2025-12-22 00:40:28

#大户持仓动态 Many people underestimate Ethereum, to put it bluntly, they fail to see a fact - the US dollars you use every day are now also running on Ethereum.

The market is still pondering when prices will rise, while on the Ethereum side, stablecoin funds are already being settled on-chain at an average daily volume of 100 billion USD. This is just the stablecoin portion; when combined with DeFi, NFTs, and cross-chain settlements, the actual trading scale has long reached astonishing levels.

So the problem is not that ETH is useless—in fact, on the contrary, it has become the largest on-chain settlement infrastructure in the world. What really constrains the growth of ETH's valuation is actually its own design choices: actively giving value to the L2 ecosystem.

But what if this incentive structure loosens?

Even if only a portion of value capture is recovered, whether through a fee model or revenue structure, the market may give completely different pricing. The current stage of Ethereum is more like reducing profits for scale—scale is already so large, and the next question is a core issue:

📊 When will the market start to price ETH as financial infrastructure?

What is truly underestimated is not the technology itself, but the real-world flow of funds that it is carrying.

ETH1.75%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

11 Likes

Reward
11
8
Repost
Share

Comment

0/400

DefiPlaybook

· 10h ago

An average daily settlement volume of 100 billion USD is a bit terrifying, and if the market reacts, ETH won't be at this price.

View OriginalReply0

BTCRetirementFund

· 11h ago

This logic makes sense, we just have to wait for the market to react --- To put it bluntly, it’s still a valuation model issue; infrastructure projects have always been undervalued --- I just want to know when we can see the real adjustment of the eth fee model --- It feels like waiting for a catalyst; otherwise, no matter how stable it is, it won’t rise --- It’s mainly a mindset issue; everyone is still speculating on the short term, who cares about the value of infrastructure? --- This discussion has indeed awakened me; I hadn’t thought that deeply before --- But the problem is, even if we understand it, it doesn’t change the current price --- The key still lies in when large institutions start to allocate; once they do, the price will be different.

View OriginalReply0

EthSandwichHero

· 11h ago

To be honest, I quite buy this logic. It's just that the market is still asleep right now. --- After enjoying L2 for so long, the bill will eventually come due. --- When the real revaluation happens, those who are pessimistic now will regret it to death. --- Infrastructure should be valued based on infrastructure, no problem there. --- The question is when the incentive structure will loosen up, that's the key.

View OriginalReply0

RegenRestorer

· 11h ago

So ETH has actually already won, it's just that the market hasn't reacted yet. --- Lowering profits to exchange for scale... Sounds like setting up for the future, right? --- The key is how long this L2 profit-sharing model can last; if it really adjusts, the valuation could double. --- On-chain daily average liquidation of 100 billion, this data is indeed outrageous; no wonder some people are still tangled up with the price. --- To put it bluntly, it's just waiting for the moment when the market re-prices; those holding now are all making profits. --- I buy into the logic of pricing financial infrastructure, but when will that actually happen? --- Actually, it's just waiting for that turning point; once the incentive structure loosens, everything changes. --- Listen, listen, listen, this logic is interesting; it's like selling at a discount right now. --- It's already become infrastructure but is still being priced like an AppChain, that's funny. --- With such a large scale, it's actually being underestimated; it's true that the market's perception is lagging.

View OriginalReply0

WagmiOrRekt

· 11h ago

Well said, this perspective is indeed different... Wait a minute, the real question is when can L2s become independent? ETH's brutal self-castration is truly extreme. How come I didn't think of this logic? The money for stablecoins has already been on-chain every day. On the day value capture loosens, how many times do we need to compensate... Your words make me a bit anxious; what if the incentive model really changes? How much longer do we have to wait for infrastructure pricing? Anyway, I’m getting impatient.

View OriginalReply0

GateUser-a5fa8bd0

· 11h ago

Finally, we're getting to the point. ETH has been trapped by the outdated pricing model of the financial market. I had already thought of this logic a long time ago, but the market reacts slowly, always focusing on speculating concepts. Wait, if L2 is up, won't the value capture of ETH become even thinner? This part is a bit hard to understand. The core still depends on when the CBDCs of various countries will truly go on-chain; that will be the catalyst. By this scale, the current valuation is indeed ridiculously low, but I just don't know when the market will truly grasp this logic. I think your perspective is good, but remember there were also many people saying that Ethereum would crash back then; it's wise to be cautious. To put it bluntly, we're just waiting for the policy window to open; it's still quite early.

View OriginalReply0

ChainSherlockGirl

· 11h ago

According to my analysis, those who are still struggling with whether ETH will rise are completely looking at it from the wrong dimension—people are already running on-chain with an average of 100 billion dollars daily, and you are still waiting for a technical breakthrough? Damn, once this incentive structure loosens, who knows what will happen; it feels like the Mainnet fees will have to be recalculated sooner or later.

View OriginalReply0

SchrodingerGas

· 11h ago

Wait, how is this daily average clearing amount of 100 billion calculated? It feels exaggerated, right? The transfer volume of stablecoins and the actual clearing volume are not the same thing, are they?

View OriginalReply0

Trending TopicsView More
#2025GateYearEndSummary
44.73K Popularity
#CryptoMarketMildlyRebounds
5.42K Popularity
#GoldPrintsNewATH
3.9K Popularity
#BOJRateHikesBackontheTable
1.49K Popularity
#2026CryptoOutlook
1.5K Popularity

Hot Gate FunView More

1
$OCTOOCTO NET
MC:$3.55KHolders:1
0.00%
2
KONGKONG Clan
MC:$3.56KHolders:1
0.00%
3
VRNVeridian
MC:$3.56KHolders:1
0.00%
4
$GROKGROK-1
MC:$3.55KHolders:1
0.00%
5
SOCSonder Coin
MC:$3.55KHolders:1
0.00%

Sitemap