Odaily News Arthur Cheong, founder and CEO of DeFiance Capital, said in an article 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 continued 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 P/E ratios will no longer be less than 20 times.