Introducing RSOV: A Better L1 Valuation Metric than REV | Jonah Weinstein

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4.7 • 1.2K Ratings

🗓️ 26 May 2025

⏱️ 99 minutes

🔗️ Recording | iTunes | RSS

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Summary

How should we value L1 tokens in crypto? Today’s guest, Jonah Weinstein of Skycatcher, introduces RSOV—“Realized Store of Value”—a new metric designed to fundamentally rethink how we evaluate Layer 1 assets like ETH, SOL, and BTC. In this episode, we explore why traditional models like DCF and REV fall short for monetary assets, how RSOV works, and why it may be a better way to understand crypto’s total addressable market. Tune in for a fresh perspective that could change how you analyze L1s forever. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🪙FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 🌐SELF | PROVE YOUR SELF https://bankless.cc/Self 🟠HEMI | BTC & ETH, ONE NETWORK https://bankless.cc/hemi ------ TIMESTAMPS 0:00 Intro 0:23 How to Value L1 Tokens 7:18 REV 20:32 L1 Tokens are Money 27:11 Payments vs SoV Use Case 36:13 TAM for Digital Money 41:45 BTC: Special Snowflake? 45:31 RSOV 1:03:17 REV vs RSOV 1:12:07 RSOV Valuations 1:18:27 RSOV Drivers 1:34:10 Future of RSOV 1:36:43 Skycatcher 1:38:55 Opportunities to Watch 1:40:46 Closing & Disclaimers ------ RESOURCES Jonah Weinstein https://x.com/_Jonahw RSOV Deck https://docsend.com/view/mb2v6k3yr38gpfwm RSOV Dune Dashboard https://dune.com/sc_research/rsov RSOV Template Financial Model https://docs.google.com/spreadsheets/d/1IH0IX0yal7raqhO8SWzcVGK-TAH-b7avRlZ3pxR0krc/edit?usp=sharing Skycatcher https://skycatcher.xyz/ ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Transcript

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0:00.0	You want to recognize that your L1 token is money and accrues value like money.
0:06.6	It's less about whether or not we decide as analysts to value it.
0:11.0	And our view is more that this is what drives value whether or not we recognize it.
0:19.6	Jonah Weinstein, welcome to bankless.
0:21.9	Thank you for having me.
0:23.4	Okay, every layer one blockchain has a native token.
0:29.4	These tokens are commonly called layer one tokens.
0:33.1	The question is, how do we value these layer one tokens?
0:36.9	And before we get to that question, I think the bigger context is, why is this question
0:42.2	even important in the first place?
0:44.4	Yeah.
0:44.9	So for this question, we as investors, we want to know what drives returns, generally
0:50.9	speaking, so we can evaluate risks against that potential and basically know the bet we're making
0:56.4	with L1 tokens, really with any asset.
0:58.7	And so, you know, for valuation, it's important to have a framework that gives us as analysts basically a perspective on something, whether or not it's over or undervalued.
1:09.0	And we also want to be able to compare blockchains.
1:12.2	We want to be able to compare Solana, Bitcoin, Ethereum, talk about these things in the best
1:17.4	apples to apples way possible, too.
1:19.4	Yeah, you want to be able to have informed discussions, and you want those discussions
1:23.5	to be rooted in what's actually driving value to these tokens and what's driving returns.
1:30.1	And so it's an important discussion and important to know what that is.
1:33.9	I mean, speaking of value, right?
	...

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