When it comes to valuing L1s, especially proof-of-stake chains, I think the market will ultimately zero in on three core pillars:

https://t.co/o8tEIDsnbK Asset Value, this is all about the real yield: the fees and MEV flowing back to tokenholders. Right now, SOL is clearly ahead here.

2.Commodity Asset Value, think native token demand for gas, where ETH still dominates.

https://t.co/HenzVDdZ0x of Value, this one’s more about token design: how issuance stacks up against burn. Again, ETH leads.

I’d also throw in a potential fourth lens: the idea of “assets secured” or an L1’s “on-chain GDP.”

In bear markets, valuations might naturally revert to this baseline, kind of like how BTC often trades close to its production cost during downturns.

Of course, brand, community, and a little bit of cult-like culture like Monad and Berachain, that’s where premiums come from.

Start with real yield and you’ll be comparing income streams before you even think about narrative.