I think we are finally at the tail end of the the "Fat protocol thesis" that has caused so much long-term harm to the crypto's investability outside of Bitcoin. Successful applications are valued at 5 to 15x Price/Revenue while infra projects that have not been growing at all for the past 2 years are still valued at 150x to 1000x Price/Revenue. The speculative premium bubble of crypto infra has officially burst.