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IOSG: Ethereum Repricing, From Rollup-Centric to Security Settlement Layer (Authors Jacob Zhao & Jiawei IOSG) Ethereum is transforming its fragmented L2 ecosystem into an irreplaceable "digital nation" through a unified settlement and verification system, which is an inevitable historical development; viewing protocol revenue as a cash flow floor in Ethereum's valuation system rather than a growth engine also assigns it a 10% weight. This layer mainly plays a role during bear markets or extreme risk phases, used to depict the valuation lower bound; only when macro liquidity, risk appetite, and network effects simultaneously meet market trigger conditions will higher valuations be re-entered by the market. Read more: