Revenue multiples finally matter in crypto. $HYPE is running $871M annualized revenue—comparable to mid-cap fintech public comps—yet trading at a discount to traditional revenue multiples.
Same thesis applies to $AAVE, $AERO, and Solana ecosystem protocols ($JUP, $MET, $RAY). Real cash flow, mispriced like speculative garbage because the market still treats them as beta plays instead of operating businesses.
Rotation into revenue-generating assets is underway while retail debates L2 narratives. By the time consensus catches up, entry points will be gone. Standard late-cycle behavior.
Same thesis applies to $AAVE, $AERO, and Solana ecosystem protocols ($JUP, $MET, $RAY). Real cash flow, mispriced like speculative garbage because the market still treats them as beta plays instead of operating businesses.
Rotation into revenue-generating assets is underway while retail debates L2 narratives. By the time consensus catches up, entry points will be gone. Standard late-cycle behavior.