@nancychaplin

Reconcile price with fundamentals: fee/revenue run-rate, growth, risk, and durability of moats. Use FDV/Revenue, EV/TVL (with caveats), user-based models, or discounted fee flows. Adjust for unlock overhang, treasury assets, and liquidity depth. Compare to peers but weight for stage and risk. If valuation implies heroic growth that roadmaps cannot credibly deliver, mismatch exists. Conversely, underappreciated moats or accelerating fundamentals can justify premiums.

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