According to @LexSokolin, DeFi tokens trading at low revenue multiples are not investable unless tokenholders can directly collect protocol revenues and recover capital, emphasizing cash-flow accrual over headline valuation (source: Lex Sokolin on X, Nov 17, 2025). He stresses that when demand is primarily liquidity-driven, valuation multiples provide unreliable signals for trading and capital allocation (source: Lex Sokolin on X, Nov 17, 2025). He cites data shared by @jonbma, reinforcing a trading focus on tokens with explicit revenue capture by holders and cautioning against models reliant solely on liquidity incentives or emissions (source: Lex Sokolin on X referencing @jonbma on X, Nov 17, 2025).

According to @alice_und_bob, USDC is a validated product that could move from a private ledger to a public ledger, enabling greater fee capture, stacked products, and higher revenue, which may alter stablecoin market dynamics; source: @alice_und_bob on X (Aug 12, 2025). However, Circle states USDC already operates natively on multiple public blockchains, including Ethereum and Solana, indicating any change would likely concern issuance or settlement rails rather than token availability; source: Circle USDC multichain documentation. For trading, monitor USDC circulating supply and mint/redeem flows, plus stablecoin market share and transfer volumes, to gauge liquidity impacts on BTC and ETH order books; sources: Circle Transparency Reports and DeFiLlama Stablecoins Dashboard.