Wyatt, Henry, and Jake recently put out a report called "Total Value Lost", exploring how best to assess the value of various DeFi markets - starting with lending markets. This episode is a continuation of that conversation, exploring what carries value in DeFi going forward, particularly on the back of a shaky market period. This discussion covers:

• Where does the recent, ongoing market selloff leave us?
• What metrics matter for onchain markets?
• What market dynamics contributed to the October 10 washout?
• How does leverage manifest in onchain markets, and what does it look like today?
• How do you assess the value of illiquid cryptoassets?
• What drives revenue multiples.
• Which protocols will benefit from the tokenization of other asset classes, and which will struggle?
• How do the individual behaviors and incentives of investment funds contribute to crypto market volatility?