Digital Asset Valuation Framework

　　【核心賣點】The most updated guidance provides the valuation framework for digital asset, cryptocurrencies.

　　【一句話推介】Level up your crypto investment with analytical rigour and understanding.

　　【內容簡介】The author outlines a framework that evaluate different crypto assets consistently. Successful crypto investing requires a solid framework for value-based decisions rather than speculation. Hopefully, it can bring some clarity to the industry and help to understand the intrinsic value of crypto assets.

 

Table of Contents

Preface
About HashKey Capital
Introduction
Token Categories

Chapter 1 Valuation of Native Cryptocurrencies
1.1 The value of a trusted decentralised network replacing centralised financial institutions
1.2 Bitcoin comparison with telecommunication networks
1.3 Hallmarks of value and equilibrium of a decentralised network of assets
1.4 Bitcoin’s Moore Law Compensation
1.5 Bitcoin price equilibrium adjusted to M2
1.6 Bitcoin Stock-to-Flow Model
1.7 Bitcoin P/S ratios
1.8 Bitcoin comparison with gold ETF
1.8.1 Bitcoin - “Digital Gold”
1.8.2 The Institutionalisation of the Gold Market
1.8.3 The Impact of Gold ETFs on Gold Prices
1.8.4 Bitcoin ETFs
1.8.5 Bitcoin price projection from the Bitcoin ETFs outlook
1.9 Cost of production method
1.10 Transaction value to transaction fee

Chapter 2 Public Chain/Layer 1 Valuati
2.1 DCF – Discounted Cash Flow
2.2 Calculating Discounted Cash Flow Method (DCF)
2.3 Calculating the price equilibrium for Ethereum
2.4 Value of a perpetual bond
2.5 Metcalfe’s Law
2.6 NVT Ratio
2.7 NVT calculation
2.8 P/S Ratio

Chapter 3 DAO Tokens and Utility Tokens
3.1 Market approach
3.2 Comparable tokens
3.3 QTM – Quantity Theory of Money
3.4 Market capitalisation/TVL ratio

Chapter 4 A Framework for DAO Token Valuation
4.1 Voting premium
4.2 Net Current Asset Value Per Token (NCAVPT)
4.3 Transparency and governance premium

Chapter 5 STO Valuation
5.1 Income-based Approach
5.2 The Relative Valuation Method
5.3 Cost Approach

Chapter 6 NFT Valuation
6.1 Valuation Matrix of NFT

Conclusion


 

作者簡介



HashKey Capital

　　HashKey Capital is a global digital asset and blockchain leader helping institutions，founders and talents advance the blockchain industries。

　　As one of the largest crypto funds and the earliest institutional investor in Ethereum，HashKey Capital has over US＄1 billion AUM since its inception，with over 500 investments in infrastructure，tools，and applications。

　　With our deep knowledge across the blockchain ecosystem，HashKey Capital has built a robust network connecting founders，investors，developers，and regulators。