$NEAR trades at roughly 2x the market cap of $TAO. On revenue, the gap runs the other way. Run today's numbers yourself. NEAR: about $2M a month in protocol revenue, mostly from Intents. Roughly 200x run rate revenue. TAO: subnets estimated at $70M annualized. Roughly 40x run rate revenue. The fair objection is real. Subnet revenue lands with subnet teams, not the base chain, and TAO still emits more than the ecosystem earns. Even after that haircut, a 5x gap in multiples is hard to explain away. One of these is priced on its name. The other is building a cash flow the market has not repriced yet.
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