DeFi Protocol Valuation - Pure DeFi metrics are outdated for valuing protocols [1] - Protocols successful in 2025 will establish hybrid revenue streams, moving beyond TVL farming [1] Jupiter's Hybrid Approach - Jupiter demonstrates this hybrid model with $1.2 billion validator stake and 762 thousand physical units sold [1] - The strategy involves expanding from crypto exchanges to physical retail, exemplified by placement on 7-Eleven shelves [1] Product Growth - Portfolio product experienced 100% growth for three consecutive months [1]