Debate: How to Value an L1 Token

Bullish:

• $LAYERONE - L1 tokens are seen as valuable due to their potential to function as money and generate real yield from global transaction demand. There's high conviction in their long-term value proposition, especially if they become integral to settling large-scale international transactions.

  • “To us, money has a very specific definition. Right? And so and when we look at these tokens, they really fit that definition explicitly.”

    Jonah·9:14

  • “If global trade is every chain let's say every transaction in the world is happening on a chain or a set of chains, then that is going to be paying fees, and those fees go back to the native asset. You get this real yield generated by the world's transaction demand.”

    Dan·1:13:56
• $ETH - Ethereum is viewed positively due to its potential future role in settling large international transactions, which could significantly enhance its status as a form of money.

  • “If you get to that point, I a % think that the money piece becomes very, very real. Right? Like, if you have these large nation state entities that are using this to settle massive transactions that are incredibly economically important to the success of that nation, it starts looking a lot more like something that's money”

    Dan·17:06
• $SOL - Solana is viewed favorably due to its ability to capture and compound revenue over time, as measured by the RSOV metric.

  • “The realized, you know, RSOV, I think in a pretty elegant way, like, captures rev as it compounds over time or as it accrues over time.”

    Jonah·43:52
• $BTC - Bitcoin is seen as a leading option for non-government money and store of value, with people increasingly turning to it as a stable asset.

  • “People are buying gold and real estate and increasingly Bitcoin. I think people are starting with Bitcoin because they see, okay, this asset changes the least.”

    Jonah·54:38