Metrics of Value in Blockchain: Why We Must Look Beneath the Surface

One of the biggest lessons I’ve learned when comparing blockchains is this: the metrics of value don’t lie.

Bitcoin stands tall here. It has the hard-coded scarcity, portability, and durability to rival (and even surpass) gold. Gold has always been a strong store of value, but in our digital age, it simply doesn’t move with the same ease as Bitcoin. Bitcoin carries gold’s scarcity while adding the superpower of instant, borderless transfer.

That’s why I always use Bitcoin as my anchor when evaluating other chains.

The Polkadot “Fixed Supply” Shift

Recently, Polkadot has been marketing itself as a fixed-supply asset. On the surface, this looks like a step toward Bitcoin’s scarcity model. But there’s a problem:

• This “cap” isn’t permanent.

• A simple governance vote can change it back to inflationary.

That means newcomers might buy in thinking they’ve found a scarce, Bitcoin-like asset, when in reality the supply rules could change with the next vote. This isn’t true scarcity—it’s a moving target dressed up to look like one.

The Language Game: Staking vs. Staking

We see the same kind of confusion with staking.

• On Ethereum, staking means locking your funds, exposing yourself to slashing, and hoping the network plays fair.

• On Cardano, staking is liquid. You never give up custody of your funds, your rewards are private, and no one can take them from you.

Both are labeled “staking,” but they carry completely different risks and freedoms. That’s not an accident—it’s part of the industry’s tendency to blur lines and make it harder for people to see where the real value lies.

Value = Freedom

At the end of the day, this is about more than just money. It’s about freedom.

• Bitcoin and Cardano are built on rules that can’t be changed on a whim.

• Other chains may shift their narratives with votes or marketing spins, making it harder for learners to see the truth.

The more confusing the industry becomes, the more we need to focus on the real metrics of value. Because in the end, those metrics are the same as the metrics of freedom.

Let’s Discuss

• Do you think Polkadot’s “fixed supply by vote” approach is misleading or flexible?

• How do you explain the difference between Ethereum’s staking risks and Cardano’s liquid staking to someone new?

• What other examples have you seen where language is used to confuse instead of clarify?

👇 Share your thoughts in the comments—I’d love to hear how you all see these dynamics playing out.