Ethereum is undergoing a transformation, repositioning itself from a rollup-centric model to a unified security settlement layer, according to a report by Jacob Zhao and Jiawei from IOSG. This shift aims to consolidate the fragmented Layer 2 ecosystem into an indispensable "digital nation." The report suggests that Ethereum's protocol revenue should be viewed as a cash flow floor in its valuation model, rather than a growth engine, with a 10% weight assigned to it. This valuation layer is particularly significant during bear markets or periods of extreme risk, serving to define the valuation floor. Higher valuations are only likely to be recognized by the market when macro liquidity, risk appetite, and network effects align to meet specific market conditions.
Ethereum's Repricing: From Rollup-Centric to Security Settlement Layer
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