Recently, the English community has been discussing the REV issue. Let's briefly talk about it. REV in English refers to, Realized Extractable Value， It can probably be seen as the total value consumed by users on the chain. Due to the fact that on the chain, in addition to paying gas fees, users may also be subject to MEV (the value extracted by validators through transaction sorting, etc.), which means that the total value spent by users on the chain=total gas fees+total MEV fees. In some cases, REV reflects the level of economic prosperity of the on chain network, and only transactions can generate REV. The larger the REV, the more prosperous the on chain economy. For example, in 2021, there was a significant increase in REV on the Ethereum chain due to DeFi+NFT; In 2024, Solana experienced a significant increase in REV due to MEME. However, for a chain, REV is an important indicator, and it is not the entirety of a chain's valuation. For example, Ethereum during the peak of DeFi and NFT in 2021, and Solana during the peak of MEME in 2024. These are not long-term indicators. If it can be sustained in the long run, it will indeed increase the proportion in the valuation. For the field of encryption, besides REV, there are other equally important indicators, such as TVL, total on chain transactions, daily active users, token issuance volume, token deflation rate, etc. For example, a chain can only support large-scale TVL with sufficient security and decentralization, which plays an important role in valuation. At present, firstly, there is no single indicator that can fully value the chain, or in other words, there is no valuation model in this field. BTC does not have much REV, but its total market value is the highest; Secondly, focusing on multiple indicators simultaneously may be closer, but it is still only a part. The current valuation has more invisible parts than visible parts, and the invisible parts are more important than the visible parts.