X @Solana

RT Lily Liu (@calilyliu)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 m ...