Odaily Planet Daily News: Arthur Cheong, founder and CEO of DeFiance Capital, wrote on X that the market may turn to favor crypto projects that have proven their product-market fit (PMF) and resilience over multiple market cycles. These projects may be re-rated with higher market capitalizations, while those with low circulation, high market capitalization (FDV), and a lot of continuous hype will have little effect. Some of these companies are cheaply valued and have even become more dominant in the past few years. Eventually, their price-to-earnings ratios will no longer be less than 20 times.