Hey @blowmywhistle , each chain has their own metrics. You can establish valuation for each individual chain, you don't have the same metrics for each chain. Resources on each chain have different values and values change as conditions change. One big example of this is lightning network. Because a transaction no longer requires network resources, we see a lower value per user and a lower value per connection formed.
Read up on the netoid formula and the applications of metcalfe's law in the links provided.
If you check out the transactions on chain, the only chain doing more is ETH and there are subnetworks that use the ETH chain that have their own valuation. It's backwards to consider all tx on ETH to go towards the ETH network value and therefore ETH price when there are countless other on chain currencies that dilute the value. Second, to compare to the active unique addresses like I pointed out for Bitcoin above, here's a handy chart:
https://bitinfocharts.com/comparison/activeaddresses-btc-eth.html
If you'd like to look at other potential competitors, there are buttons in the bottom left that add additional currencies.
RE: What is Network Valuation? (And the only chart that matters long-term)