How do you value an L1? Well, take Ethereum for eg. Now imagine turning the switch off. All the stablecoins, DeFi, every L2, every NFT... everything built on it goes to zero L1s attract assets, capital and velocity because they are dense with intelligence. Ethereum has the most developers, its programmable, it has the whole ecosystem around it. Ive had the DCF argument so many times and its just nonsense... you're not valuing cash flows, you're valuing everything the chain secures. As we move into the Exponential age and the entire human economy plus a whole new agentic economy moves onchain, enormous value accrues in these base layers. It’s all so obvious…(Raoul Pal)