The leading consumer applications of the Base ecosystem have already generated revenue of $500 per user from 20,000 paying users before their launch, accumulating to a practical revenue scale of $10 million under a strategy prioritizing products over tokens. The $60 million FDV valuation at the token launch implies only a 6x revenue multiple—compared to other projects in the market that often boast multiples of 50x or 100x, this figure appears exceptionally rational. The 3x oversubscription heat reflects the market's confidence in the product's fundamentals and confirms a simple yet long-neglected truth: delivering a product that users are willing to pay for is far easier to win the market than issuing a coin first and then crafting a narrative. This approach is rewriting the narrative of consumer-facing encryption applications—when there is actual revenue and user stickiness as support, valuation premiums will naturally follow.