DeFi Dad, publishes William Mougayar’s new work on fundamental Ethereum price manipulation. The report claims that markets have developed Ethereum as a for-profit company. Investors will value the ETF based on charges and earnings. By claiming that Ethereum underestimates its role as a public good, Mougayar positions this lens in a negative way. Compare Ethereum to Internet base layers like TCP/IP. These plans generated enormous economic income without direct benefits. Ether behaves the same way. The network facilitates trillions of activities in stablecoins, payments, DeFi, and tokenized assets. According to the report, the value of ETH only captures a fraction of this value. Market capitalization figures are currently not indicative of the systemic effect of the network. This gap is identified in the post and a new assessment framework is required.
The new valuation model has a multimillion-dollar intrinsic value
The report presents a three-part valuation model. It quantifies the value captured, the capitalized economic flows and the surplus of confidence. Market caps of ETH, Layer 2 networks, and DeFi protocols captured value. This group constitutes approximately $0.6 to $0.9 trillion today. The economic flows that depend on Ethereum are capitalized and are such that they include GDP-like activity. This covers stablecoin settlement volume, DeFi trading, and tokenization transactions.
These flows exceed 50 billion each year. When a conservative multiple is applied with a valuation of 0.3-3 billion. The fiduciary surplus consists of: reduction of fraud, resistance to censorship and savings by intermediaries. These advantages add up to between 0.15 and 0.6 billion. The hybrid model intrinsically values Ethereum in the range of 2 to 6 trillion. In December 2025, ETH has a market value close to 400 billion. It is precisely in the report that this disconnection is greatly underestimated.
Ethernet systems as the global trust in financing
According to the report, Ethereum is known as the global trust underlying layer of digital finance. The network ensures value. Enforces the rules. It is the host of international applications and depends on banks, fintechs, companies and governments. The report compares the beginnings of the Internet. TCP/IP was the driving force of global communications. It expanded to nothing and had a trillion dollar economic impact. The same goes for Ethereum. Tokenization expands.
The adoption of stablecoins is accelerating. Real-world assets move to the blockchain. There is a growing institutional demand around the world. The model predicts that the model will value between 10 and 20 trillion in a period of three years (2035). According to McKinsey and the World Bank, the growth of digital infrastructure is historically documented. The report maintains that Ethereum is on the same curve. The post indicates optimism in the long-term utility of ETH. The community sees the research as a wake-up call for how markets value base layers.
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