Definition. Fee Ratio Multiple (FRM) is the ratio between total miner revenue (block rewards plus transaction fees) and transaction fees alone.

Interpretation. FRM gauges how reliant network security is on protocol-issued block rewards versus user-paid fees, indicating how secure a chain would remain once block rewards disappear.

Notes. Introduced by Matteo Leibowitz. For more information, see his introduction to the Fee Ratio Multiple (FRM).