In this episode of Unchained, Laura Shin hosts Tom Dunleavy and Austin Federa to debate the relevance of REV (revenue) as a key metric for valuing blockchains. The discussion covers the definition of REV, including transaction fees, MEV, and protocol incentives, and whether out-of-protocol payments like JITO tips should be included. Tom argues that fees are going to zero, making REV a less useful metric, and suggests that economic security tied to the value secured on the chain is more important. Austin counters that REV is still valuable, using GDP as an analogy, and emphasizes that the sum of what's built on a network should be worth more than the network itself. They debate whether Ethereum's move to L2s impacts REV, the role of staking, and the implications of meme coin trading on network value, ultimately disagreeing on whether fees will increase or decrease over time and on the importance of REV as a valuation metric.
