Valuation Intelligence
Understand what drives competitiveness and value based on published, externally reviewed methodologies. Comparable insights across chains based on a consistent framework.
- Protocol Valuation
- Analysis for Holders
- Treasury & Analytics
Value decomposition
We model protocol value capture by analysing it component by component; staking capital value, fee capture, token supply mechanics, liquidity and holder dynamics, and cost of capital into a single, auditable valuation view that can be interrogated line by line. We examine the substance and alternative methodologies underpinning each.
Value is crystallised, correlated and liquidity-driven — never narrated.
Audience
Intrinsic utility
Value components
Illustrative considerations
Audience
Protocol Valuation
Understand what a protocol is worth today, it's potential, capital structure and risks.
Intrinsic utility
- Marginal value to users
- Competitiveness
Value components
- Staking capital value
- Fee capture
- Token supply mechanics
- Liquidity
- Holder dynamics
- Cost of capital
Illustrative considerations
Utility crystallises as staking value or fees routed elsewhere, alongside monetary value — with liquidity dominant and every component correlated, gearing intrinsic utility.
Audience
Analysis for Holders
Understand the asset you hold — its specific conditionality, tranche profile, liquidity and risks.
Intrinsic utility
Value components
- Tranche
- Lockups
- Market impact
- Intellectual property
- Reputation
Illustrative considerations
A well-told narrative can mask a protocol that will never compete — and locked, subordinated tokens can be fully eroded before lockups expire.
Audience
Treasury & Analytics
Understand treasury holdings in the context of the protocol, its liquidity and available management options.
Intrinsic utility
Value components
- Mission
- Obligations
Illustrative considerations
Treasury tokens are never obligation-free — deployment must weigh today's market impact against what utilisation returns to the protocol, its users and holders.
Discuss a mandate with us.
For institutional coverage, tokenisation, transaction support or strategic advisory enquiries.