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Monteluna
@monteluna
I am keeping an eye on data, and the numbers have a big theme: Most protocol TVLs on it are more than the market cap of the protocols themselves. This is a complete mispricing since you can assume a CAPM, and roughly guess the token holders capture fee streams. Many of these protocols are also emitting tokens and there aren't any sellers... at all. The market caps are only *slowly* expanding, while TVL keeps growing.
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