Governance tokens are an asset class that form a large part of decentralised finance. Governance in these distributed, open-source networks is a frequent point of discussion in the crypto community and is a core component of decentralisation. Their utility is often based on incomplete governance theories or as a representation of speculation for the protocol they represent. The token is not directly indicative of the protocol use or performance and its use in governance is still nascent. These innovative networks allow the testing of intricate governance models not possible in traditional business and finance. Despite their development being far from complete, it’s useful to measure the value of these tokens as their underlying protocols accrue more users and more liquidity. For an investor, it is also necessary to have some sort of framework when valuing tokens for reporting that represent governance in a project that has yet to launch. This begs the question; “is there a way to accurately value a governance token?”