@dsgserhdgs

Infrastructure projects (e.g., Ethereum, Solana) are valued on network effects and scalability—key metrics include transaction throughput, developer activity, and ecosystem size. Their value lies in supporting other apps, so revenue often comes from network fees or staking. Application projects (e.g., DeFi lending apps, Web3 games) depend on user growth and monetization—metrics like active users, retention rates, and revenue per user matter more. In bull markets, applications outperform as user adoption surges; in bear markets, infrastructure is more resilient (since apps rely on their underlying networks). Adjust priorities: bull cycles favor apps with proven traction (e.g., high loan volumes); bear cycles prioritize infrastructure with stable revenue (e.g., consistent staking yields) and long-term roadmap progress (e.g., Ethereum’s upgrades).

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