Founders

We value crypto projects by the amount of ETH locked inside a product or protocol.

Then we value its native token as a multiple on that ETH locked.

Now - does that ETH or token need to actually do anything?

For all intensive purposes... no.

Strange world we live in.

Onchain is the new online - FID 206 -  cooprecords.xyz

For at least some products though ( Base with native yield etc.) , it does make sense as its like a treasury generating real returns on the investment.

And # active wallets is a better metric for other consumer facing products imo ( excluding bots which is tough..)