Is Ethereum undervalued? People often get stuck in historical thinking. This cycle, Ethereum has disappointed many. But why not set aside the token price and seriously consider Ethereum's value potential? Bitcoin's success lies in its pure scarcity and security, earning it the consensus of being 'digital gold.' Meanwhile, Ethereum is undergoing a transformation from an 'experimental network' to global financial infrastructure. If Bitcoin is gold, then Ethereum is more like a nation. A nation's valuation doesn't depend on how much gold it holds but on the total economic activity (GDP) within its territory. When real-world assets (RWA) are brought on-chain at scale, Ethereum will be the preferred settlement layer. Despite the emergence of high-performance blockchains, the Ethereum Virtual Machine (EVM) remains the industry standard. In the blockchain world, liquidity and developer numbers are the true moats. If just 1% of global derivatives, real estate, or bonds were settled on Ethereum, its market cap would easily surpass today's traditional banking giants. When Ethereum goes beyond finance and becomes the secure validation layer for global decentralized applications (DePIN, AI compute scheduling, etc.), its value will no longer be confined to the crypto space. Opportunities are often born in pessimism. When the masses think 'Ethereum is too slow, too expensive, not as straightforward as Bitcoin,' they often overlook the fact that Ethereum is building the foundational protocol for the entire digital world. Just like the internet in the 1990s, initially valued only for its ability to send emails (information transfer), no one could foresee it would later carry global commerce, social interactions, and finance. If Ethereum ultimately establishes itself as the 'cornerstone of on-chain finance,' then Tom Lee's prediction of $20,000 Ethereum by 2026 and $250,000 in the future might just have a chance of coming true.