Looking at this crypto market cycle from the primary market, there’s one shift worth noting:
Capital is moving from “narrative-based pricing” to “revenue-based pricing.” For stablecoins, investors look at issuance and reserve income; for RWAs, they look at the real cash flows of underlying assets; for exchanges and infrastructure, they look at fee revenue. Projects whose numbers can be crunched are starting to see their valuation anchors converge with traditional finance. Those whose numbers can’t be crunched are driven by sentiment, no matter how volatile they get.
That doesn’t mean narratives don’t matter. It’s just that, at this stage of the cycle, the market is rewarding projects that can survive first.
This post reflects my personal observations only. It is not investment advice, nor is it a recommendation of any specific coin.
Capital is moving from “narrative-based pricing” to “revenue-based pricing.” For stablecoins, investors look at issuance and reserve income; for RWAs, they look at the real cash flows of underlying assets; for exchanges and infrastructure, they look at fee revenue. Projects whose numbers can be crunched are starting to see their valuation anchors converge with traditional finance. Those whose numbers can’t be crunched are driven by sentiment, no matter how volatile they get.
That doesn’t mean narratives don’t matter. It’s just that, at this stage of the cycle, the market is rewarding projects that can survive first.
This post reflects my personal observations only. It is not investment advice, nor is it a recommendation of any specific coin.