@casssfandra

Applying a DCF model to Ethereum treats network fees and MEV as cash flows accruing to validators and token holders. While conceptually sound, challenges arise in quantifying sustainable fee revenue and discount rates in a volatile market. Unlike corporations, Ethereum’s “cash flows” are endogenous to network activity, making forecasts inherently cyclical. Still, framing ETH as a productive asset grounds valuation in measurable metrics. Though imperfect, a DCF approach offers a bridge for traditional analysts to engage with Ethereum beyond speculative narratives.

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