Resnick Reframes Layer 1 Valuation Around Tokenholder Returns

Layer 1 blockchains have long lacked a valuation standard comparable with the cash-flow models used for equities, leaving investors reliant on transaction volume, active addresses and ecosystem growth. Max Resnick, a former research head at Consensys, is applying traditional asset-pricing concepts to the sector, arguing that a network’s economic activity matters only to the extent it creates value that ultimately accrues to holders of its native token.

As of Aug. 17, 2026, Resnick’s framework treats fees as a starting point rather than proof of intrinsic value. Revenue must reach tokenholders through mechanisms such as fee-funded token burns, which reduce supply, or direct distributions resembling dividends. The approach offers a common lens for assessing Layer 1 networks including Solana and Ethereum, though Resnick did not publish dollar valuations or price targets for SOL or ETH.