What Is a Viable Alternative Valuation Model for a Purely Governance-Focused Token?

A viable alternative is to treat the governance token as a claim on the protocol's future revenue or treasury, valued using a sum-of-the-parts approach or a Discounted Cash Flow (DCF) model. The DCF should model the expected future revenue that the governance token holders can direct or capture.

Another approach is to value the token as a "real option" on the protocol's future success, using an options pricing model to capture the value of the control rights.