Why is Lombard valued higher than Babylon? If you look at the FDV, you'll see that Lombard is worth almost 2x as much as Babylon, the project on which the team initially built their product. Furthermore, Babylon's TVL is around $7B, while Lombard's TVL is around $1.5B. At first glance, it seems the market is mispricing the projects. But this is a misconception. Here's why. _____________ Babylon is a deep infrastructure layer that creates a fundamentally new product - Bitcoin Staking. However, this poses the following challenges: - Complex and expensive development - Time-consuming creation of a sustainable product - Difficult scaling (only few teams worldwide want their own networks) - Big Capital/Whale/B2B-oriented, with weak work with community - Long way to revenue Overall, EigenLayer faces virtually the same problems. The project is constrained by very complex technological solutions, and the business is growing slowly. That's why such projects require hundreds of millions of dollars in investment to sustain themselves for many years until they become profitable. ________________ Lombard's situation is radically different: - rapid business scalability, both in terms of creating new products and expanding into new areas - numerous BTC-related product solutions - high flexibility allows for rapid adaptation to changes in the Web3 business - community-oriented approach - the team has repeatedly proven its value to the community - quick way to profitability (they are already generating revenue through various products) _________ Thus, the main problem is that Babylon is a complex, technologically unwieldy business, more like a concept. At the same time, @Lombard_Finance is, first and foremost, a business that quickly adapts to changes in the crypto space, which facilitates rapid growth. The Web3 market has changed. It now values ​​projects and teams that are able to build businesses and quickly capture new markets and audiences more than purely technological solutions. Just look at the sensation Ethena, Kaito, and Hyperliquid are creating. These are teams that know how to build a business first and foremost (but also the technical side). In the traditional world, investors value the speed of business growth, not the idea and technical implementation. That's why they value such teams more highly. Lombard is one of these teams. They started out as BTC LST, but are now becoming the infrastructure and liquidity layer for BTCfi. This provides them with a huge foundation for further growth. __________________ Follow to BTCfi believers: @theadvisorbtc @DoggfatherCrew @rektonomist_ @_SirJoey @Thirionyx @kafmur @ProofOfTravis @0xKaveh @0x_xifeng @0xKingsKuan @marvellousdefi_ @Jonasoeth @btc_board @0xCheeezzyyyy @Moomsxxx @0xgilllee