In this episode, we’re joined by Jon Charbonneau, Co-Founder of DBA to discuss L1 & L2 token value capture! We discussed measuring profitability of tokens, PoS vs PoW value accrual, and whether or not issuance is a cost. Additionally, we unpacked the economics of L2s, and compared them to L1 economics. Finally, we asked ourselves - can anything flip BTC as money?

Thanks for tuning in!

--

Resources

L1 & L2 Token Value Capture: https://dba.xyz/l1-l2-token-value-capture/

Uncommon Core 2.0 - Ethereum’s Staking Endgame: https://podcasts.apple.com/us/podcast/ethereums-staking-endgame/id1517659188?i=1000650123776

--

L2s and L3s are history. Supra Containers give you dedicated, customizable AppSpace on Supra’s Layer-1 to rescue you from the costs, complexities, and fragmentation of L2s and L3s.

Containers help you build with better customization and control than appchains at a fraction of the cost. Use your own token as the gas token, create local fee markets with custom gas amounts or just go gasless, and scale on demand whenever you need to.

Supra Containers are secured by Supra’s L1 nodes and get access to Supra’s 500k TPS throughput, sub-second consensus latency, and all their built-in services like oracle price feeds and onchain randomness without any overhead. Supra is also MultiVM compatible so you can easily deploy your EVM, Move, and SVM smart contracts here.

Get all the freedom, control, and tools you need to build super dApps and bring the world onchain. To learn more, visit www.supra.com/blockworks

--

Index Coop's Leverage Suite provides streamlined access to leverage, with built-in liquidation protection and low fees. Non-US users can now trade 2x, 3x and inverse leverage tokens for ETH and BTC on Arbitrum, Base, and Ethereum Mainnet.

Stop overpaying for leverage. Save up to 6x in fees compared to perps: https://indexcoop.com/blockworks-leverage

--

Follow Dan: https://x.com/smyyguy

Follow Jon: https://x.com/jon_charb

Follow Mike: https://x.com/MikeIppolito_

Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

--

Timestamps:

(0:00) Introduction

(2:52) Crypto Networks Are Not Companies

(10:17) Token Holder P&L

(14:52) Are Taxes A Cost For Issuance?

(22:40) Network Sustainability

(25:57) Supra Ad

(26:53) Index Coop Ad

(27:59) How Can We Compare Networks?

(39:04) Understanding Operator Costs

(50:13) Network Metrics to Know

(56:53) Network Valuation Walkthrough

(59:37) Maintaining Network Security

(1:09:18) How Does Token Utility Impact Network Valuations?

(1:17:02) Subsidizing Networks

(1:30:36) Applying REV to Network Valuation Models

(1:40:53) Stages of Network Development

(1:49:16) MEV & Network Fee Durability

(1:57:58) The Monetary vs Cashflow Camps

--

Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

L1 & L2 Token Value Capture | Jon Charbonneau 02:09:36 Share

Bell Curve

Shownotes Transcript

L1 & L2 Token Value Capture | Jon Charbonneau