Protocol value created
We measure the economic value the network actually produces, and admit only sources supported by evidence, net of overlap.
Utility, fee claim, staking, collateral, monetary premium; speculative premium reported only.
Canonical valuation framework
One bridge,
from value created
to value held.
A single, disciplined path from what a network produces to what a holder can actually realise.
See the six stages →Scroll
The six stagesWhere value goes,
Where value goes,
step by step.
Value captured by the asset
Value created is not automatically value captured. We model the mechanism that routes protocol economics to the token — admitted sources multiplied by capture strength — and discount where the link is weak or discretionary.
Captured value, with capture strength
Claims on that value
Captured value is divided by economically active claims, not headline supply. Dormant, locked and non-economic units are excluded; effective float is used only as a fallback.
Value per economically active claim
Realisable value
A holding is worth what it can be realised for. Depth, turnover and price impact convert a theoretical per-unit value into an executable one for a given size.
Executable value at a given size
Cohort waterfall
Exit is a queue, not an event. Unlock timing, competing sell intent and carried-forward balances determine which holders meet demand first — and at what price.
Realised value by cohort and period
Present value held
Finally, discounting for time, conditionality and risk gives the present value of a specific position — under downside, base and upside states.
Present value held, in three states
Stages 01 to 03 produce one number: the discounted value per economically active claim. That figure is the economic floor — what a holder has an independently supported claim on.
Stages 04 to 06 never move it. Depth, queueing and discounting decide how much of that value can actually be realised, at what size and by when. The two are reported side by side, and never added together.
PrinciplesWhat keeps
What keeps
the number
honest.
Every figure is built the same way, whoever produces it: inputs are labelled, overlaps are reconciled once, three states are always produced, and the working is retained with the result.
Apply it to your position →Every input is observed, inferred or assumed — and labelled as such. Gaps are shown, never hidden inside an average.
An anti-double-counting ledger reconciles overlapping sources, so reinforcement and impairment are recorded once.
Downside, base and upside are produced together, with sensitivity to the inputs that actually move the answer.
Inputs, interactions, formulae and versions are retained with the result, so any figure can be traced to its origin.
Apply it to your position.
We apply the framework to protocols, treasuries and institutional holdings — with the full working shown.