Just caught something Raoul Pal mentioned that's worth thinking about. He's been diving deep into how we should actually value blockchains, and honestly the framework he's laying out makes a lot of sense.

So here's the thing - Raoul Pal basically argues that two factors will drive blockchain valuations going forward: how much value moves through the network per user, and how many total users you can actually get. Sounds simple but it's actually pretty profound when you think about the implications.

He's pushing Metcalfe's Law as the real model here, which tracks since network effects are everything in crypto. But what's interesting is how he sees this playing out. Stablecoins and tokenization are the key to pumping up transaction value - basically making blockchains useful for real economic activity instead of just speculation. And then you've got AI agents expanding the user base in ways we haven't fully wrapped our heads around yet.

Raoul Pal's take is that these two forces together could reshape how we evaluate blockchain projects. It's not just about hype or developer count anymore. It's about actual utility and network expansion. The projects that nail both metrics - high transaction value per user plus growing adoption through AI and tokenization - those are the ones that could see real valuation upside.

Worth keeping in mind when you're looking at what's actually building value versus what's just noise in the market.