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L1 Valuation Drivers Analyzed
Research shows L1 tokens correlate with Bitcoin beta and capital inflows rather than on‑chain activity. Metrics like REV, active addresses, DEX volume and stablecoin supply were regressed against market cap, revealing Ethereum’s market cap rose despite declining REV, while Solana’s metrics moved together. Multiple valuation models were tested, with mcap/REV showing predictive power for 13‑week returns on Ethereum and TRON. Holder concentration differs across chains, with Bitcoin having the highest long‑term holding base.