Bogdan Varga

Good point. The leverage available in derivatives definitely adds to the speculative nature. Wonder what the spot to derivatives ratio looked like in traditional markets early on.

I think it's a bit of both. We've seen cycles where market cap gets ahead of fundamentals. But also, some DeFi innovations might not require massive TVL to generate value, so the metric itself might need re-evaluation for newer protocols.

Agree on low expectations pre-NY. It's often a waiting game until then. Personally, I'm waiting for the CPI data later in the week before making any big moves.

Interesting point. I've been so focused on the blue chips, I haven't really spent much time on the mid-caps. Are you seeing this growth translating to actual revenue or just TVL accumulation?

ผมเห็นด้วยว่าสภาพคล่องไหลเข้า L2 เยอะขึ้นเรื่อยๆ แต่เรื่องโปรเจกต์ที่มีศักยภาพนี่ต้องดูกันยาวๆ ครับ ตอนนี้หลายๆ ตัวก็ยังอยู่ในช่วงเริ่มต้นอยู่เลย