An analysis promoted by the official Ethereum account proposes a fundamental shift in the network’s valuation narrative, arguing it should be considered a “global public good” similar to the Internet or GPS, rather than just a blockchain evaluated on technical metrics.
The conceptual framework, presented in a guest thread by author and investor William Mougayar, posits that Ethereum operates as a neutral “value protocol” and public infrastructure layer. Its true economic impact, the argument states, often precedes market recognition, much like foundational technologies such as TCP/IP in the early Internet days.
This approach shifts valuation away from purely financial metrics toward a three-part model: captured value (fees, token economics), flow value (its economic contribution to applications and markets built on it), and trust surplus (its role as a neutral settlement layer).
The next step to watch is whether this conceptual framework gains traction among analysts and institutions, influencing the long-term evaluation of the ecosystem beyond price cycles.
Source: Guest thread by William Mougayar on the official Ethereum account (@ethereum).
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