// the open read
Ethereum's fair value
is now open to everyone.
Every day our model turns Ethereum's on-chain feeflows into a fair value read and two charts. We publishthe same output openly — on a 90-day delay.Every day our model turns Ethereum's on-chain fee flows into a fair value read and two charts. We publish the same output openly — on a 90-day delay.
Ethereum Valuation Terminal · daily on-chainSame engine as the Ethereum Valuation Terminal · daily on-chain inputs
// the open read
This is what the model computedas fair value for Ethereum.This is what the model
computed as fair value for Ethereum.
The fair value headline, the premium or discount against spot, and the flow regime trajectory — from the same on-chain inputs the live engine uses, published here with a 90-day lag. For full, real-time data, see the Ethereum Valuation Terminal.
For full, real-time data, see the terminalSee the live read in the terminalLoading open fair value read…
// how it is derived
Three steps to go from Ethereum'seconomic flows to a fair value price.Three steps to go from Ethereum's economic flows to a fair value price.
No growth assumptions. No discount rates. The framework reads protocol fee history and token supply in ETH — not dollars — so the signal stays native to the asset.
The whole model is three moves: measure how hard the network is being used, compare that to its own baseline, and read the price that demand implies. Recomputed daily from nothing but on-chain activity.
01
Flow Intensity
FI = Fees ÷ Supply
Daily fee flows per unit of ETH supply — the network's per-token economic output.
02
Flow Deviation
FD = ln( Smoothed FI ÷ RRR )
30-day smoothed intensity vs a rolling 3M/6M median reference rate.
03
Implied Fair Value
IFV = Price × exp( FD )
Spot price scaled by how far the on-chain economy is running above or below its own baseline.
Three numbers, recomputed every day from on-chain activity alone — no analyst estimates, no sentiment inputs the market can argue with. The methodology paper walks through each step, the robustness suite, and the out-of-sample validation behind the live read above.
// where to go next
Continue
See the Ethereum Valuation Terminal.
Live implied fair value with no delay, plus regime momentum, projection, and chartbook.
Open the terminal overview
Go deeper
Where does every method break?
The full audit of every other framework — what each one measures and where it fails structurally.
Read the methods audit
