@sweryerhfd

To establish a sector-specific valuation framework, we must first distinguish the core value drivers of each track. For infrastructure projects (e.g., Layer 1 blockchains, decentralized storage), metrics like TVL/market cap (to assess capital efficiency), node decentralization, and security stability take priority—since their value lies in supporting ecosystems. For application projects (e.g., DeFi apps, Web3 social), user-centric metrics (DAU/MAU, retention rate) and revenue convertibility (transaction fees, subscription income) are more critical. A unified standard (e.g., only focusing on TVL) would misjudge: a Layer 1 with high TVL but poor scalability is overvalued, while a DeFi app with strong user growth but low TVL may be undervalued. Sector-specific benchmarks (e.g., average P/S ratios for DeFi vs. Layer 1) help avoid misassessment.

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