TD
Why Ethereum is materially mispriced, my fair value, and the framework people keep missing
Tom argues Ethereum is materially mispriced because fees are friction networks drive toward zero, not revenue—they've fallen from $50 per transaction to $0.20 while throughput tripled. Under proof of stake, ETH becomes the lock securing a vault: roughly $250B in stablecoins, tokenized assets, and L2 bridges sits atop only $72B of staked ETH. Using a framework where staked ETH should cover 3x the secured value, fair value lands near $6,900 versus $2,070 spot, scaling into the tens of thousands as stablecoin adoption and tokenized RWAs grow into the trillions.