related:have yet to find a market sector in crypto that isn't dominated by 2-3 projectsso if you're optimistic about future growth prospectsthe best teams are likely "overvalued"but can still be great long-term investmentswhen S growth surprises to the upsideFelipe Montealegre (@TheiaResearch):Check out P/S multiples across the industry over the past 5 yearsThis is a simple market cap weighted P/S multiple for the top 100 projects on @tokenterminal excluding Layer 1sWhere is equilibrium? I think that depend ...