The market may be starting to reward tokens with real fundamentals – a theme we've been emphasizing.

@cosmo_jiang explores this in our latest letter: https://t.co/UYq2c3J8Ck

"We believe the market is increasingly beginning to focus on tokens with sound fundamentals and we are seeing that play out in relative performance.  Fundamentally sound tokens – those with revenue and cash flows – outperformed tokens with no revenue by eight percentage points year-to-date."