[noch]

> Coins don't pay dividends. They don't represent any kind of underlying assets.

Every honest crypto market participant has long admitted that no one currently knows a good model for valuing crypto tokens. Indeed this is widely accepted. As a result, there is such a massive speculative premium placed on them and their prices are extremely volatile.

However, Ethereum will now pay a yield native to the protocol and so discounted [cashflows][1] apply in "Eth" terms. To try to value that ["internet dividend"][0] in USD is, however, still speculation and so ultimately reliant on global [liquidity][2] conditions (how much banks "print").

[0]: https://link.medium.com/HGOCQMUbltb The Web 3.0 Yield Curve

[1]: https://ethereumcashflow.com (pdf)

[2]: https://twitter.com/42macro/status/1550487881956802563