Crypto assets are valued differently from non-blockchain-based businesses. There are certain evaluation metrics that are specific to this asset class. This includes the total value locked, the use of a project’s token as money, and tokenomics, which refers to the supply and demand dynamics of a token on the blockchain. Other metrics include what the tokens represent, the utility (if any) behind those tokens (token usage), the voting power (if any) of the tokens, the supply schedule (including whether this is fixed), whether the tokens are inflationary or deflationary, the issuance and burn cadence of the tokens, and the token distribution. More traditional metrics do exist as well and we look at those too, including market cap, project maturity, protocol revenues, price to earnings and price to sales ratios, the multiple at which the token is trading at, the number and concentration of unique addresses that hold the token, trade volume which the protocol processes, number of daily active users, growth rates, adoption rates, and the size of the treasury.