A compelling framework - especially the shift from “valuing a chain” to “valuing invisible infrastructure.” The real unlock isn’t in current metrics like NVT or TVL, but in whether Polkadot becomes ambient, like Amazon Web Services did for the internet. If Web3 rails fade into the background while securing trillions in value, today’s pricing isn’t just conservative - it’s structurally misaligned. The bet is less about crypto cycles, more about whether programmable trust becomes default infrastructure.