P/E of S&P is around 40 at the moment.
P/E of DeFi bluechips sitting around 30.
Guess which has more potential for growth.
(6 month plus timeframe please)
The Block assumes revenue = supply side + protocol.
Supply side is what is paid to lenders, LP etc. Protocol is what actually matters. You need to guess what fraction of supply side revenue can be diverted to the protocol in the future.
Sushiswap has P/E of 5 as per the block, but only 1/6th of LP fees go to protocol, so it's more like 30. Assuming 1/6 for uniswap too gets actual P/E of 90. Maker P/E of 35 is legit cause all revenue goes to protocol. Lenders not sure, I'd put 1/5 to 1/10 so Aave at over 100.
Differential access to cheap capital (and technical know-how) is a centralisation pressure in PoS, agreed.
PoW has far more - higher min investment, differential access to cheap energy (govts regulate energy), and variability in mining rewards which forces pool formation.
Rules are ultimately decided by token holders not miners / stakers in both PoW and PoS. Majority wealth controls BTC too, they can fork into BTC2 with different rules if they want. Your original BTC will be left on a minority fork.