Answer the question: how does one value crypto assets?
We believe that any asset can be valued, crypto no exception. The difficulty is not whether valuation is possible, but which framework to use.
Traditional finance
In traditional finance, these questions can be addressed through well-defined valuation frameworks.
Search for equity valuation and you find millions of results built around established methods: discounted cash flow, comparables, cost of capital, and more.
Equity valuation focuses on how to apply proven math.
Crypto
In crypto, the same questions cannot yet be answered with the same rigor, not because the data is missing, but because the frameworks are.
Search for crypto valuation and the results are dominated by noise.
Crypto valuation often focuses on trying to discover what the math should be.
We are not the first asking and trying to answer the crypto valuation question. There are high-quality efforts to build valuation frameworks for crypto assets, and we will use them. Yet almost all of that work sits inside paywalled institutional research.
In traditional finance, different assets are valued using different models. But across those models, the underlying principles remain consistent.
Crypto breaks this mapping.
Some crypto assets resemble cash-flow-generating businesses. Others behave more like monetary assets. Some derive value from network effects. And most are heavily influenced by market structure, sentiment, and flows.
No single framework is sufficient. Each captures a different dimension of value.
Valuation in crypto is not about choosing the right model. It is about understanding what each model is measuring, what it can and cannot do, and what kind of sane valuation range it can support.
This project builds a structured approach to crypto valuation across three layers.
1. The Question
Framing the core problems that need to be solved. Expect a mix of deep theory and very up-to-date practical issues.
2. The Framework
Mapping the space of valuation approaches and understanding their limits. Expect curated lists of top research in valuation and crypto valuation, along with databases, data sets, and comparable source material.
3. The Findings
This work will ultimately lead to academic papers, a PhD thesis, a book or two, conference presentations, consulting, teaching, and an AI system for valuation called Crypto Valuation Engine.
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All models are wrong. Some are useful. Let’s figure out together which ones are.