Is crypto entering a new phase?
Should we evaluate protocols or chains solely based on the stories? Let’s take a look at the money flow.
Leading on-chain platforms are generating hundreds of millions of dollars in protocol revenue every year, continuing to clearly prove strong product-market fit.
But wait—there’s something even more interesting!
Some protocols in this group are trading at revenue multiples of just single digits—an extremely rare valuation level in a fast-growing digital infrastructure segment like this.
Part of the reason is legal risk. Right now in the US, whether a token is a “commodity” or a “security” still doesn’t have clear-cut rules—there’s only an administrative guidance that could be reversed at any time. That’s why the US Senate is racing to pass the CLARITY Act this week, before the summer recess causes everything to freeze until the end of the year.
If this bill passes, the SEC–CFTC boundary will be written into law as fixed rules instead of being dependent on guidance that can be overturned. That’s when new institutional capital will be confident enough to value crypto like real businesses—not just pure speculation.
In my view, the next cycle won’t pick the loudest stories. It will choose the protocols or chains that create real value and real users.
The key point is: Long-term. Stable. Real growth.
#NguoiDongHanh
Should we evaluate protocols or chains solely based on the stories? Let’s take a look at the money flow.
Leading on-chain platforms are generating hundreds of millions of dollars in protocol revenue every year, continuing to clearly prove strong product-market fit.
But wait—there’s something even more interesting!
Some protocols in this group are trading at revenue multiples of just single digits—an extremely rare valuation level in a fast-growing digital infrastructure segment like this.
Part of the reason is legal risk. Right now in the US, whether a token is a “commodity” or a “security” still doesn’t have clear-cut rules—there’s only an administrative guidance that could be reversed at any time. That’s why the US Senate is racing to pass the CLARITY Act this week, before the summer recess causes everything to freeze until the end of the year.
If this bill passes, the SEC–CFTC boundary will be written into law as fixed rules instead of being dependent on guidance that can be overturned. That’s when new institutional capital will be confident enough to value crypto like real businesses—not just pure speculation.
In my view, the next cycle won’t pick the loudest stories. It will choose the protocols or chains that create real value and real users.
The key point is: Long-term. Stable. Real growth.
#NguoiDongHanh