October 11, 2024Jonah Weinstein
We introduce a novel “monetary store of value” (MSOV) framework to value native tokens of Layer 1 blockchains. Our framework implies that at today’s prices, Ethereum (ETH) and Solana (SOL) are expected to grow their MSOV totals by $142 billion and $85 billion respectively, as they currently trade at 2.1x and 6.7x multiples to their MSOV totals. We hope this paper can be a resource to help investors understand long-term value drivers and implied expectations for Layer 1 (L1) tokens.