On hindsight, I missed kmno because I didn't account for the DAT meta on Solana. Its business was fine, but itâs bottlenecked by the chain, so it should trade lower than morpho, aave counterparts (why I didn't trade on it).
However, if itâs a dominant force (kinda is), then its valuation scales with the size of Solana, which is doing well.
my simple mental model is value = Market Size * market growth * % conquered * profit margins
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