论文标题
defi vess tradfi：使用倍数和折扣现金流量的估值
DeFi versus TradFi: Valuation Using Multiples and Discounted Cash Flows
论文作者
论文摘要
截至2022年8月，基于区块链的资产拥有超过1万亿美元的总市值，其中最突出的是与分散融资（DEFI）协议相关的分散自治组织（DAO）代币。在这项工作中，我们寻求使用规范倍数和折扣现金流（DCF）方法来重视Defi令牌。我们检查了一部分DEFI服务的子集，包括分散交易所（DEX），可贷资金协议（PLF）和收益集合器。我们将相同的分析应用于某些公开交易的公司，并将其与类似类别的Defi令牌进行比较。有趣的是，尽管截至2022年8月，加密熊市持续了一年以上，但两者都在Defi中进行了高估的证据。
As of August 2022, blockchain-based assets boast a combined market capitalisation exceeding one trillion USD, among which the most prominent are the decentralised autonomous organisation (DAO) tokens associated with decentralised finance (DeFi) protocols. In this work, we seek to value DeFi tokens using the canonical multiples and discount cash flow (DCF) approaches. We examine a subset of DeFi services including decentralised exchanges (DEXs), protocol for loanable funds (PLFs), and yield aggregators. We apply the same analysis to some publicly traded firms and compare them with DeFi tokens of the analogous category. Interestingly, despite the crypto bear market lasting for more than one year as of August 2022, both approaches evidence overvaluation in DeFi.
