The Ethereum network has transcended its original function as a simple blockchain to position itself as critical internet infrastructure. According to author and investor William Mougayar, in a report endorsed by the official Ethereum account, the asset now behaves as Ethereum as a global public good: non-rivalrous and non-excludable. This paradigm shift suggests that the network’s valuation must move away from traditional metrics of speed or transaction fees.
Mougayar argues that, like GPS or the TCP/IP protocol, the true value of this technology is “invisible” but enabling for systems on a global scale. On the other hand, the transition from an information protocol toward a value protocol allows large economic systems to settle neutrally. Therefore, the network’s systemic importance cannot be measured solely by the income generated by its fees. Likewise, this approach places Ethereum in a higher conceptual category compared to other projects in the sector.
The network’s layered architecture allows for the coexistence of public goods at its base and private commercial applications at higher levels. Furthermore, the report highlights that Ethereum does not compete directly with other chains, but with the “status quo of global coordination.” Because of this, long-term strength lies in trust and institutional settlement on a cross-border scale. In this way, the Ether cryptocurrency consolidates itself as the underlying asset of this new digital trust engine.
A new valuation framework based on trust surplus
To understand the network’s true value, Mougayar introduces a three-part structure: captured value, flow value, and trust surplus. Captured value analyzes traditional financial metrics, while flow value measures economic contribution across decentralized applications. Nevertheless, trust surplus is the most innovative component of this proposal for investors. Therefore, Ethereum as a global public good generates a “trust dividend” by reducing friction and reconciliation costs.
This dividend consists of the reduction of counterparty risk, fraud, and verification costs in high-level international transactions. Likewise, as more institutions rely on the network, this value compounds over time. On the other hand, trust minimization reorganizes the movement of value across physical borders. In this way, the network becomes the fundamental blueprint upon which the economy of the future is built.
Will this new valuation approach manage to attract large institutional capital?
The relevance of this milestone lies in shifting the conversation from technical competitiveness toward global systemic utility. Investors should no longer just look at per-block performance, but at the dependency and economic flows that the system enables. Therefore, valuing Ethereum as a public good offers a much more resilient perspective against market volatility. It is also important to note that institutional adoption seeks to minimize friction in traditional settlement processes.
In conclusion, Ethereum is consolidating itself as the neutral settlement layer for the internet of value. Analysts are expected to begin integrating these flow and trust metrics into their financial projections for 2026. Likewise, Mougayar’s vision reinforces the idea that the network is an indispensable enabling infrastructure for modern economic coordination. Finally, the environment suggests that public good value will accrue where global dependency is greatest.
