P/E ratios are a fine starting point for crypto valuations, but they miss balance sheets and capital structure. So I adapted EV/EBITDA from tradfi for tokens. The core metric here is EV/Holder Revenue, or what you're actually paying per dollar that reaches you as a tokenholder. I walk through five protocols $HYPE, $PUMP, $MAPLE, $JUP, $SKY as illustrations. The spreadsheet link is attached so feel free to swap in your own numbers or play around with it. This is a prototype, not a finished product. If you find a better way to handle it, please publish it.