What Are the Limitations of Using Total Addressable Market (TAM) in Crypto Forecasting?

TAM is the total potential market a project could capture, but in crypto, it's limited by the difficulty of defining the market and the rapid pace of innovation. The "addressable" part is often overestimated due to the global and permissionless nature of the technology, leading to overly optimistic revenue forecasts.

Furthermore, a project's TAM can be disrupted or rendered obsolete by a new protocol quickly, making the long-term forecast unreliable.