The REV debate is interesting. There’s no doubt that once assets (L1s) have revenues they will be valued via DCF.

For me, the more valuable upstream indicator is application revenue. Once companies derive a large amount of revenue and profit from using a blockchain for execution and settlement, this will also translate into more fees to the base layer as more businesses will demand blockspace and be willing to pay priority fees + tips to write to the block

Chain revenue from trading is good, but the aggregate revenue of the app layer should be many multiples higher than the L1 itself, that’s how you know you have a platform.

Ask yourself, what makes more money? AWS or all the businesses that use its services…