Visa is a company with revenue, profits, a massive payment network, and a clear business moat. LINK is a utility token of an oracle network:
• The value of LINK depends on staking demand + oracle/CCIP service fees, not ownership of equity in a global payment system.
• Chainlink’s current on-chain revenue/fees are around $50–60 million per year (annualized). A market cap of ~$10 billion equates to roughly ~190x revenue — a very high multiple.
• Total Value Secured (TVS) is high (around $37 billion according to DefiLlama, with some figures reaching $100 billion+ when including CCIP), but the actual fees collected remain low relative to the value being secured.
For a fair comparison, one should compare revenue + the growth rate of fees and the ability to capture value into the token, not token market cap versus Visa’s equity valuation $LINK
• The value of LINK depends on staking demand + oracle/CCIP service fees, not ownership of equity in a global payment system.
• Chainlink’s current on-chain revenue/fees are around $50–60 million per year (annualized). A market cap of ~$10 billion equates to roughly ~190x revenue — a very high multiple.
• Total Value Secured (TVS) is high (around $37 billion according to DefiLlama, with some figures reaching $100 billion+ when including CCIP), but the actual fees collected remain low relative to the value being secured.
For a fair comparison, one should compare revenue + the growth rate of fees and the ability to capture value into the token, not token market cap versus Visa’s equity valuation $LINK