Chris Burniske revises and expands on his prior crypto valuation framework to differentiate 'productive' crypto assets (ie capital assets) from crypto commodities. While MV=PQ applies to the latter, the former are best valued by variations of the NPV formula.
+ Ryan Selkis has a great take
on this piece, combining it with a more bearish view on staking returns provided
by Ben Davenport of BitGo (where he argues staking won't provide a real yield in the long term).