Etherealize: Ethereum or impact $250,000, productive currency narrative attracts attention

Etherealize's latest research report proposes the theory of "Productive Money," suggesting that if Ethereum captures the current monetary premium of approximately $31 trillion represented by gold and Bitcoin combined, its implied price could exceed $250,000, far higher than the current level of about $2,300.

The report points out that ETH not only possesses traditional currency attributes such as scarcity, verifiability, and censorship resistance, but it can also generate an annual yield of about 2% to 4% through staking, achieving the characteristic of "interest-bearing" money, thus distinguishing it from non-productive assets like gold and Bitcoin. Additionally, ETH serves a threefold demand source in the DeFi ecosystem as "collateral asset + fee burning + staking lock-up," forming a mechanism for supply contraction and value accumulation.

The report believes that with the development of on-chain finance and asset tokenization, ETH is expected to possess both "store of value + productive asset" dual attributes. However, the report also warns that achieving this valuation path for ETH still faces multiple uncertainties, including regulation, technology, and competition, and the long-term value reassessment depends on the market's recognition of its monetary attributes.