Ethereum Repricing: From Rollup-Centric to Security Settlement Layer
以太坊再定价：从 Rollup-Centric 到"安全性结算层"
Summary
A reassessment of Ethereum’s value proposition as the ecosystem shifts from a rollup-centric scaling narrative toward positioning L1 as the security and settlement layer underpinning the rollup economy.
Why it matters
As appchains and L2s fragment execution, the market needs a clearer model for where Ethereum’s value actually accrues — this report argues settlement and security, not execution, are the durable moat.
Key ideas
The rollup-centric roadmap under-priced L1 as a settlement and security layer.
Value capture is migrating from execution to shared security and finality guarantees.
Repricing ETH requires a framework closer to sovereign collateral than a fee-generating app chain.
Versions
Chinese and English versions of this report.
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