Repeat after me: blockchains should be valued on revenue, NOT TVL. @BNBCHAIN is up 204% in market cap while revenue is up 226% in the last 3 years. Price & Revenue highly correlated for revenue generating assets.

Max Muncy one of the most underrated dodgers of all time! What a clutch homer tonight. Congrats Dodgers!

Solana will trade like oil & gas until Wall Street values blockchains using fundamentals Solana can become VERY profitable networks as finance moves onchain -- tokenization is projected to grow from $600B to $9T in 2030. Here's a model I built out for Solana with key drivers: - Asset Under Manage (~TVL) as a % of Tokenization - Global Transfer Volume as a Velocity Multiple on AUM - Revenue as a % of Global Transfer Volume - Inflation Rate If you believe $SOL will 1. Take 5% of Tokenization markets in 2030 in AUM 2. The amount of AUM that moves per year is 55.6x (1/3rd of what it is today) 3. Revenue take rate (base fees, priority fees, jito tips) is 40 bps 4. Inflation declines 15% annually Its not crazy for Solana to be a $880B+ network in 2030. DM if you want a copy of the model.