Friendly reminder that, whatever your preferred way of valuing a crypto asset (moneyness, REV, narrative, etc) the quality of it matters even more than the quantity of it, because quality today will be the biggest determinant of quantity tomorrow, and beyond.
A simple example of this is Luna, a coin that had some of the best REV & narrative appeal we've ever seen, right up to its collapse
Another example is Tron. High fees, but of questionable quality given the centralized validation and shady founder.
The challenge here is Quality is hard to define. But then that's nothing new.
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