Arthur, founder and chief investment officer of DeFiance Capital, said on social media that the crypto market may have reached the end of the "fat protocol theory", which has caused long-term damage to the investability of crypto assets other than bitcoin. He pointed out that successful applications are typically valued at 5 to 15 times revenue, while infrastructure projects that have barely grown in the past two years are still valued at 150 to 1,000 times revenue. He believes that the speculative premium bubble in crypto infrastructure has officially burst.