We're getting to stage now where some revenue generating DeFi applications are becoming attractive.

I've got a list of many trading at P/Es of sub 10, some even at just a P/E of 2 or 3. That's based on the current market too where volumes have dried up massively.
Since moats are rare in crypto, my main considerations are:
- Team and their ability to execute and motivations
- Treasury and runway
- Current revenue and projections
- How long would it take for someone to replicate their product (the longer the better)
It feels like a 10x better venture deal with no lock ups too. Probably over the next 3-6 months, I'll start nibbling on some of these.