Great article, I'm doing the same analysis in the infrastructure space. LINK stands out on a protocol revenue/FDV basis (~80, 4b FDV, 50m revenue). It's not as compelling as some of the defi valuations if we're looking strictly at valuations, but I'm expecting the messaging layer of crypto to eventually accrue more value than L1.

https://kamal-mokeddem.medium.com/bargain-hunting-5e7c9285f920