Valuation quick judgment rule, let's see how this framework works:

Product attribute items? Estimate roughly at 10 times the medium-term profit.

Regular companies or tokens? Use the 10 times forward PE of PE three years ahead as a reference.

Businesses with moat and genuine competitiveness? For these, you can assign a 20x forward PE because of stability and growth prospects.

Now there's a key variable—if the governance environment of the project has risks, or if policy uncertainty is high (the term called "mafia state model"), then apply a 30% discount, directly reducing by 30%.

This logical approach is very practical when evaluating on-chain projects at different stages. From infrastructure with stable cash flow to emerging protocols with high growth but volatility, adjusting multiples and discounts can quickly filter options.