@TheCryptoNexus These larger entities can’t necessarily trade on / use hl (compliance reasons, especially in US), which would be part of dilligence on hl price discovery
Same reason why cash flowing protocols with meaningful buybacks trade at discounted multiples - opacity discount
Do they? I understand allocating capex to an entirely new product launch (this is the future of maturing projects building sustainable revenue growth in crypto)
But I would argue that onchain protocols require less capex generally due to the efficiency of smart contracts
Hyperliquid of course has given credence to this as you mentioned