Inferring the development potential and token price of public chains from revenue data

1/6 Regarding the pictures of Token Terminal, everyone has a different interpretation. I am just explaining my personal perspective. ETH began to reduce subsidies after the London upgrade in 2021 to try to achieve a break-even point. It took nearly ten years from the launch of the main network in 2015 to turn losses into profits. This is a very difficult road. Don't worry about other L1s. It indicates that the scale effect is established. Fees represent revenue. Some revenues are beginning to slow down, and some revenues are expanding rapidly. $SOL It is completely understandable that a company uses different strategies at different stages of development. Subsidies are a necessary means of expansion. Different means are different at different stages of the company. When a company's revenue grows rapidly and its market share expands rapidly, it shows the company's growth potential. The growth premium is bound to be reflected in the stock price.

2/6 Revenue represents the ability of your agreement to make money, but if it only governs but does not empower, it is garbage in the long run. US stocks with repurchases and dividends have a long bull market for a hundred years, while A-shares without repurchases are still young even if you leave for ten years.

3/6 Why doesn't Sequencer pay dividends? Because there are a lot of Devs on Base, it is of course a strong moat. What if there is another completely identical Base2.0 that pays dividends? Why is the L1 settlement fee so high? This is not a subsidized block reward. 11.86M is as high as 43% of revenue. How can the company reduce the settlement/DA fees paid to ETH by a large proportion and continue to increase the company's profit margin on a large scale?

4/6 Blast is not online, customers are stagnant as normal, but contract deployment cannot decline, otherwise who will take care of the ecosystem?

5/6 Base funds/contract deployment continues to grow significantly. The funds here are fake and can be withdrawn at any time. Only by increasing the richness of the ecosystem can the stickiness of funds be increased, which indicates that the company's business scope will continue to grow rapidly and the ecosystem will continue to prosper.

6/6 Revenue growth is worrying 27.31M VS 7.5M It may not just be a problem faced by L1 alone, come on