2025-12-26 14:24:02

Regarding Ethereum's valuation system, the market is actually using multiple logical frameworks to understand it. One approach is to see it as a cash flow asset (staking rewards, Gas fee burns), while another views it as infrastructure equity. The classification of asset forms influences the valuation models used by different investors.

From a technical perspective, each major upgrade—from the Merge and Shanghai to Dencun—alters Ethereum's fundamental economics. Reducing Gas fees and increasing transaction throughput directly impact usage costs and network value.

The voices optimistic about Ethereum in the market usually base their arguments on these points: ecological advantages, developer concentration, the booming development of DeFi and Layer2 solutions, and its irreplaceability as a settlement layer. However, these judgments essentially revolve around the choice of valuation models.

I personally do not engage in long or short predictions; I only observe how the market interprets Ethereum's value. What is the current consensus, and how will it evolve in the future—that's the real question worth pondering.

ETH-0,59%

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RetailTherapist

· 1h ago

Basically, it depends on which story you believe. --- Can burning gas fees be considered cash flow? I still find that logic a bit shaky. --- Every upgrade changes the fundamentals, isn't that just patching? What about true irreplacability? --- How much of Ethereum's settlement layer advantage remains now that Layer 2 is rising? Has anyone thought about this? --- Instead of predicting, it's better to watch how consensus evolves—that's where the profit lies. --- I just want to ask, is staking yield stable, or does it have to be tied to risk premium again? --- The ecological advantage has been overhyped for a long time. Is it really still that absolute? --- High developer concentration isn't an advantage; isn't that just another form of centralization? --- Did gas really drop so much after Dencun, or was it just Arbitrum and the others taking advantage of the situation?

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AlwaysMissingTops

· 2h ago

To be honest, discussing valuation frameworks right now feels a bit too abstract... Wait, why do I feel like many people are using this logic, but only a few have actually calculated it clearly? Ecosystem advantages, developer concentration... all valid points, but these were said three years ago. What’s the use if gas fees have decreased? Does layer2 really make money?

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MoneyBurnerSociety

· 12-28 07:35

Ah, here we go again with the valuation framework debate... I find it exhausting, I already sold my ETH at the liquidation price. --- Burning gas fees, staking rewards, they all sound good, but why do I always choose the wrong model? --- It sounds nice, but in reality, no one knows the true value of ETH. Anyway, I consider it a contrarian indicator. --- Dencun is indeed impressive, but my bottom-fishing funds were wiped out at 1200. Sorry about that. --- Multiple frameworks explaining the same thing = no framework at all. That’s the true essence of Web3 valuation. --- Layer2 booming? Nonsense. I could write a book about my failed arbitrage cases on Arbitrum. --- I don’t participate in long/short predictions. That sounds like what a professional leek would say. I™ am just like that. --- Don’t bother with consensus or anything. I only care about the liquidation price. --- Ecosystem advantages... Come on, can we get some fresh words? It’s the same rhetoric every year. --- Understanding ETH’s value now = the prelude to current losses. I am a living case study of contrarian research.

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BearMarketBarber

· 12-26 14:37

Honestly, I'm a bit overthinking the valuation framework now. The ecosystem is just there, and while gas fees have indeed improved, the real test is how many projects can survive the bear market. Different investors have their own theories; anyway, I just watch whose predictions get brutally proven wrong by reality in the end. To put it simply, the value of Ethereum isn't really calculated; it's just pumped up. Since the merge, there have been a bunch of upgrades that sound grand, but on-chain activity isn't that optimistic, huh? Layer 2s may be popular, but they can't change the fact that the mainnet is gradually becoming more congested. If you really want to understand valuation, you should ask whether the DeFi folks are still alive now.

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PoolJumper

· 12-26 14:30

Basically, everyone is talking past each other, and no one can clearly say how much ETH is really worth. Cash flow models and infrastructure rights are conflicting explanations. Gas fees keep burning, staking rewards are also there, but the market is still speculating wildly. The key is whose pricing model can last the longest; it's all about betting on consensus. Layer 2 has indeed become attractive, but can it support the current valuation? Honestly, no confidence.

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BrokenYield

· 12-26 14:26

yo this just feels like people picking valuation models that fit their existing bags... like yeah the cash flow narrative sounds nice until gas fees spike and suddenly everyone's talking about "infrastructure optionality" instead. funny how that works.

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NftMetaversePainter

· 12-26 14:26

actually, the whole valuation framework thing is just dancing around the real question—which pricing model even *works* in a system that's fundamentally algorithmic? like, you can't just bolt traditional dcf models onto an ethereum primitive and call it analysis tbh

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