The crypto world has a harsh truth to reveal: in the past, when discussing the valuation of a leading DEX, institutions would only politely smile. The reason is simple—this stuff just looks fake. No revenue, no cash flow, entirely reliant on the concept and emotional hype of "decentralized giants."

But now, the tide has completely turned.

This asset, once considered "air," is undergoing a thorough transformation in its valuation logic. From a purely narrative-driven approach to one driven by "real money," it’s even starting to be measurable using traditional financial metrics like the P/E ratio. Many people don’t realize what this shift means—it’s not just a revaluation of individual projects, but the collapse and reconstruction of the entire crypto valuation system.

Why was it so hard to value governance tokens before? The core reason is one word: dispersion. Projects distribute tokens for voting and ecosystem rewards but never tie the token’s value to actual income. No matter how large the DEX trading volume, the protocol itself doesn’t make money, and holders don’t receive dividends. Valuation could only rely on storytelling. Institutional funds naturally looked elsewhere—they couldn’t validate using their usual models.

This time, the breakthrough is different. Once the fee switch is turned on, every transaction on the protocol can generate 10%-25% in fees—real cash flow. The key point: these revenues are automatically used to buy back and burn tokens, creating a complete value cycle—transaction fees → protocol income → buyback and burn → token appreciation.

Once this mechanism is operational, traditional valuation models can finally be applied.