The valuation of public blockchains is currently under debate, with the market considering various narratives to determine their worth. Key frameworks include profit-based price-to-earnings models, network effect-based usage scale, and asset attribute-based value storage. In contrast, Bitcoin's narrative as 'digital gold' is straightforward, while DeFi is seen as a profit-generating business model. The market's acceptance of these narratives will shape the future valuation of public blockchains.