DeFi 2.0 Is Going to Be About Cash Flows

The real die hard people that win the niches are going to absolutely do phenomenal like well and awesome to see. I think where DeFi 1.0 was all about TVL, what we're going to start to see is that DeFi 2.0 which has yet to really kind of hit the fever pitch is all going to be about cash flows. And if they're super inefficient cash flows, like a bank, like something that looks like a bank will probably just get valued at like a book value or like a lower multiple.

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