Ethereum ties ETH to fees, collateral, and security budget while EIP 1559 burn and PoS rewards refine demand signals, but L1 value capture after L2 scaling and MEV or staking concentration remain central risks.
Investment View
Investors should assess Ethereum net issuance together with blob demand, rollup settlement frequency, validator and client diversity, MEV builder concentration, and liquid staking share.
Ethereum scores 79.7/100 as a mature global settlement Layer 1. Merge, Dencun, developer depth, ETF and RWA adoption are strengths, while L2 fee compression, ETH value capture, client and staking concentration remain core risks.
Investment View
Ethereum is evolving from a world computer into an institutional settlement layer built on L1 security and L2 scale. The next rerating depends on blob demand, L1 revenue recovery, client diversity, and RWA settlement flowing back to ETH economics.