Research firm RxR's blended Metcalfe law-centric valuation model, incorporating active user adoption of layer 2 scaling networks, suggests ether should trade at a market value of $275 billion.
Ether is trading at a 27% discount to its fair value, according to research firm RxR's blended Metcalfe law-centric valuation model, which incorporates active user adoption of layer 2 scaling networks.
Per the Metcalfe law , the value of the network is directly linked and proportional to the square of the number of users it has. Ether enables users to transact on the Ethereum blockchain, earn interest, and participate in network security through staking, store non-fungible tokens and much more. Thus, ether's value proposition has long been closely tied to Ethereum's network usage.
"The updated model, which does factor in these networks, puts ETH’s valuation at $275 billion , assuming no further user growth in perpetuity," Harland added.Ether's market cap looks undervalued compared to the RxR's ML Blended Model, represented by the red. Layer 2 has become one of the most exciting areas in the market, with key protocols finding their niche. Per IntoTheBlock, Coinbase's BASE has the most unique addresses and transactions, while Arbitrum dominates transaction volume and Optimism is focused on itsIn two years, the total value locked in the layer 2 protocols has increased more than tripled to over $9 billion, according to data source L2Beat.
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