some cryptoassets have P/E ratio due to the protocol revenue
usually it’s not paid as dividend but used to buy back the stock
Ethereum has actually better P/E ratio than SP500
Don’t look for the price now - notice that ETH shifted some of it’s supply side revenue ( miner’s revenue ) into protocol revenue ( EIP-1559 burn )
It means that ETH now has Price to Earnings ratio.
And the ratio is as follows ( hint: it’s dropping - so for the “value“ investors it’s becoming more and more attractive ) If the market is saying that 38x P/E ratio is reasonable when applied to stocks, maybe it’s somehow reasonable as well when applied to crypto-asset which can be both money and productive asset giving you yield or dividend buyback.
The more profitable something is the more competition it would attract. Ethereum currently enjoys being the dominant position in the DeFi / NFT space but high fees can convince even diamond hands into using other blockchain platforms.