Real Vision co-founder argues Ethereum underpins $1–2 trillion in ecosystem value across stablecoins, DeFi, RWAs, and layer 2s, making ETH undervalued.
Macro & Markets ·
Real Vision co-founder Raoul Pal contends that Ethereum's removal would eliminate roughly 75 percent of stablecoins and decentralized finance platforms, along with substantial portions of the real-world asset market, digital art sector, and all layer 2 networks, according to remarks made on the TRADESECRETS program and shared with Cointelegraph.
Pal quantifies the economic activity dependent on Ethereum across these segments at between $1 trillion and $2 trillion over a five-year horizon. His framing treats this figure as an estimate of what would vanish if the network ceased operation, encompassing value locked across multiple categories of blockchain infrastructure and tokenized applications.
The argument serves as his rationale for positioning Ethereum as currently undervalued relative to the scale of activity it facilitates. Whether the $1–2 trillion estimate encompasses destroyed value, unrealized future flows, or existing locked capital remains unspecified, as does the timeframe over which such impacts would materialize if a hypothetical shutdown occurred.