Is fundamental investment applicable to Web3❓

Fundamental investment, the premise of this matter is a clear valuation system. Does Web3 have it? I think it does not have it for the time being

The market was once popular for a while to value Layer1 based on gas, but with the development of the market, it is obvious that the absolute valuation method based on discount is not applicable in the industry (Cancun upgrade)

The second is the relative valuation method, which is also the current mainstream valuation comparison method, but this paradigm ignores a basic premise, and the valuation logic of the head protocol is still nowhere to be found

At this stage, it can only be compared relatively superficially from some common data. In the recent cases I cited, ListaDAO and MakerDAO were used as examples. The two have similar business lines, but the business undertakers have certain differences. Differences

https://x.com/sjbtc9/status/1803753765675384955?t=1ds0zMrTY8V1quLlR-VMnw&s=19

There is actually a paradox here, that is, the data (not just TVL) may not necessarily reflect the value of assets

Therefore, the relative valuation method also has differences in the comparison of protocols. For example, for the same bridge doing cross-chain business, some bridges focus on asset locking and recasting. TVL has reference value, but some do not. Is it objective to compare TVL?

Open, transparent and standardized standards are the premise of fundamental investment, otherwise we cannot judge which one is relatively undervalued and which one is not

At this stage, the relative valuation method of the industry is still at a relatively superficial stage. Perhaps many projects are still in the early stages of development, not to mention that the fundamentals themselves are not very objective