New Framework Exposes Flaws in Token-Stock Valuation Comparisons

A groundbreaking analysis reveals systemic flaws in how crypto assets are measured against traditional equities. The Artemis-Pantera Capital "Outstanding Supply" framework, launched August 26, exposes billion-dollar valuation gaps stemming from inconsistent token metrics.

Data providers showed wild discrepancies in supply measurements for identical tokens—Hyperliquid's $17.3 billion valuation gap exemplifies the problem. Traditional methods like Fully Diluted Valuation (FDV) distorted comparisons by using theoretical maximum supplies rather than circulating tokens.

The equity-market inspired solution standardizes token economics, replacing arbitrary circulating supply definitions with an "Outstanding Shares" equivalent. This correction comes as institutional investors demand reliable valuation frameworks for digital asset allocation.