Worth noting how some emerging yield protocols are approaching their presale valuations. A 0.4:1 FDV-to-TVL ratio has become somewhat standard practice in this corner of the market. The real question is whether this calibration sticks as we move through Q1. If total value locked keeps climbing through the quarter ahead of token generation, we might see some pressure on that ratio—or it could hold steady depending on how the underlying metrics play out. Watching how this unfolds could tell us something useful about pricing discipline in the current cycle.