What’s a Web3 Project Really Worth? Here’s How to Tell.
In the last decade, we have witnessed an ever-increasing explosion of Web3 projects building decentralized versions of Web2 platforms and services. Compound is building the Web3 version of Bank of America, Uniswap is NYSE, Yearn Finance is the decentralized Blackrock, and so on. In theory, the 9,000-plus Web3 projects in existence today promise to be open-source, permissionless, and supported by token economies. Yet while many new Web3 projects label themselves as decentralized networks, protoc...