notable DEXs like Jupiter ($95.2 million in fees, FDV of $2.4 billion), and Raydium ($79.6 million in fees, FDV of $8.8 billion) also exhibit a significant gap between their revenue streams and valuations. Meteora, the Solana-based project, provides an example of potential undervaluation as it generated $136 million in fees but has an FDV of only $521 million, significantly lower than its peers, suggesting possible discrepancies between market perception and actual value.