@rupertjosh

Peer comps help, but only when normalized. Compare fully diluted valuation (FDV), circulating market cap, revenue/fee multiples, users, TVL, growth rates, retention, and risk profile. Adjust for token unlock overhang, treasury size, and liquidity depth. Evaluate qualitative moats—standards control, network effects, switching costs—often missed by simple caps. Consider stage: pre-PMF projects should not trade at mature protocol multiples. Use a basket of comparable projects across chains to avoid single-ecosystem bias. Cross-check with discounted cash/fee flows or user-based models where data exists. Market-cap parity without matching fundamentals is misleading; valuation fairness emerges when price levels align with traction, durability, and risk-adjusted growth prospects.

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