How Do You Account for Differences in Tokenomics When Using Comps?

Differences in tokenomics, such as inflation rates, vesting schedules, and token utility, must be normalized when using Comps. Analysts often adjust the valuation multiple by using the Fully Diluted Valuation (FDV) to account for future dilution.

They also factor in the token's utility (e.g. whether it captures fees or is only for governance) to ensure the comparison is apples-to-apples. A token with high utility and low inflation should command a premium multiple.