Crypto valuation has shifted dramatically, moving away from traditional metrics like revenue. Historically, revenue has been key to valuing assets, but crypto investors often focus on narratives instead. The article cites examples of companies like Pumpfun and Hyperliquid, which have achieved impressive revenue figures—Pumpfun reached $100 million in just six months, and Hyperliquid has accumulated over $875 million with a small team. Tether’s reported $13 billion in revenue for 2024 highlights the potential profitability within the crypto space. Hyperliquid sets a high standard for revenue expectations, with significant buybacks that stabilize its token price. Its market share has doubled against centralized exchanges, demonstrating strong performance even as overall trading volumes remain stable post-market events. Meanwhile, Uniswap's recent proposal to redirect fees for buybacks generated excitement, temporarily boosting its token price. However, Uniswap's valuation appears inflated, with a price-to-earnings ratio far exceeding that of Hyperliquid or Pumpfun. The article argues that current market sentiment prioritizes hype over actual revenue. Companies like Tesla and Palantir exemplify this trend, with sky-high P/E ratios driven more by narrative than cash flow. Despite crypto now hosting profitable projects, the focus remains on narrative-driven valuations. The discussion emphasizes that while revenue will eventually matter more in the crypto space, narratives currently dominate market perceptions.