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Ethereum, post-transition to proof of stake, indicates sustainable positive cash flow with evidence of ongoing fee payments, resulting in a positive real yield. Unlike other proof of stake networks, Ethereum's revenue model includes burn exceeding issuance, along with fees paid to stakers, showcasing its blue chip block space status due to network effects and numerous applications. The ability of Ethereum to defend its position against competitors like Solana and Cosmos will determine its future growth and cash flow positivity. The DCF model suggests accruing value for Ethereum, with a higher median cost of capital indicating its riskier nature compared to traditional blue-chip stocks. Analyst focus should be on determining the best input for growth rate to effectively evaluate Ethereum's potential.
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