Revenue solves all your problems, even better is free cashflows This was what my mentor taught me about building a company Web3 is is filled with projects with that goes after a big Market Size and sexy narrative, but most fail to generate enough sustainable revenue - let alone free cashflows This is where I saw that @helium $HNT is different. Weekly Revenue continues to trend up, and the quality of revenue is solidified by transparent onchain daily buybacks - in fact it has been deflationary for 2 months Putting on my TradFi hat, there is so much to like: 1/ Sustainable Revenue: Primary Revenue source is Data Offloading in high foot traffic areas that are network blindspots, paid for by Mobile Carriers. This is persistent revenue that is uncorrelated with economic cycle or web3 activity (ie. you don't consume less data during economic downturn or during crypto bear market). Also, it is much cheaper for the Mobile Carriers to pay Helium rather than build a Telco Tower. 2/ Clear Growth Drivers: In the Short Term, growth is fueled by additional Hotspot coverage in the US, which is financially incentivized by $HNT emissions. The best locations can generate $500-3k/month, with almost zero operating costs. In the Medium Term, growth is likely fueled by geographic expansion into Europe/Latam. In the Long Term, growth is likely fueled by increased data consumption per capita (driven by AI / robotics / IOT adoption); there is also upside in other businesses such as Helium Mobile plans. 3/ Large Total Addressable Market: Telco is a $3Tn industry globally, with Helium currently only contributing a teeny tiny fraction. T-Mobile, AT&T and Verizon each makes $80-120bn revenue annually - in fact Helium can 100x its current $26mn revenue run rate and not even reach 1% of the combined Big 3 revenue.

Of course with everything, there is always risks/invalidations: 1) Traffic & hotspots growths hitting a plateau, indicating saturation is close 2) Challenges in international expansion from regulations or blockage from local oligopolies 3) Intense competition (eg. starlink, alternative DePIN projects)