Realized Store of Value (RSOV): Measuring the Monetary Base of L1’s

Sun, 05 Oct 2025 00:12:12 +0000

Jamie Coutts introduces the Realized Store of Value (RSOV) framework as a new way to value Layer 1 (L1) blockchain tokens—not as tech equities based on fees, but as monetary assets whose strength comes from committed savings. Traditional valuation models (Metcalfe’s Law, Stock-to-Flow, or fee-based revenue) fail because they ignore circularity and volatility. RSOV measures the realized capital locked in staking and DeFi collateral, grounding valuation in actual committed funds rather than speculative flows.

L1 Validators vs. Ethereum L2’s: Cost Comparison for Chain Operators

Fri, 12 Sep 2025 20:24:03 +0000

This report compares the operational on-chain costs of launching an alternative Layer-1 (“alt-L1”) blockchain versus building an Ethereum Layer-2 (L2) with respect to validator rewards, data availability (DA), and zero-knowledge (ZK) proof costs. Alt-L1s support security via decentralized validators: they incur costs through token issuance and sharing transaction fees or MEV. These validator expenditures vary greatly depending on the chain’s token model and price. L2s, in contrast, inherit Ethereum’s settlement security; their major on-chain expense is paying for data posted to Ethereum (data availability) plus, if using ZK rollups, additional proof generation costs.

L1's on Ethereum Market Research Center

Realized Store of Value (RSOV): Measuring the Monetary Base of L1’s

L1 Validators vs. Ethereum L2’s: Cost Comparison for Chain Operators