Several Web3 infrastructure protocols are generating substantial protocol revenue, including Filecoin, Helium, Arweave, and Livepeer.

Most Web3 protocols have shown significant revenue growth over the past year, and many continued to experience said growth in Q1’22.

While adoption of Web3 protocols grows, many are arguably overvalued on a revenue basis while the potential addressable market remains the rationale for investor optimism.

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