The article explores the evolving methods for valuing blockchains, highlighting the decline of past frameworks like the MV = PQ equation and Bitcoin's stock-to-flow ratio. With the rise of smart contracts, valuation models such as total value locked (TVL) and discounted cash flow (DCF) have emerged, yet all seem inadequate. Currently, the real economic value (REV) concept is gaining traction, calculated as transaction fees plus maximal-extractable-value (MEV) tips on blockchains. REV aims to provide a metric for investors to compare blockchain valuations like forward-looking earnings. Although Ethereum once dominated REV, Solana currently leads, while newer chains like Aptos exhibit inflated valuations. Critics argue that REV's MEV component is problematic, as blockchain architectures differ in MEV capture capabilities. Moreover, REV struggles to account for Bitcoin's high valuation. Overall, the discourse emphasizes the predictive potential of REV while acknowledging its limitations in the current cryptocurrency landscape.

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