I think @hosseeb is somewhat right People started speaking about revenues only after 2 projects in the whole defi (both extremely centralized) started earning substantial revenue (and it didn’t happen overnight!) Other than that we have so many examples like uniswap which is valued at $7b, spending hundreds of millions in incentives, and earned 0 in 7 years, or morpho which is pending $100m+ publicly and god knows how much privately to stimulate growth also with 0 revenue and unclear perspectives of ever making this money back. Projects are best positioned if they have 0 revenue (unlimited growth perspective speculation or extremely high revenue (so even with low multipliers the token will be valued highly)