Messari's Unqualified Opinions Tokenizing Everything: Are Internet Capital Markets Crypto’s Next Frontier? | Fully Diluted with Messari Research
15 snips
May 21, 2025 Joining the discussion are Sunny Shi, a research analyst specializing in on-chain data, Dylan Bane, who focuses on tokenomics, and Kinji Steimetz, an expert on layer 1 valuations. They delve into the emergence of Internet Capital Markets and the implications of launching tokens on platforms like Solana. The trio debates innovative valuation metrics for cryptocurrencies, including revenue-based assessments, while examining Coinbase's S&P 500 inclusion and Bitcoin's journey past six figures. Expect insights on cryptocurrency trends, institutional impacts, and the future of tokenization.
AI Snips
Chapters
Transcript
Episode notes
Coinbase Boosts Institutional Crypto Adoption
- Coinbase's S&P inclusion pushes traditional finance to integrate crypto into daily routines.
- Analysts increasingly study crypto's fundamental tailwinds, boosting institutional understanding and adoption.
Uncertainty in L1 Valuations
- No consensus exists on how to value L1 blockchains, with competing models like REV, economic security, and monetary premium.
- Application growth drives L1 value, but the value capture method remains a key debate.
REV Metric's Role in L1 Valuation
- REV (revenue) makes sense as a fundamental valuation metric for L1s, especially to value validator incentives.
- However, ETH skeptics argue it's less relevant for Ethereum, but it's crucial for network security and incentives.