"IOSG: Ethereum Repricing, From Rollup-Centric to Security Settlement Layer" (Authors: Jacob Zhao & Jiawei IOSG) Ethereum is transforming fragmented L2 ecosystems into an irreplaceable "digital nation" through a unified settlement and verification system—this is a historical inevitability. Viewing protocol revenue as the cash flow floor in Ethereum's valuation system, rather than a growth engine, is similarly assigned a 10% weight. This layer primarily plays a role during bear markets or extreme risk phases, serving to outline the valuation floor. Only when macro liquidity, risk appetite, and network effects simultaneously meet the market's trigger conditions will higher valuations be re-accounted for by the market. Read the full article: https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=47&id=56756