The Variant framework comparing SOV versus equity is quite clear. BTC, ETH, and ZEC are explicitly identified as sovereign assets; resistance to censorship and memetics have both become evaluation dimensions. Moreover, their market share is still low—so the opportunity is indeed substantial.

This article proposes the Variant investment framework: dividing tokens into value storage (SOV) assets and equity instruments, with L1 as the core analysis target. Evaluation factors include technological durability, scarcity, censorship resistance, economic productivity, memetics, and liquidity. BTC, ETH, and ZEC are regarded as the most promising SOV sovereign assets. Although the SOV market size is large and growing rapidly, its proportion remains low, presenting significant opportunities.