Everything You Need to Know About L1 & L2 Token Value Capture | Jon Charbonneau
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And that turned into a lot of the people who used to argue that staking, issuance is a cost with kind of no basis. There is now, like, some argument that, oh, it's a cost, because of taxes. Let's say that we treat it as taxable income. What this looks like is effectively, like, dividend income on equities and traditional finance. And so ask yourself, do dividend payments, and, like, the taxes on dividend payments, do those reduce the earnings of a company and, like, reduce the profitability of the company? No. They absolutely do not because they are not fundamental to the company. They are not
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everyone. Welcome back to another episode of Bell Curve. Before we jump in, quick disclaimer. The views expressed by my cohost today are their personal views, and they do not represent the views of any organization with which the co hosts are associated with. Nothing in the episode is construed or relied upon as financial, technical, tax, legal, or other advice. You know the deal. Now let's jump into the episode.
Alright, everyone. Welcome back to another episode of Bell Curve. Today, I'm joined by BlockWorks' very own Dan Smith, and we got John Charbonneau, a friend of the pod, on here. Fellas, welcome. I
appreciate it. How's it going?
Yeah. Alright, guys. This is gonna be a very fun one. This is the podcast accompaniment to John's latest post on L1 token value capture. This is kind of the debate that launched all many, many crypto podcasts. It's probably the longest standing debate in terms of BlockWorks history, in terms of how you should think about valuation and, how you should compare different metrics across different blockchains. And, John kind of took this on himself to answer this big thorny question for the industry. So, you know, we're gonna walk through the entire post here. We'll link the we'll link it in the sh
Sure. Yeah. This post, I would say, is, like, it's more it's, like, mostly a successor, I would say, to the one that I wrote, like, a year and a half or so ago on, like, ETH is not ultrasound money on, like, protocol financials, profitability, like, all of those kinds of things. I think I guess I would have, like, hoped by now people would, like, mostly agree on, like, basic financial terms for, like, blockchains by now, but we are still not there. So mostly just decided to, like, revisit that, and get, like, a more updated version of I feel like I focused more on the last one on saying why a
Yeah. There's a lot of, ships passing in the night in terms of debate around this stuff. And, you know, you start to hear a lot of language like putting running a DCF on Ethereum or the idea that Solana isn't sustainable because of its inflation and things like that. Right? And I think the the reason that I like your your post so much and a lot of the ideas in there is it it allows you to create there are a couple of metrics that you can use to compare l ones, l twos, and other protocols. That's just very standardized. Right? So you can stop that ships
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