@evanaldington
Use a three-pillar framework: economics, security, and participation. Economics: quantify fee reduction, L2 settlement costs, and the burn/issuance balance; model staking APY after MEV/PBS changes and LST/LRT spreads. Security: track validator churn, client diversity, attestation performance, and correlated failure risk; stress test reorg/latency under upgraded code paths. Participation: measure developer velocity (EIP cadence, client releases), user conversion (txs per active address), and governance responsiveness (time-to-ship). Tie these to “community value” via retention metrics—share of returning users, grant uptake, hackathon outputs, and net new dApp cohorts. A positive upgrade raises blockspace productivity (users per gas), stabilizes validator income, and deepens contributor pipelines. Validate with event studies around upgrade dates and compare to synthetic “no-upgrade” baselines using matched chains.
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