Eth's annual revenue is around 2.5B a year. At a market cap of around 550B, that gives it an eye-watering PE ratio of around 220. That produces a true yield of around 0.45%. Not great, although arguably acceptable for a tech company valuation with massive future potential (which really is the calculation you need to make here - the long term potential - not of use, but of revenue accruing from that use). A 4% "staking yield" is clearly dilutive on this metric, but, that does not mean that Eth revenues may not grow over time. I'm not denying that, just calling out the bullshit.
PS - BTC nearly at .125M. Once there, I can officially jump into the frey and address some of the other falsities perpetuated here in my absence...
Lol you’re applying a PE ratio to a base layer protocol like it’s a SaaS stock. ETH isn’t a company — staking rewards aren’t “dilution,” they’re security spend, just like BTC’s block subsidy. The difference? BTC has near-zero fee revenue and a shrinking subsidy, while ETH actually earns its security budget.
ETH’s net inflation is ~0.76% (lower than BTC’s 0.83%), and that 2-3% yield only goes to the 29% staked — not the full supply. With ETH’s total supply only ~6× BTC’s, yet 1 BTC trading for 27 ETH, the real imbalance is in market pricing, not fundamentals.
