jakiro
Author: Blue Fox Source: X, @lanhubiji
In the value narrative of Ethereum, it is not suitable to use DCF or REV of traditional web2 companies. Once it falls into the narrative trap of profit or income, Ethereum will instantly turn it into a web2 company.Ethereum is not a web2 company, it is a decentralized on-chain network, and it is a new species different from web2 companies.
Once it is compared with web2 companies, it will be completely confused. Their own characteristics will be completely ignored and they will enter a vague stage that requires self-certification. Once anything is self-certified, it will fall into a meaningless quagmire. This is completely unfavorable to the Ethereum valuation narrative and is also unsuitable. Ethereum is a new species and needs to be viewed in a new dimension.
So, what is the most important value narrative of Ethereum?Back to the foundation of the existence of the crypto field, it is the most difficult part of it, and the deepest part of the moat: security based on decentralization.Why is the most difficult to solve? This kind of decentralized security construction requires not only technology, but also consensus. The construction of supporting infrastructure requires long-term accumulation. The longer the reliable time, the greater the value (not the downtime chain/rollback chain/freeze chain).This is different from traditional web2 companies. No matter how big a web2 company is, it may be replaced once market demand changes or new technologies are born.Such as Kodak in the photography industry historically and Nokia in the mobile phone industry.However, in the web3 field, the threshold for building a decentralized network is extremely high. Once built, it will produce a very high moat. This cannot be done by money, and as time goes by, security factors account for a higher proportion.More importantly, Ethereum is not a specific business, it is a basic platform for providing services to products or market demands. It is neutral, and neutral means that the user needs and market above are changing and technology is changing. As long as it is based on (decentralized security), it is in.Its ultimate goal is to be as tasteless as water, bland, passionless, but everywhere.
From this perspective, whoever can carry the largest assets, the higher the security value, and whose moat has the highest moat.Once a certain critical point is reached, there is a chance to become a new platform that carries more than tens of trillions of dollars in human assets. It is hard to imagine that institutions and companies will build their financial products or services on the downtime or frozen chain.
As the lowest level of neutral basic financial facilities (in sharp contrast to the possibility of weaponization of traditional SWIFT), it will become the first new species in human history.
