Everything on Valuation Metrics

TVL is no longer a valid metric for comparing DeFi protocols because it fails to account for the diverse business models and revenue drivers of different platforms. Investors should instead analyze specific revenue sources like active loan books or vault-specific capital flows.

Impact: This shift will lead to more accurate valuations and better investment decisions, reducing the risk of overvaluing protocols with high TVL but low revenue.

— from DeFi Infrastructure and Asset Quality Shift · The Milk Road Show· Sep 11, 2026

Agent-friendliness is becoming a primary valuation metric, with tools like Linear and Clay gaining value because AI agents choose them for their efficient APIs and workflows.

Impact: Investors should prioritize software companies that are optimized for autonomous agent consumption, as this will drive 10x to 100x increases in usage volume.

— from Nvidia Dominance and the Rise of Compound Startups · The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch· Sep 03, 2026

OpenAI's valuation has surged to $852 billion following a $122 billion funding round, setting a new record for the largest round ever.

Impact: Establishes a new upper-bound benchmark for AI valuations, potentially distorting expectations and valuation multiples across the broader startup ecosystem.

— from Q1 2026 VC Surge, Microsoft AI Models, Creator Shift · TechCrunch Daily Crunch· Apr 03, 2026