Cash is the most valuable asset right now. People often forget that cash itself is an asset. When everything else is priced too high, it means cash is extremely undervalued. Some argue that inflation reduces the value of cash, but think about it — inflation might be only 2–3% a year, while stocks and crypto can surge 200–300% a year. In that kind of environment, holding cash isn’t weakness… it’s opportunity.
the revenue meta has some weird quirks
$shfl pays holders actual usdc from real revenue, would rank 12th on defillama if tracked, yet trades at just 4.3x annual distributions like a penny stock
$rlb's discount makes a bit more sense given transparency concerns and undoxxed team
but shfl's valuation is puzzling: doxxed team, verifiable onchain distributions, substantial revenue generation, growing market share
meanwhile defi bluechips like $hype, $ray and $jup trade at massive premiums despite just doing buybacks
this is not tom mention that most tokens:
a) don't even generate substantial revenue
b) have no path to doing so
c) have no clear value accrual mechanisms at all
d) do buybacks and burns which have questionable effectiveness outside of $hype
if you're deploying to alts in this "revenue meta" environment, how many projects are actually delivering transparent usdc dividends with reasonable risk-adjusted returns at this scale ($1.2 million distributed to stakers last month alone)?
markets pricing sector reputation over fundamentals or we're looking at obvious mispricing