币界网报道：The valuation of blockchain networks today mirrors the early internet era's challenges, where traditional financial models struggled to assess radically new technologies. In the 1990s, internet companies were valued based on intangible metrics like "eyeballs," leading to inflated valuations that collapsed when monetization failed. Similarly, blockchain networks currently lack standardized valuation methods, with existing models like discounted cash flow (DCF) or protocol fees often missing the mark. Unlike traditional companies, blockchains are public infrastructure designed for decentralized coordination rather than profit extraction. Emerging approaches include Monetary Store of Value (MSOV) models and onchain GDP, but none comprehensively capture blockchain dynamics. A proposed "velocity and flow" framework evaluates economic activity through stablecoin turnover, DeFi lending, NFT trading, and cross-layer asset movements, emphasizing usage and capital reuse. Just as internet valuation evolved from eyeballs to SaaS metrics and network effects, blockchain valuation must develop native models that reflect its unique economic potential. The future of blockchain valuation lies in frameworks tailored to its decentralized, trustless nature, unlocking deeper insights into its societal impact.