Elon Musk has time to run 4 billion dollars companies, reply to strangers on Twitter, and father of 14 kids..
But that girl you're seeing takes 16 hours to reply because she's busy..
move on bro
Time to talk about revenue as the North Star metric for protocols.
TVL was a fine way to normalize across defi protocols when the defi phenomenon first started in 2020.
It can make sense to anchor on precursor metrics in a hyper growth environment. Much like the internet spent a decade indexing and valuing clicks and users as an upstream proxy metric for eventual revenue. Then revenue materialized at scale with two primary business models: search and social ad monetization; two sided marketplace rake.
But crypto has matured since 2020, revenue now exists, and so must our industry metrics as well.
Revenue >>> TVL as a metric.
The more things change the more things look the same.