L1 Valuation Research Framework
True Valuation Metrics for Global Open Permissionless Decentralized Trustless Layer 1 Blockchains
Valuation Research Framework
A senior analyst framework establishing multi-dimensional valuation criteria, with compositional value as a central component, and an honest assessment of where current practice fails.
Why this paper now
In September 2026, the market named the valuation problem this paper addresses.
Anatoly Yakovenko argued that user and capital behavior in crypto is still hard to underwrite because moats are thin: there is little friction between apps, chains, and wallets. Take-rate collapses when the user can switch. That is the TVL-and-fee-leaderboard market, flow that can leave tonight.
Raoul Pal argued the opposite half of the same fact: you do not DCF an L1. You value what the chain secures. Turn the settlement switch off and the dependent stack is what you were pricing, not last quarter’s P/F.
Documentation
L1 Valuation Research Framework Report
(PDF 685Kb)
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