When analyzing layer-1 (L1) blockchains, investors often focus on traditional metrics like price-to-earnings or price-to-sales ratios, but these metrics don't account for the programmable nature of a blockchain's token supply. The years-to-profitability (YTP) ratio is a new metric that takes into account a blockchain's emissions schedule and can be used to analyze its profitability.

YTP incorporates the concepts of breakeven analysis and payback periods from traditional finance to evaluate L1 blockchains as businesses that sell secured blockspace. By factoring in revenue and cost structures, projected growth rates, and future supply dynamics, YTP can provide a comprehensive framework for evaluating individual blockchains or comparing multiple ones.