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Value Differential and Market Valuation Comparison
The speaker highlights a significant valuation difference, about 100 times, between wormhole and other protocols. The higher valuation of wormhole is attributed to it being a cross-layer one bridge that holds state, unlike other protocols. Wormhole's ability to hold state provides additional value capture. In contrast, other protocols like 'across' primarily serve as ports for market makers without holding state. Additionally, the speaker notes that wormhole's strong valuation could be due to being a new token with no sellers. The speaker expresses doubt that people in the community are considering these factors, focusing more on narratives rather than in-depth analysis.
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