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Anatoly Yakovenko believes that high valuation multiples represent both risk and opportunity for the crypto industry.
He anticipates that the overall market capitalization of cryptocurrencies will continue increasing and ultimately be divided in line with revenues. However, Yakovenko notes that gaining market share will be a challenging battle.
Yakovenko’s outlook on market share dynamics builds on his previous observations about the evolution of consensus mechanisms, particularly those that achieve Nakamoto-style consensus without reliance on proof of work. As detailed in his analysis of a protocol's resilience through non-POW Nakamoto consensus, foundational advancements continue to shape competitive strategies within the rapidly maturing crypto landscape.