According to an analytical company, Artemis, Ether is experiencing the same reputation pivotbitcoin in the mid -2010s, but it is fundamentally claimed in different terms. “Purely ETH evaluation is a category error through cash flow or protocol fees lens.” “It is better to be understood as a lack of value but productive and programming through the role of securing, settlement and authority with increasingly institutionalized onchain economy.”
The way to book the asset status of Ether Leeum
Li begins with a long -term criticism that Ethereum’s flexible monetary policy disqualifies it as a store of value. He models the worst scenario where all the ETHs that exist are crushed and the issuance hits the theoretical ceiling. Nevertheless, the annual inflation rose to an approximately 1.52 %annual inflation and decreased to 0.89 %by 2125. Since 1998, the US dollar’s average M2 expansion and gold is less than US dollar, which is lower than the long -term annual growth rate of gold. The paper argues that the combination of Sublinear issuance and EIP-1559 BURN has already pushed pure inflation already or periodically, and ETH provides a supply profile that competes with gold while maintaining the potential for software.
Macro conditions provide the background of the paper. Artemis has led investors in alternative value storage, with decades of financial expansion of money expansion. The US consumer price index has recorded an average of 2.53 %annually since 1998, but the supply of money has more than doubled, and the report argued that the company can explain the significant share of the nominal stock market. Ether Lee’s adaptive monetary policy LI provides training alternatives without sacrificing the ability to pay the network.
Institutional adoption is the second pillar of debate. For the past 12 months, JPMORGAN, BLACKROCK and ROBINHOOD have selected Etherrium Rail, who chose the basic class or affiliate rollup, as token deposits, money market funds and stock trading prototypes. This report quotes Blackrock’s Buidl Fund and JPMORGAN as evidence that the Blue-Chip organization is no longer experimenting with the test net, but a product that will solve the value according to the scale. Li said, “As traditional finance migrates the chain, the necessity of the steak is structured, not the discretion.
This dynamic can be seen in the warm chain data. Artemis calculates that in June, the supply of Stablecoins and tokenized actual assets in Etherrium in June has reached $ 120 billion in June, while the amount of ETH submerged in the valid tester has increased to 35.5 million. Compared to the previous year’s value between the value of chain assets and the value of the steak ETH, the idea is that the demand for security and payment induces the demand for basic tokens, exceeding 88 %of all major categories tracked by the company.
For the long -term regulation of the Wild Card for Staying -based value proposals, the regulation began to include Ether Leeum’s favor. On May 29, the US Securities and Exchange Commission’s Finance Division announced the guidance that the protocol -level stage King, the delegated staying and the specific parenting staying contract itself did not form a securities offering. The ruling actually left the space for the execution, but summarized the way that the Spot-ETH ETF pile could include a staying clause in the S-1 amendment. Some prospective publishers have been doing it exactly since then, and investors have been promising to have a promising proportion of passive exposure and consensus compensation for ETH.
Bitcoin competition?
The ARTEMIS report also emphasizes a new “financial waves” reminiscent of the Bitcoin strategy of Microstrategy in 2020. The Sharplink game said in late May that it began to allocate corporate cash to Ether, and then started clusters of the US and Asian public companies. They currently have more than 730,000 ETHs or about $ 2.6 billion at the current price. This accumulation matched the period of ETH performance and the period of BTC. The unusual tendency of the current period is reduced by supply shock and was dominated by Bitcoin stories such as the US preliminary US preliminary holding.
LI says the critics who claim that the Layer 2 network “misses the point” on Ether Lee’s commission base. Roll -ups are turned off while fixing settlement and data availability to the basic layer, and expand the total address of Ethereum without eroding the security budget. Li compares a contract with the Federal Reserve System. “Local banks handle everyday traffic, but Ultimate Settlement depends on the central bank.” In that analogy, ethics is a preliminary asset that guarantees finalism.
This paper admits that other high-handling floors 1, especially Solana, cut out “Meme-Coin speed” and micro conversion volume. Solana handled more transactions than Ether Lee in the sixth quarter. However, LI argues that the asset market, which requires the maximum security, is especially “in order” than the speculative transaction processing market, especially since traditional finance token bonds, deposits and funds market funds.
Perhaps the most pointed section of the report reviews Bitcoin’s “Digital Gold” story. Just as the initial criticism once dismissed BTC as volatile, non -oil and meaningless, ETH faces questions about today’s identity. LI said, “Bitcoin users once had to justify why pure digital holder assets could compete with gold.” Ether Leeum users now have to justify the reason why they can be programmed, yields, and burn restrictions to compete with Bitcoin. The burden of evidence is reversed. “
After Ethereum was converted to a long -awaited steak certificate, the Staying guidelines for the SEC were almost two months later the dialogue around the ETH changed from the “utility token” to the “preliminary assets” much closer. If LI’s papers are held, the future debate can be less than the work that occurs when Ether Lee can catch the market cap of Bitcoin and when the institution treats it as the basic money of emerging chain economy, not the gasoline of the smart contract.
ETH was traded at $ 3,585 in the prestime time.
DALL.E, major images made with charts on TradingView.com
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