Everything on Valuation Framework

Valuation is the last question to ask for exponential growth companies. The primary focus should be on the revenue trajectory and the ability to achieve a 3x return in the next fundraising round, rather than the initial entry price.

Impact: Allows investors to secure positions in generational companies at higher prices if the growth curve supports the return, avoiding the mistake of passing on winners due to price sensitivity.

— from AI Investment Strategy: Valuation, Margin, and Platform Companies · The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch· Feb 23, 2026

Token buybacks are the only mechanism to link token price to protocol cash flows, as crypto assets lack the M&A terminal value inherent in traditional equities. Protocols using revenue for buybacks create a direct, quantifiable link between business performance and token value.

Impact: Investors can identify high-quality digital assets by focusing on protocols with transparent on-chain revenue and active buyback programs, reducing exposure to speculative or governance-only tokens.

— from Beyond Bitcoin: DeFi, Stablecoins, and RWA Growth · The Milk Road Show· Feb 16, 2026