Discussing L1 Value Capture from Two Solana Proposals
- Two Solana proposals, SIMD 550 and SIMD 553, are set to go to a vote.
- SIMD 550 proposes to double the inflation reduction rate, while SIMD 553 focuses on resource fees.
- The article discusses how these proposals relate to Layer 1 (L1) token valuation.
- It emphasizes the importance of sustainable revenue and fee quality for determining token value.
- The author argues that network effects may enhance the pricing power of major blockchains like Solana and Ethereum.
The article discusses two upcoming proposals for Solana, SIMD 550 and SIMD 553, which are intended to address inflation and resource fees. The author highlights that these proposals are not merely technical adjustments but are crucial in understanding Layer 1 (L1) token valuation.
A key focus is on the establishment of asset pricing theory, which historically lacked a rigorous method for determining value metrics. The author compares current discussions around L1 tokens to the speculative environment of the late 1920s stock market, emphasizing the need for a coherent valuation framework.
The article further explains that value for L1 tokens can accrue through fee burning and fee distribution to stakers, akin to buybacks and dividends, respectively. It warns that not all fees are equal, with the quality of fees being determined by their sustainability and defensibility.
Lastly, the author notes that network effects can significantly impact revenue quality, suggesting that major blockchains may have stronger pricing power than generally perceived, potentially allowing them to raise fees without losing users.
讨论两个Solana提案的L1价值捕获
文章讨论了即将推出的两个Solana提案，SIMD 550和SIMD 553，旨在解决通货膨胀和资源费用问题。作者强调，这些提案不仅仅是技术调整，而是理解L1代币估值的关键。
文章的一个重点是资产定价理论的建立，历史上缺乏确定价值指标的严格方法。作者将当前关于L1代币的讨论与20世纪20年代末股市的投机环境进行比较，强调需要一个连贯的估值框架。
文章进一步解释，L1代币的价值可以通过费用销毁和向质押者分配费用来积累，分别类似于回购和股息。它警告说，并非所有费用都是平等的，费用的质量取决于其可持续性和防御性。
最后，作者指出网络效应可以显著影响收入质量，暗示主要区块链可能拥有比普遍认知更强的定价能力，可能使它们能够在不失去用户的情况下提高费用。