What Valuation Model Is More Appropriate for a Native Token That Primarily Accrues Value through Stablecoin-Denominated Fees?

The most appropriate model is a Discounted Cash Flow (DCF) model, where the "cash flow" is the stablecoin revenue distributed to token holders or used for a buyback-and-burn. The QTM model is less suitable because the native token's velocity is low and its PQ is abstract.

The DCF model directly values the claim on the stable, predictable revenue stream, reducing the complexity associated with modeling volatile token velocity and transaction value.