DeFiance Capital Founder: The crypto market may have entered the final stage of the "Fat Protocol Theory"

Arthur, the founder and chief investment officer of DeFiance Capital, stated on social media that the crypto market may have entered the final stage of the "fat protocol theory", which has caused long-term damage to investments in cryptocurrencies other than Bitcoin. He pointed out that successful application projects are usually valued at 5 to 15 times their revenue, while infrastructure projects with almost no growth over the past two years still have valuations as high as 150 to 1000 times their revenue. He believes that the speculative premium bubble of cryptocurrency infrastructure has officially burst.