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Crypto Company Founder Says Overvaluation Bubble Is Bursting: Now It Will Be Left Behind! - Coin Bulletin
As the 'Fat Protocol Thesis' that caused the excessive valuation of infrastructure projects in cryptocurrencies comes to an end, the speculative bubble period is also behind us now.
Arthur, founder of the crypto investment company DeFiance Capital, stated that the era of the 'Fat Protocol Thesis', which he pointed out has seriously harmed the long-term investment potential of the cryptocurrency market, is coming to an end. According to Arthur, this thesis has inflated the valuations of infrastructure projects and made investments in cryptocurrencies other than Bitcoin (BTC) more difficult.
Arthur mentioned that successful and actively used applications are now more realistically priced by the market, with valuations of these applications ranging from 5 to 15 times their revenues.
However, he stated that crypto infrastructure projects that have not shown significant growth in the last two years are still valued between 150 and 1,000 times their revenues. This indicates that the excessive valuations in infrastructure projects are not sustainable and that a speculative bubble has burst.
Why are the valuations so inflated?
In the cryptocurrency sector, the 'Fat Protocol Thesis' argued that blockchain networks such as Ethereum and Solana should be more valuable than the applications built on top of them. This thesis redirected investors towards infrastructure projects since 2017, leading to many projects reaching exaggerated valuations. However, this situation posed challenges for application developers and investors as excessive investments in infrastructure reduced the desire to invest in applications.
Currently, the industry is expected to shift towards projects that are application-focused and have real-world use cases. It is believed that this change could lead to a healthier investment environment for cryptocurrencies in the long run.