Valuing DeFi Tokens: Beyond Traditional Metrics

This chapter explores the valuation of decentralized finance (DeFi) tokens, emphasizing their governance structures and potential cash flows that mark them as proto-capital assets. It uses Synthetix’s SNX token as a case study to illustrate the hidden premiums in valuations and compares DeFi token cash flows to traditional equities, highlighting community strength and yield farming dynamics. The discussion also addresses future challenges and innovations in the DeFi space, stressing improvements needed for user experience and market adaptability.

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