Arthur, founder and chief investment officer of DeFiance Capital, said on social media that the crypto market may have entered the final stage of the "fat protocol theory", which has caused long-term damage to the investment value of crypto assets other than Bitcoin. He pointed out that the valuation of successful application projects is usually 5 to 15 times the revenue, while the valuation of infrastructure projects that have seen little growth in the past two years is still as high as 150 to 1000 times the revenue. He believes that the speculative premium bubble of crypto infrastructure has officially burst.