Quickswap, a DEX that survived the 2022 bear, trades below 1x trailing revenue with a live buyback. A fundamentals-first play on a veteran protocol, but diluted P/S and founder focus warrant caution.
Sushi trades at a 4.1x revenue multiple with 93.7% of supply circulating. Monthly revenue growth of 21% suggests a base may be forming. A patient starter position candidate.
Usual's trailing P/S of 1.39 looks cheap, but 36.6% of supply is unissued and revenue is down 0.3x from peak. A 45% 30-day revenue rebound offers hope, but confirmation is needed.
Institutional capital is consolidating toward regulated, yield-bearing tokenised instruments while speculative crypto products bleed, signalling a structural shift in trust architecture.
BlackRock's European MMF tokenisation on Kinexys marks the first genuine institutional capital migration into on-chain yield, while public crypto ETF flows bleed. Position for the plumbing trade, not the speculation trade.
