Renowned macro investor and Real Vision CEO Raoul Pal stated on X that the two key metrics for future blockchain valuation could be transacted value per user and total number of users. He explained, "Metcalfe's law (the theory that the economic impact of a communication network is proportional to the square of the number of connected users) is most suitable for blockchain valuation. Transacted value per user will increase as financial systems migrate to blockchain. Stablecoins will lead, followed by asset tokenization. As the scale of assets held by traditional finance overwhelms other areas, the value flowing into blockchain will grow as tokenization progresses." He added, "The increase in total users will be driven by AI agents. Although the transaction size per case is small, a user base tens of times larger than humans will be formed. In 10 years, everything else besides these two axes will be merely a rounding error."
