You're Valuing Ethereum Wrong (And Here's Why)

For years, Ethereum has been judged through the wrong lens. Much of today’s analysis tries to value ETH like a stock, anchored to cash flows, fee burn, and revenue multiples, despite Ethereum operating nothing like a traditional company. This framing misses what Ethereum actually is: a piece of public infrastructure that underpins an ever-growing share of the global digital economy.

In a new report titled The Internet’s Blueprint for Ethereum: A Trillion-Dollar Public Goods Valuation Framework, William Mougayar argues Ethereum should be valued more like the Internet itself, as a public good whose value comes not just from what it captures, but from how much the world depends on it. That includes the economic activity it settles, the trust it provides by reducing intermediaries and risk, and the massive “invisible” value created through composability and permissionless innovation.

When viewed through this lens, Ethereum’s true valuation stretches far beyond fees and into the trillions if you examine the three valuation scenarios calculated through the report.

In a new episode of The Edge Podcast, we sit down with William to unpack why fee-based models fall short, how to think about Ethereum’s role as global settlement public good infrastructure, and why understanding dependence, not just revenue, is key to valuing Ethereum correctly.

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🔗 Guest Links 🔗

► William's Ethereum report: ethmrc.com/the-internets-blueprint-for-ethereum-a-trillion-dollar-public-goods-valuation-framework

► William's blog: wamougayar.xyz

► Ethereum Market Research Center on X: x.com/ethereum_mrc

► William Mougayar on X: x.com/wmougayar

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• Follow @Nomaticcap on X (Twitter)

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Disclosure: DeFi Dad, Nomatic, and William all hold ETH.