In DeFi protocols like Aave, ETH and its derivatives can be used as deposit collateral, supporting lending, income generation, and more. All of this happens without intermediaries, fully automated, creating a self-sustaining ecosystem where ETH tokens are not just the 'gas' fuel for transactions but also the actual driving force and foundation supporting economic activities. This raises a question about how to reasonably price ETH. Currently, the market finds it easier to price BTC, as its narrative is more focused and easier to understand. ETH, on the other hand, is different. The market seems to have yet to establish a unified pricing standard, especially since institutions are still in the early stages of understanding ETH, often influenced by valuation models from web2 companies. This has, to some extent, impacted ETH's price performance during this cycle. Different user groups have varying perspectives on valuing ETH. Some look at it from the angle of gas consumption, others from its asset-bearing capacity, on-chain currency perspective, security, store of value, or even as a productive asset... The more perspectives there are, the harder it becomes for institutions to explain it to their clients, which has led to the lack of a unified pricing standard in the market so far. Of course, Ethereum itself is also evolving, which is another important factor. That said, this is also Ethereum's opportunity. As institutional clients deepen their understanding, the market will move toward a more unified and reasonable pricing standard. In the coming years, ETH will return to its rightful and fair valuation.