The P&L of a Decentralized Application
Apr 19, 2023
• 12
Min Read
Introduction
The top 50 most valuable protocols all have circulating market caps of at least one billion. Why do these tokens, many of which have unproven business models, trade at such high valuations? One of the core assumptions behind these valuations is that the protocol will someday mature to have product-market fit, justifying its current market value.
For protocols that operate decentralized applications (dApps), assessing profitability is one of the few ways investors can begin to evaluate tokens based on tangible metrics instead of relying on user metrics and topline fee growth...Finish reading this report for free
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