The light of the end of the tunnel for DeFi (HYPE, SYRUP and SKY) is the universe of public fintechs that trade 30-50x P/E While SaaS has been clobbered fintech multiples are resilient and individual fintech stocks are up 10-30x from their 2022-2023 lows, the only category that has kept pace with the AI trade writ large We are in value town right now, but not forever