BTC
89,195.93 USD
-3.55%
ETH
3,179.49 USD
-3.25%
XRP
0.72777655 USD
+0.46%
BCH
427.23 USD
-2.84%
ADA
0.55943985 USD
-5.00%
XLM
0.12608177 USD
-3.14%
NEO
11.21 USD
-1.26%
LTC
80.96 USD
+5.41%
EOS
0.54041112 USD
-3.63%
XEM
0.01757776 USD
-5.69%
IOTA
0.14128486 USD
-2.06%
DASH
25.34 USD
-2.02%
XMR
145.77 USD
-3.31%
TRX
0.17960235 USD
-0.13%
ICX
0.14557638 USD
-2.98%
ETC
21.99 USD
-3.41%
QTUM
2.79 USD
+4.79%
BTG
29.82 USD
+5.77%
VET
0.02514619 USD
-5.79%
LSK
0.91839952 USD
-4.84%
USDT
1.00 USD
-0.04%
OMG
0.26348365 USD
-4.92%
STEEM
0.18841039 USD
-5.22%
ZEC
37.38 USD
-4.13%
SC
0.00491867 USD
-5.02%
BNB
636.66 USD
+0.34%
XVG
0.00481553 USD
-4.44%
SNT
0.03087102 USD
-1.48%
ZRX
0.35338334 USD
-5.25%
REP
0.64549570 USD
-18.06%
KCS
10.78 USD
-2.09%
WAVES
1.29 USD
-1.41%
MKR
1,453.63 USD
-4.36%
DCR
12.86 USD
-2.32%
BAT
0.18330919 USD
-4.92%
DGB
0.00696619 USD
-6.80%
LRC
0.14208007 USD
-3.21%
GAS
4.38 USD
-0.43%
KNC
0.49993358 USD
-2.25%
DENT
9.560503e-4 USD
-7.24%
POWR
0.22908129 USD
-5.56%
SYS
0.09902510 USD
-8.82%
BNT
0.58909824 USD
-3.26%
REQ
0.09487885 USD
-5.61%
GNO
250.82 USD
-2.96%
LINK
13.35 USD
-5.20%
CVC
0.12589687 USD
-6.45%
RLC
1.63 USD
-7.20%
ENJ
0.15844774 USD
-2.88%
STORJ
0.45881853 USD
-5.60%
ANT
6.40 USD
-2.68%
THETA
1.35 USD
-5.72%
ZEN
8.92 USD
-0.78%
MANA
0.32771880 USD
-6.81%
MLN
15.30 USD
-1.61%
DNT
0.04090000 USD
+4.07%
MOON
0.14574255 USD
-5.71%
AMP
0.00416605 USD
-1.73%
GTC
0.66147213 USD
-3.31%
NMR
14.99 USD
-2.99%
STX
1.88 USD
-5.89%
LEO
7.48 USD
-2.32%
GMT
0.14812719 USD
+1.38%
POLIS
0.13181558 USD
-11.91%
DOT
4.93 USD
-6.70%
DAI
1.00 USD
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XCN
0.00146899 USD
-4.14%
UNI
8.45 USD
-5.54%
ATOM
5.02 USD
-4.60%
GRT
0.17821545 USD
-5.77%
LUNA
0.36984248 USD
-3.09%
DAR
0.14882871 USD
-3.68%
SCRT
0.20476794 USD
-4.41%
IMX
1.20 USD
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ARB
0.60310307 USD
-4.74%
OCEAN
0.57440383 USD
+2.53%
ZIL
0.01669958 USD
-5.10%
TRAC
0.77236498 USD
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MDT
0.04224683 USD
-2.82%
HOT
0.00198033 USD
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XTZ
0.72333184 USD
-2.77%
FIL
3.96 USD
-5.32%
BIT
0.71564837 USD
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GMX
27.56 USD
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ZBC
0.00384000 USD
+9.40%
HIGH
1.44 USD
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OP
1.61 USD
-3.65%
ERN
2.23 USD
-5.76%
NANO
0.86332653 USD
-2.63%
WBTC
89,280.94 USD
-3.03%
HT
0.40232832 USD
+6.59%
OKB
43.86 USD
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BSV
64.01 USD
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DOGE
0.40010398 USD
-2.58%
USDC
1.00 USD
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OXT
0.07013356 USD
-2.35%
ALGO
0.14646628 USD
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BAND
1.22 USD
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BTT
1.1021e-6 USD
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FET
1.33 USD
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KAVA
0.38715375 USD
-4.49%
USDP
1.00 USD
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PAXG
2,575.03 USD
-0.52%
REN
0.03685121 USD
-3.56%
AAVE
167.58 USD
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YFI
6,248.95 USD
-2.46%
MATIC
0.36712411 USD
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ICP
8.30 USD
-5.73%
SOL
216.65 USD
-0.10%
SUSHI
0.73190502 USD
-7.65%
UMA
2.46 USD
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SNX
1.52 USD
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CRV
0.29695677 USD
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COMP
47.76 USD
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CELO
0.63161602 USD
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KSM
18.60 USD
-4.27%
NKN
0.07356254 USD
-1.91%
SHIB
2.53212e-5 USD
-3.63%
SKL
0.03931142 USD
-3.21%
SAND
0.27756066 USD
-6.15%
UST
0.02224947 USD
-1.75%
AVAX
32.70 USD
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IOTX
0.03934636 USD
-2.19%
AXS
5.20 USD
-3.46%
XYO
0.00546575 USD
-3.38%
ANKR
0.02946489 USD
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CHZ
0.06513723 USD
-2.91%
LPT
10.71 USD
-2.73%
COTI
0.09805134 USD
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KEEP
0.11162122 USD
-3.41%
GALA
0.02621514 USD
-6.89%
CRO
0.16169662 USD
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ACHP
0.02212841 USD
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JASMY
0.02158393 USD
+3.20%
SLP
0.00267422 USD
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APE
1.11 USD
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BUSD
0.99945408 USD
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CAKE
1.85 USD
-3.97%
EGLD
28.76 USD
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ENS
16.99 USD
-3.34%
FTM
0.70626473 USD
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FTT
1.78 USD
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HBAR
0.06304853 USD
+4.90%
MBOX
0.16336293 USD
-3.49%
MINA
0.62818413 USD
-5.03%
MOVR
10.88 USD
-1.13%
NEAR
5.42 USD
+0.60%
NEXO
1.21 USD
+1.59%
POLS
0.26066775 USD
-8.14%
QNT
61.59 USD
-2.33%
QUICK
0.03907397 USD
-1.71%
RUNE
5.67 USD
-3.71%
RVN
0.01990929 USD
-4.47%
WAXP
0.03599717 USD
-6.78%
WRX
0.11995904 USD
-2.79%
XEC
4.3115e-5 USD
+0.92%
CEL
0.24325675 USD
-2.68%
ALPACA
0.16786110 USD
-0.84%
AUDIO
0.13127240 USD
-3.71%
AVA
0.46985710 USD
-3.80%
CHR
0.18408427 USD
-3.26%
CKB
0.01269638 USD
-3.62%
CLV
0.03010433 USD
-2.66%
FARM
42.13 USD
-2.69%
FLOW
0.58489032 USD
-3.15%
GLMR
0.17285204 USD
-6.84%
IDEX
0.03645888 USD
-3.29%
INJ
24.84 USD
-0.42%
JOE
0.37075896 USD
-1.88%
MIR
0.01480158 USD
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POLY
0.06005955 USD
+2.28%
PYR
2.75 USD
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RARE
0.13678118 USD
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RAY
4.71 USD
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SFP
0.64712282 USD
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SRM
0.02919810 USD
-4.19%
STMX
0.00583355 USD
-2.79%
SUN
0.02140240 USD
+0.84%
SXP
0.33554445 USD
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VGX
0.01032219 USD
-1.38%
WOO
0.24817601 USD
+1.22%
YGG
0.50976137 USD
-5.08%
LUNC
9.93835e-5 USD
-2.63%
APT
11.66 USD
-4.95%
MASK
2.85 USD
-3.13%
DYDX
1.19 USD
-6.49%
CTSI
0.13598714 USD
-4.48%
CVX
1.98 USD
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FORTH
2.99 USD
-4.09%
LDO
1.14 USD
-3.35%
METIS
44.11 USD
-8.49%
RBN
0.38890000 USD
-0.48%
SAMO
0.01291585 USD
+28.98%
SPELL
7.535675e-4 USD
-2.90%
1INCH
0.28070540 USD
-5.47%
ALCX
18.35 USD
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ALICE
1.11 USD
-2.50%
API3
1.85 USD
+13.10%
ARPA
0.05148326 USD
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ASTR
0.05772420 USD
-3.64%
BADGER
3.17 USD
-1.83%
BAL
2.11 USD
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BICO
0.26680005 USD
+5.40%
BOBA
0.18223738 USD
+1.20%
BOND
1.60 USD
+5.59%
BTRST
0.38000000 USD
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C98
0.13011213 USD
-4.35%
CELR
0.01348697 USD
-2.21%
DIA
0.75275975 USD
+1.34%
ETHW
3.35 USD
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GAL
1.71 USD
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GHST
0.96313279 USD
+0.10%
GLM
0.32962248 USD
-4.96%
HFT
0.14357916 USD
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ILV
39.50 USD
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KP3R
28.82 USD
+75.03%
LCX
0.09369295 USD
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LOKA
0.19041155 USD
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LQTY
1.18 USD
-0.27%
MC
0.24567714 USD
+3.93%
MPL
23.18 USD
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MXC
0.00563019 USD
-0.19%
OGN
0.09329281 USD
-4.74%
PERP
0.69215296 USD
-1.36%
PDA
0.04011673 USD
-3.99%
POND
0.01121936 USD
+0.14%
RAD
1.23 USD
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RARI
1.63 USD
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RLY
0.00339867 USD
-1.57%
RNDR
7.11 USD
-0.52%
RPL
10.17 USD
-5.24%
STG
0.30481340 USD
-6.87%
SYN
0.55403691 USD
-3.90%
T
0.02423076 USD
-4.43%
TLM
0.01077298 USD
-4.31%
TRU
0.08337145 USD
-3.41%
UNFI
0.91777427 USD
-1.37%
AR
17.00 USD
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FXS
2.16 USD
+0.05%
GUSD
1.00 USD
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KLAY
0.12538984 USD
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TUSD
0.99797055 USD
+0.01%
XDC
0.03020411 USD
-2.40%
XRD
0.01629336 USD
-3.21%
USDD
1.00 USD
-0.14%
TON
5.34 USD
-0.64%
TWT
0.98961872 USD
-4.82%
HNT
5.99 USD
-3.39%
OSMO
0.46108501 USD
-4.41%
ATLAS
0.00275690 USD
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BFC
0.04341787 USD
-3.78%
BLUR
0.23389850 USD
-4.57%
BABYDOGE
2.6755e-9 USD
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CEEK
0.02903558 USD
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ELON
2.23e-7 USD
-3.86%
FLOKI
2.261327e-4 USD
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KISHU
4.718721e-10 USD
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LOOKS
0.04043788 USD
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ONE
0.01361948 USD
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RACA
2.069255e-4 USD
-1.98%
REEF
0.00153151 USD
-1.09%
SAITAMA
5.01409e-5 USD
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WIN
7.55889e-5 USD
-1.66%
AGLD
1.50 USD
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TOKE
0.56331395 USD
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GST
0.01748929 USD
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CSPR
0.00781628 USD
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GT
9.53 USD
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PEPE
2.31835e-5 USD
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BLZ
0.10904109 USD
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FLR
0.01436311 USD
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FIS
0.30653180 USD
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GNS
1.90 USD
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ID
0.42759144 USD
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AXL
0.70354831 USD
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WEMIX
0.78916035 USD
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VLX
0.00843515 USD
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HMT
0.02052836 USD
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DG
0.04039257 USD
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SWEAT
0.00748404 USD
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BONE
0.48940453 USD
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SANTOS
3.99 USD
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SUI
3.41 USD
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TVK
0.10279031 USD
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BONK
3.79911e-5 USD
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PIT
2.87916e-10 USD
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CORE
0.92795157 USD
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BRISE
7.818428e-8 USD
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KAS
0.14038550 USD
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AGIX
0.49668503 USD
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XEN
1.465e-7 USD
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HAM
1.550566e-9 USD
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TAMA
8.799979e-4 USD
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KDA
0.60599193 USD
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CFX
0.14871227 USD
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VRA
0.00303147 USD
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BDX
0.08281075 USD
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RDNT
0.05490384 USD
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WLD
2.35 USD
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FB
0.58180995 USD
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PYUSD
1.00 USD
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SEI
0.46489796 USD
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TOMI
0.01191887 USD
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AKT
3.14 USD
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MAGIC
0.37328495 USD
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ALPHA
0.07536060 USD
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ALI
0.00908800 USD
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CQT
0.00350933 USD
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AERGO
0.10882095 USD
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GODS
0.23171425 USD
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ACA
0.06001461 USD
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LIT
0.66546088 USD
-0.97%
QI
0.01397739 USD
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AURORA
0.13293928 USD
-4.34%
XCH
14.29 USD
-2.32%
STRK
0.45579391 USD
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MANTA
0.78085940 USD
-3.23%
PYTH
0.40089062 USD
-4.51%
TIA
4.96 USD
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ETHFI
1.57 USD
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WIF
4.05 USD
+10.75%
ACS
0.00154380 USD
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AIOZ
0.71617872 USD
-9.37%
BIGTIME
0.15719146 USD
-1.26%
DYM
1.59 USD
-5.51%
ELA
1.86 USD
-2.79%
JTO
2.93 USD
-7.58%
JUP
1.12 USD
-4.70%
ONDO
0.87859000 USD
-4.22%
ORCA
3.34 USD
-4.14%
PRIME
8.79 USD
-9.52%
TRB
68.51 USD
-1.93%
ZETA
0.68675699 USD
-6.18%
USDE
1.00 USD
+0.47%
EETH
3,262.23 USD
-0.67%
CD20
2,617.66 USD
-4.08%
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CoinDesk Podcasts

CoinDesk Podcast Network

What's a Fair Value for Crypto Networks Like BTC, ETH and SOL?

Valuing decentralized networks such as Bitcoin, Ethereum, and Solana is tricky. In this episode, Jon Charbonneau brea...

CoinDesk Podcast Network
Listen on:

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

How do you determine the value of decentralized networks like Bitcoin, Ethereum, or Solana? It’s not as straightforward as traditional investments.

Jon Charbonneau, general partner at crypto investment firm DBA, joins Unchained after writing a paper that dives deep into the complexities of valuing blockchain networks. He explains why applying traditional equity models to networks such as Bitcoin falls short, how tax inefficiencies in staking rewards impact valuations, and whether Layer 2 solutions like Optimism and Arbitrum are helping or hurting the long-term value of Layer 1 blockchains.

Also, he looks at the big question—are these networks sustainable in the long run?

Show highlights:

  • What motivated Jon to write the paper
  • What the main points of the paper are
  • Why tax inefficiencies in staking rewards are a critical factor in valuing decentralized networks and how they differ from traditional corporate taxes
  • What makes valuing networks tricky, as Jon explains how proof-of-work vs. proof-of-stake systems differ from traditional equity models
  • How he thinks about valuing Layer 2s and whether they are parasitic to the L1
  • Whether blockchains are sustainable in the long term

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

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Unchained Podcast is Produced by Laura Shin Media, LLC. Distributed by CoinDesk.