The article discusses the need for fundamental valuation metrics in the crypto industry and introduces Blockworks Research's Real Economic Value as a potential solution. However, it suggests that the results of such metrics may not be well-received, as it could reveal that cryptocurrencies are priced higher than their underlying activity supports. The article presents charts for Ethereum and Solana, comparing their native token prices to the trading volumes of NFTs and DEXs. It notes a significant gap between the trading volumes and token prices, suggesting that if on-chain trading activity is used to value native coins, there would need to be a significant increase in volumes. The article highlights that the price of ETH has only aligned with on-chain trading volumes once in the past four years. It also mentions that the price of SOL has stretched far above on-chain activity until this year when DEX volumes surged. It concludes by implying that SOL may be reasonably priced compared to its DEX activity.



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