Jan 12, 2026
Wyatt, Henry, and Jake recently put out a report called "Total Value Lost", exploring how best to assess the value of various DeFi markets - starting with lending markets. This episode is a continuation of that conversation, exploring what carries value in DeFi going forward, particularly on the back of a shaky market period. This discussion covers:
- Where does the recent, ongoing market selloff leave us?
- What metrics matter for onchain markets?
- What market dynamics contributed to the October 10 washout?
- How does leverage manifest in onchain markets, and what does it look like today?
- How do you assess the value of illiquid cryptoassets?
- What drives revenue multiples.
- Which protocols will benefit from the tokenization of other asset classes, and which will struggle?
- How do the individual behaviors and incentives of investment funds contribute to crypto market volatility?