L1 & L2 Token Value Capture - DBA

We hope you see the connection to native tokens in DAO treasuries: these are the crypto-equivalent of authorized but unissued shares. They are not assets of the protocol but merely report how many tokens the DAO could “legally” issue and sell to the market.

However, almost all of this supposed treasury value comes from the projects’ native tokens such as UNI, COMP, and LDO, as the following charts show:

What can the BTRUST token be used for?  -Governance. This is the most important. Governance has financial value here because it might mean the difference between paying higher fees or not, or even keeping the network alive or not. At some point, if the token value drops and the network is more reliant on fees, participants may decide it’s actu... See more

It is possible that in the short term migration of transactions to Layer 2’s will exert downward pressure on transaction fees earned by ETH stakers, which could negatively affect token price. However, as I explained in my valuation framework, I do not believe it is appropriate to value Ethereum based on its revenues using a DCF - given that Ethereu... See more