Arca CIO Jeff Dorman says Ethereum's revenue barely supports a couple of billion dollars in value, even when you count its role in securing L2s "If I'm on DeFiLlama right now…
Original source excerpt
Arca CIO Jeff Dorman says Ethereum's revenue barely supports a couple of billion dollars in value, even when you count its role in securing L2s "If I'm on DeFiLlama right now, when I look at 30-day r…
Arca CIO Jeff Dorman says Ethereum's revenue barely supports a couple of billion dollars in value, even when you count its role in securing L2s "If I'm on DeFiLlama right now, when I look at 30-day revenue, Ethereum is barely in the top 50. It did $6 million of revenue in the last 30 days." "Let's give them the benefit of the doubt and say that this was a pretty bad month. Let's double that to $10 million, right? Now we're talking $120 million per year." "Let's slap a very generous 20 times multiple on that. You're only looking at a couple of billion dollars of financial value there." "Even if you did count securing layer 2s, how much is that really worth? There's a billion chains. There's virtually no cost to move in between chains." "As an economist, you would call that perfect substitutes. I wouldn't put a huge value on that."
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