PANews reported on March 13 that Arthur, founder and chief investment officer of DeFiance Capital, said on social media that the crypto market may have entered the final stage of the "fat protocol theory", which has caused long-term damage to the investment value of crypto assets other than Bitcoin. He pointed out that successful application projects are usually valued at 5 to 15 times their revenue, while infrastructure projects that have hardly grown in the past two years are still valued at 150 to 1,000 times their revenue. He believes that the speculative premium bubble of crypto infrastructure has officially burst.