Protocol value created
We measure the economic value the network actually produces — fees, settlement, collateral utility, distribution — and admit only sources supported by evidence, net of overlap.
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, and discount where the link is weak or discretionary.
Claims on that value
Captured value is divided across economically active claims, not headline supply. Dormant, locked and non-economic units are treated for what they are.
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.
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.
Present value held
Finally, discounting for time, conditionality and risk gives the present value of a specific position — under downside, base and upside states.
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.