Valuation
Frameworks for valuing tokens and protocols using cashflows, risk, and comparables.
Guides
Understanding RWA assets: categories, characteristics, and evaluation framework
Learn to categorize different RWA types, understand their distinct risk profiles, and evaluate specific RWA investment opportunities.
Protocol earnings quality framework
Score revenue durability through recurring vs reflexive sources, concentration risk, subsidy dependence, and volatility sensitivity.
Revenue multiple vs fees multiple in crypto valuation
Fees multiples inflate valuations by counting pass-throughs. Revenue multiples are more accurate but still require emission adjustments.
Price as a lagging indicator: what to watch instead
Token price lags fundamentals due to reflexivity and narrative formation. Learn which metrics reveal protocol health before price reflects it.