Crypto-Native Metrics and Network Value

tl;dr:?Data that everyone can find on chain…and what it might mean for side-by-side comparisons.

One of the challenging aspects associated with putting a value on crypto projects is that, while there are some similarities to “traditional finance,” there are many difference.

One of them is what I like to call “crypto-native” metrics. These are data points that only exist because a blockchain and its associated network exist. They exist purely “on-chain” and have no previous analogy.

To be sure, this has happened before. Gigabytes per second over the Internet weren’t a thing until networking became a thing.

“Horsepower” was a term to describe how many horses pulled the carriage, not the power of a combustion engine.

Crypto brings with it an entirely new set of metrics that are publicly available and thus are a perfect example of what this revolution brings with it…equal access to data.

Today’s example is a?Bitcoin network dashboard.

With the exception of the first column, which requires non-chain data sources, I am fairly certain that everything in the other 3 columns is all available for public consumption.

One day (and probably today as far as I know), there will be side by side network comparisons based on these values, just like earnings, revenue, EBITDA, P/E, etc. are standardized metrics (and indices) today.

It will be a subject of debate for a while about the best way to interpret the publicly available network data, as well as how to profit from it and time will tell.

The key thing to take away is that, in Web 3.0, the data is free. It’s the analysis and insight that costs.