According to Lorenzo Valente, Director of Digital Asset Research at ARK Invest, many protocols in the cryptocurrency market have been overlooked, with some projects falling 70 to 90% from their highs, but still generating costs, maintaining growth, and maintaining a leading position on the track. He mentioned that Aave has a P/E ratio of about 9 times, Solana has a P/E ratio of about 12 times and a free cash flow of $6 billion, Ethereum has a P/E ratio of about 17 times, Uniswap has an EBITDA ratio of about 8 times, and mentioned projects such as Avalanche, Pendle, Ethena, and Morpho. He believes that the current market funds are chasing HYPE and NEAR, but the real investment opportunities may lie in the abandoned assets, where the fundamentals of these projects have not fallen by 80%, and the decline is narrative, which will return.
