This is a bit of an absurd comparison considering you're valuing DeFi protocols under the same methodology as an L1
$S trading at a 752x P/F ratio.
A $899M market cap generating only ~$1.2M in annual fees. That's kinda unsustainable imo.
For perspective:
- Uniswap: ~15x P/F ratio
- Aave: ~25x P/F ratio
- Compound: ~40x P/F ratio
- Sonic Labs: 750x P/F ratio
No institution touches anything above 100x P/F ratio.
They want:
Proven revenue streams
Sustainable business models
The real question is what this whole 'governance vote' is about. Supposedly to bring in institutions, but how exactly are they gonna do that?
Where can i find details on this proposal? HEEEEELPPP
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