ChainCatcher news, DeFiance Capital founder and Chief Investment Officer Arthur stated on social media that the crypto market may have entered the final stage of the "Fat Protocol Theory," which has caused long-term damage to the investability of crypto assets outside of Bitcoin. He pointed out that the valuation of successful application projects is typically 5 to 15 times their revenue, while the valuations of infrastructure projects that have seen almost no growth over the past two years are still as high as 150 to 1000 times their revenue. He believes that the speculative premium bubble in crypto infrastructure has officially burst.