According to online reports, Arthur, founder and chief investment officer of DeFiance Capital, said on social media that the crypto market may have entered the end of the "fat protocol theory", which has caused long-term harm to the investability of crypto assets other than Bitcoin. He pointed out that successful application projects are typically valued at 5 to 15 times revenue, while infrastructure projects that have seen little growth in the past two years are still valued at 150 to 1000 times revenue. He believes that the speculative premium bubble in crypto infrastructure has officially burst.