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How do you value a blockchain? Most people try to run a discounted cash flow model on it, like its a company. Ive had that argument plenty of times over the years and its nonsense. Invert it instead. Imagine you switch Ethereum off tomorrow. Every stablecoin on it, all of DeFi, every layer 2, every NFT... all of it goes to zero in an instant. Everything that would disappear is what Ethereum is actually worth. The reason these networks attract so much capital is that they are dense with intelligence. Ethereum has the most developers, its programmable, it has the deepest markets and the whole ecosystem built on top of it. Solana and Sui are faster, cheaper, more efficient, with different feature sets... Turn it off and see what breaks. Thats the valuation. This is also why most chains die. If nothing is built on them, theres nothing to switch off... I wrote a full piece on why thats the case and what separates the few that survive. Here it is: https://t.co/MnJ2dXj58D