Crypto valuation is a difficult field since blockchain is cutting-edge technology, present and future network value must be accounted and the value accrual must be realized through a token. There are many competing blockchains and network users and usage may change over time. The partial absence of business models and the open-sourcing of solutions (lack of defensibility) are additional aspects investors must consider when valuing a token project. In the past years, different crypto valuation models and frameworks have evolved. Most crypto VCs utilize established models and evaluate team, product, market, deal terms and additionally legal structure and token economics.