Why Analysts Are Valuing ETH All Wrong

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Bankless

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Published on May 26, 2025 10:54:52 AM ● Video Link: https://www.youtube.com/watch?v=qNqZgp2fNug

Duration: 0:00

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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.

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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

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RESOURCES

Jonah Weinstein
htthttps://x.com/_JonahwSOV Deck
htthttps://docsend.com/view/mb2v6k3yr38gpfwmSOV Dune Dashboard
htthttps://dune.com/sc_research/rsovSOV Template Financial Model
htthttps://docs.google.com/spreadsheets/d/1IH0IX0yal7raqhO8SWzcVGK-TAH-b7avRlZ3pxR0krc/edit?usp=sharingkycatcher
htthttps://skycatcher.xyz/-----
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