Most underrated metric in a bear market: Revenue. Top 10 DeFi protocols by LTM revenue — all under $1B market cap: solana:METvsvVRapdj9cFLzq4Tr43xK4tAjQfwX76z3n6mWQL — $56.4M AAVE — $21.9M AERO — $21.5M ATH — $16.0M CAKE — $13.0M POL — $12.5M (+768% LTM growth) LIT — $11.3M JUP — $10.2M ORE — $9.6M LDO — $6.6M Two numbers that stand out: Meteora P/S = 0.9x. Market cap $53.5M. LTM revenue $56.4M. The protocol earns more than it's worth. That's either a screaming buy or a revenue sustainability question. Ore Protocol P/S = 0.8x. $35M MC vs $43M annualized revenue. Same situation. Everything else is trading 14–64x revenue. POL's +768% LTM growth is real — but at 64.6x P/S, it's pricing in years of execution. In a bear market, price shows fear. Revenue shows whether the business actually exists. MET and ORE exist. The market hasn't priced it in yet.