How do you value an L1?

A framework through the lens of currencies, nation states, and FX

June 27, 2025 • Michael Nadeau

How do you value an L1?

Topics Covered

FX Capital Flows
Comparing FX to L1 Capital Flows
Measuring the Health of an L1
Drivers of Real Onchain Yield
Fair Value
Monetary Premium
Closing Thoughts

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