@tangcb
DeFi Protocol Revenue Multiple Valuation: Learning from Traditional Finance Can we apply traditional finance valuation logic to DeFi? Revenue multiples work when protocols generate sustainable cash flows. Uniswap's fee revenue vs token price suggests 15-20x multiple. But unlike stocks, governance tokens don't guarantee dividends. The key is protocol-owned value accrual mechanisms. TVL growth + fee sustainability = valuation foundation. #DeFi #Valuation
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