it doesn't really matter if you're trying to model a blockchain like a business, you have a fundamental problem--they're actually not businesses and they don't 'own' anything real businesses' revenues matter because they're coming from shit they own like IP etc. chains in contrast are completely open source, forkable by design, etc. - - no business is like this but if you try to push the chain/business analogy arguendo anyhow, what comes closest to something blockchains 'own'? TVL why? dApps are all forkable/portable as such, so blockchains definitely don't own the apps--there can be an Aave instance on every EVM chain and they can even put it on Solana as well but Aave cannot just migrate the TVL that is already in Aave on Ethereum to some other chain, it's the users' choice that is the real friction at this point. . . and thus the real moat revenue from apps doesn't really matter because those apps can get revenue anywhere, the only reason why it would be 'sticky'/owned is because the TVL it's tied to is sticky/owned. . . so sure revenue is a relevant metric but it's like a pale reflection of TVL. . . edit: of course, users can also migrate TVL so chains don't really own that either...so, again, analogies are dangerous, but if you're deadset on making the chain:business analogy I think TVL is the metric you'd care about most. . .