The Breakdown Are We Measuring Crypto All Wrong? | Nick Almond
Mar 24, 2026
Nick Almond, head of governance at JITO Foundation and crypto governance expert, explores how we measure crypto networks. He discusses differing endgames for Ethereum and Solana. He weighs trade-offs between decentralization, resilience, and market-fit. He questions common metrics and highlights alternative ways to think about autonomy, permissionlessness, and value capture.
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Valuing Blockchains Requires Crypto Specific Metrics
- Crypto valuation needs new paradigms grounded in crypto-economics like Lindy effect, monetary policy, and actual network usage.
- Nick Almond cites time-in-market and ETF inflows as emerging measurable signals beyond traditional revenue metrics.
Ethereum Trades Speed For Long Term Resilience
- Ethereum optimizes for long-term resilience and decentralization, trading off speed and quick market fit.
- Almond contrasts Vitalik's long-termist roadmap with faster-moving networks like Solana that target market demand for low-latency trading.
Track Multiple Real Economic Signals Not Single Metrics
- Measure networks using a kaleidoscope of signals including time-in-market, usage, monetary policy, and ETF inflows.
- Almond recommends tracking institutionalized flows like staking ETF inflows as concrete value indicators.