Valuing ETH

ETH is not a stock, not a bond, and not quite a commodity either. It gets consumed when the network processes transactions, which gives it commodity-like properties. It can be staked to earn a yield, which looks more like a capital asset. And the security of the entire Ethereum network depends on ETH holding real value, which makes it something else again. Most valuation tools handle this by forcing ETH into the nearest familiar category. We think that produces the wrong answer. This tool examines ETH through 13 independent valuation lenses, drawn from on-chain data, network theory, traditional finance, and monetary economics. We then narrow those down to the 6 we believe best capture what ETH actually is: a programmable settlement layer whose value comes from the assets it secures, the transactions it processes, and the applications it powers. The result is not a price prediction. It is an honest attempt to understand what ETH is worth, on its own terms.