> - most chains are absurdly overvalued
> - but a few are absurdly undervalued
Wow. This s-tier analysis changes everything. I am stunned
- blockspace is obviously not a commodity
- ethereum does have a moat
- solana also has a moat, but smaller
- however solana can change this (in either direction) much faster than ethereum
- most chains are absurdly overvalued
- but a few are absurdly undervalued
- it is useful but incomplete to value crypto networks based on tradfi companies
- the most obvious reason why it's incomplete is that crypto is a highly connected financial network, which makes it highly speculative, which makes it highly reflexive, which makes it attract capital exponentially faster than anything we've ever seen
- this is not a traditional network effect akin to a social network, it is intrinsically self-reinforcing with great reflexivity
- e.g, consider that NVDA added 2.6 entire SOL marketcaps in a SINGLE CANDLE last week
- we likely have a period of at least ~7 more years of non-linear cyclic growth (humans are very bad at reasoning about future tech growth, but if history is any guide, they're almost always wrong)
- it takes one single app to change everything you thought you knew
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