Derived from ChainCatcher, a debate on X has sparked discussion comparing Ethereum's and Amazon's valuations. Santiago, founder of Inversion Capital, argues that Ethereum's price-to-sales ratio (valued at $380 billion with $10 billion in annual revenue) is significantly higher than Amazon's, even during the dot-com bubble. He notes that Ethereum holders pay about 146 times more per dollar of revenue than Amazon investors did. Santiago emphasizes that pricing, whether for a company or network, should be based on generated economic benefits (revenue and cash flow), not metrics like TVL or settlement volume. In contrast, Ethereum treasury firm SharpLink claims traditional valuation models are inapplicable to Ethereum, as it is a network, not a company. SharpLink argues that Ethereum is the target network for the future financial system, with a much larger potential market size than Amazon at its $380 billion valuation. It suggests a better way to measure Ethereum's value is by the scale of assets secured on the network. Historically, as more assets move on-chain and settle (TVL growth), Ethereum's price has risen, though not always in sync.
SharpLink: Ethereum's Potential Market Size Far Exceeds Amazon's $380 Billion Valuation
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