"If you show revenue, people will ask how much? And it will never be enough."

Valuations across the space largely don’t make sense, and evaluating projects is incredibly difficult due to opaque LP deals behind the scenes.

Of the top 20 protocols, maybe 2 or 3 are actually generating revenue. The rest are deeply unprofitable, continuously offloading tokens to VCs and spending hundreds of millions in incentives just to simulate activity.

Take lending markets as an example - only Aave has managed to become profitable, and that took years. Most other protocols rely on aggressive incentives: equity, tokens, and private LP deals.

Restaking protocols? This just LST yields + massive token incentives. It will take decades until revenue covers for billions spent in token incentives.

As for DEXes, the largest one has spent hundreds of millions in incentives and has generated essentially zero net revenue over seven years. Same case for almost every other DEX out there.

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