Most people try to value a blockchain like it's a company. DCF models, revenue projections, all that. Doesn't work.

Flip it around instead.

Imagine you shut down Ethereum tomorrow. Every stablecoin on it, all the DeFi protocols, every L2, every NFT — gone. Everything that would instantly break is what it's actually worth.

These networks pull in capital because they're dense with intelligence. $ETH has the most devs, it's programmable, deepest liquidity, entire ecosystems stacked on top. Solana and Sui are faster and cheaper with different trade-offs.

Turn it off and see what breaks. That's the real valuation.