Jim Ferraioli, Director of Crypto Strategy and Research at Charles Schwab, applies a GDP-equivalent framework to smart contract platforms: sum the trailing one-year fees across a network, compare that to market cap, and you get a Buffett-indicator-style read on whether it's cheap or expensive. By that measure, Ethereum has traded in a reliable range for years, and it's currently at the low end. But the more interesting argument is structural. Ethereum's fee base has historically been almost entirely tied to crypto market cap growth. Stablecoin usage, liquid staking, lending, trading — all of it moves with the broader market. Tokenization changes that equation. Real-world assets don't care what Bitcoin is doing. And with Ethereum holding the lion's share of tokenized assets — roughly $350 billion including stablecoins, with the next competitor at around $80 billion — it has a first-mover position that is genuinely hard to dislodge. This clip is from a longer conversation he had with Steven Ehrlich on Bitcoin valuation frameworks, zombie protocols, and quantum risk. Full episode here: https://youtube.com/live/YgDIHGuESJk We go live every Thursday at 12 PM ET. Subscribe to catch it live.