Crypto and DePIN finance
Programmable capital. On-chain treasuries. Token-priced rights. Physical-yield networks. The pipe replaces the registry.
Where Material Lives
The bulk of crypto finance operating material already lives in the business templates section — nine blueprint templates, capital allocation pages, fundraising and treasury practice, reinvestment and cash-out strategy. That section stays where it is.
This page is the entry point into the crypto leg from the finance hub. It links across — it does not duplicate.
The Translations
The five finance questions still apply. The instruments change.
| Question | TradFi instrument | Crypto instrument |
|---|---|---|
| What is it worth? | DCF on free cash flow | DCF on token cash flow or fee accrual |
| What did it just say? | Earnings call, 10-Q | Protocol revenue dashboard, governance proposal |
| Should we buy it? | IC memo on equity or debt | IC memo on token, validator, or LP position |
| Who is the counterparty? | KYC on a legal entity | KYC on a wallet, plus smart-contract diligence |
| Did the model match reality? | GL reconciliation | On-chain reconciliation against the contract |
The arithmetic is the same. The data sources are different. The methods translate cleanly because the questions are the same.
What is Different
Three things separate the crypto leg from the traditional one. Knowing them keeps the analyst honest.
- Settlement is the contract — the ledger and the rule sit in the same place. No registrar, no transfer agent, no T+2.
- Composition is the default — protocols stack. A position in one is a position in many. The diligence surface widens accordingly.
- Liquidity is bi-modal — markets are deep when calm and disappear under stress. The valuation must reflect the regime, not the average.
Where Methods Live
The universal methods in the methodology hub work for both legs. Where a method needs a crypto-specific adaptation, the page calls it out.
Adjacent Reading
- Business templates — the operating playbook for crypto-native firms
- Tokenomics — the rules that govern token supply, demand, and accrual
- Capital allocation — the lens that chooses what to back
- Traditional finance leg — the same questions on bank rails
Questions
Which of the three crypto-specific differences changes how I apply this method?
- Have I traced wallet provenance beyond the most recent transfer?
- Does my valuation reflect the liquidity regime, not just the average spread?