How Crypto Investment is becoming a better story

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Despite all the numbers included, investment is widely considered more art than science.

“Common stock selection is a difficult art,” begamin Graham warned.

Graham’s lifetime student, Warren Buffett specified that “is investment Art… Later to get cash laying to get more cash. ,

Excessive investment boils to predict those cash flows.

Peter Lynch warned, “investors” which have been trained to determine everything strictly, is a major disadvantage. ,

However, this does not mean that “evaluation is a meme,” as financial nihusists like to claim.

Instead, it means that quantitative assessment is a creative effort to apply and interpret the metrics.

Which evaluation is to use which investment is a subjective decision – and knowing how to explain the results and more.

A low assessment, for example, does not mean that a stock is cheaper and a high does not mean that a stock is expensive (this is often opposite).

One stock can be attractively cheap and expensive on the other.

And none of these things are clearly related to returns.

This is often the cause of disappointment – if cheap stocks do not go up and expensive people do not go down, then why are they trying to find out all this?

It is worth finding out, I think, because this is what makes investment fun and interesting – and if yes, then fun Crypto Investment is starting only.

Until some time ago, Crypto investors did not have several numbers to work beyond the token price and market capitalization.

This made everything a “story” in Crypto – which is fine!

Investment is about telling stories.

But the best investing stories have been told with numbers and Crypto has rapidly enhanced them as more protocols are earning revenue and that revenue is being passed to more and more token holders.

In addition, thanks to the choice of these numbers are becoming more accessible Blockworks researchWhose analysts pack him in the digestible chart and report them to us.

This is helping Crypto move for a high phase of storytelling: story with numbers.

Let’s check some current.

Etherium vs Solana

Given the crypto Twitter and podcasting, it seems clear that the emotion on the atherium sinks for new climbing, especially relative to Solana.

But a uninterrupted tradfi refugees are going directly to numbers otherwise guess.

According to Blockworks Research Data, Solana recorded $ 36 million of “token holder net income” in April, which puts the Sol tokens at 178x annual income – a rich, but possibly appropriate if you feel that the level of current activity is low.

In contrast, the Etharium made $ 21 million to the token holder net income for April, putting Ath token on 841x earnings.

Seeing Ethy Trading on 5X, a tradefi refugee will not immediately think of Soul, “Wow, why is everyone so slow on the atherium?”

But they will not immediately think that people are 5x less positive on Salana, either.

Instead, they can conclude that Solana’s revenue is less many because it mostly comes from “low-quality” memecoin activity-while the revenue of the atherium commands at least one more than one part, as it involves high quality activity such as real-world property.

Now we have something to work: if you think the memecoin activity is not so low, then Sol is probably underwellude, and if you think RWAS is future, ETH may not be so much.

You can also dig a little deep.

Blockworks Research data shows that the revenue collected by all Solana apps is only 1.8x higher than the revenue collected by Solana.

As platform business runs, this is one Very High Tech Rate – Maximum 30% on Apple is much higher than the rate of taking 30%, which the US government feels that there is a monopoly.

This may mean that Solana is oversizing and hence its tokens should trade in minimal earnings – Or That Solana has a business gap and its tokens should be traded so High Many of earnings.

Either way, this is a story.

Hyperbola

Hyperlicid, a semi-decentralized crypto exchange, is a strange story of a protocol that earns a lot in revenue ($ 43 million in April) and virtually pays All This is out for token holders.

This has recently helped to token outperform: “The aid fund uses trading fees for token buyback every 10 minutes,” a single-name Bokasio In a recent report for Blockworks Research, noted, “Buy constantly buying pressure.”

Every 10 minutes!

It is difficult to know what to make it because there is no such thing in tradefit that is in the form of a company that returns its 100% Income For shareholders – let go alone every 10 minutes.

Given its evaluation, Crypto also seems a bit uncertain.

Hype tokens trades around 17X annual revenue (based on market capitalization), which will be generally considered expensive.

But, in this case, revenue and earnings seem to be the same thing, so it seems very appropriate – if you believe that the story will continue to win business with centralized exchanges.

Boccaccio said that publicity is doing more and more trading than its decentralized colleagues, but also that they cannot be the right peers to compare it.

“Hyperlicid L1 will have to take a very small percentage of the overall benance daily to increase its volume meaningfully … taking only 10–15% of BTC/USDT couples (from besens) will increase the hypercore volume by 50%.”

“A development has several warrants,” BOCCCCOO concludes.

How much you depend on how much you consider the story, of course.

Bupeter

Jupiter, a solana dex aggregator, returns comparatively 50% revenue for token holders (also via buyback) – but it is enough.

Mark Arjun It is estimated that Jupiter may earn a revenue of $ 280 million over the next 12 months, which will put the chanting tokens on the yield of about 11.5% on the basis of the market cap.

In equities, 11.5% yield would mean that the underlying business is distressed, but it does not seem.

Jupiter is “default router” on Solana, Arjun writes, “Currently there is no uniform in aggregation,” and “is the fourth highest revenue-generating application among all crypto daps.”

Better yet, it is run like a business: “Jupiter’s strategic maneuvers during 2024–2025 depict an organization aggressively entering a hyper-goth phase, ambitiously in the form of Solana’s major crypto super-app.”

It rarely looks like a business that should be obtained anything around 11.5%.

There are certainly a lot of risks, which details Arjun in their most recent notes.

But his tech is that “Jupiter currently trades on the least multiples relative to his peers, suggests a significant ability even without many expansion.”

He even determines it in a yoga-parts landscape analysis, which heats up my tradefit heart:

Looks like a good story.

Helium

A decentralized telecom provider, helium, has long been a crypto story – it was established back in 2013.

But now it is a story with numbers: “The revenue measured by data credit burn is faster, growing at 43% QOQ,” Blockworks Research Nick Carpinito Recently written in a note.

“Importantly, the revenue mixture of helium is shifting from helium mobile to mobile offloads, later now about 3x more DC accounting for burn, and growing at about 180% QOQ, the enterprise budget has a stunning rate for a dipin protocol in the enterprise budget.”

“Mobile offload” is the blue line above and its quarterly growth rate is 180%, which is actually a stunning number for anyone.

Helium HNT tokens may cost for trading at around 120x annual sales.

But Carpinito told 0xresearch podcast He hopes that “allows its customers to connect to helium to accelerate revenue to accelerate revenue to increase the use of data credit through AT&T.”

As a result, “a high probability that we see the appreciation of some HNT value in the next 12 months which is unprecedented and much more stable than any helium price praise seen in the past, which was largely based on speculation.”

In Crypto it is uncommon to predict that kind of price to anyone on the basis of anything Other From speculation.

And fresh.

Pendal

Finally, pendal is a “yield trading” protocol, which has been dubbed by the new offering, “boros”, which will allow users to speculate on any off-chain or onchain yield starting with funding rates.

Blockworks Research’s blockworks research “implementation will look similar to a classical interest rate swap market, where traders can pay a temporary rate to get a temporary rate to get a fixed rate, or pay a fixed rate,” Blockworks Research Luke Leser Explained.

This does not mean that I am not too much for an equity man like me, but it is clearly a large market: “Always settled with hundreds of billions in the open interest with futures markets to settle around $ 60 trillion annually, Boros will enter a completely new, spacious and unused market,” according to the lease, which expects the boros to expect boros. double Revenue rate of pendal.

This is not something that you hear more in tradefi.

In a bull case, the lease estimates that the “vote-ed-guound” version of the pendal tokens can only trading on 1.6X earnings:

1.6x!

Nothing in equity never trade on 1.6x earnings unless its business is going to fall from a rock, which does not seem so here.

Nevertheless, this investment is not advice (from me, at least) because Pendall is a complex story – as most of them are in crypto.

But at least they are now stories that can be told in numbers.

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