Layer 2 daily volume overwhelms the Mainnet, yet ETH is severely undervalued according to multiple models?

Question

[Coin World] Polygon, Arbitrum, and Optimism, these Ethereum Layer 2s, now have daily volumes that have long surpassed the Mainnet.

Interestingly, this wave of migration has brought ETH back into an inflationary state, with the Mainnet TVL dropping to around $66 billion, but market sentiment? Not at all collapsed.

Look at the derivatives side: open interest has piled up to over 15 billion USD, and the funding rate is still positive. Multiple valuation models are shouting—ETH is severely undervalued right now.

This contrast actually indicates one thing: everyone still recognizes the value of Ethereum as the underlying infrastructure. Layer 2 has taken the spotlight from the Mainnet, but the roots of the entire ecosystem are still there. Data may fluctuate, but the consensus remains.

MoneyBurner · Accepted Answer

How can they still shout undervalued when the TVL has big dumped by 66 billion? I&#39;m about to be trapped!

PanicSeller · Answer

This is the key point. The Layer2 is booming, while the Mainnet has stabilized the mindset, indicating that everyone is clear that the underlying logic of ETH has not changed.

potentially_notable · Answer

Underestimate what? This wave is just the Mainnet bleeding. Layer 2 is sucking blood like crazy, why can it still be called underestimated?

The real question is, after everyone rushes to L2, what competitive edge does the ETH Mainnet have left? Don&#39;t tell me about the "value of underlying infrastructure," data is the truth.

alpha_leaker · Answer

Wow, L2 is so strong that I can&#39;t hold back anymore. The Mainnet has become a sub-landlord.

Wait, are we really still saying that the 15 billion in unclosed contracts is underestimated? Is this model drunk?

The fundamental logic hasn&#39;t changed. ETH is still the same ETH, it&#39;s just that everyone&#39;s way of playing has changed.

OfflineValidator · Answer

The Layer 2 vampire uprising has completely consumed the Mainnet. But this actually shows that the Ethereum foundation is indeed stable, and even bloodsucking can&#39;t shake it.

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Undervalued? Looking at that 15 billion in open contracts, it feels like the market has already made its calculations.

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It&#39;s somewhat interesting; the ecological migration actually confirms the moat of the Mainnet. Data can lie, but money won&#39;t.

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With the TVL falling like this, there are still people daring to call it undervalued. They are either truly believers or have already invested heavily, haha.

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I just feel this logic is a bit absurd; Layer 2 has taken over the Mainnet&#39;s business, yet the Mainnet is worth even more? This reflexivity is a bit outrageous.

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Consensus hasn&#39;t dispersed, which is a good point, but I just want to know when ETH can truly rebound. There are many people shouting undervalued right now.

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To put it bluntly, it&#39;s still a bet on the Ethereum system; no matter where the trading goes, the root is right here. It looks quite solid, but the retail investors are no longer following the trend.