⚡ Renowned macro trader Raoul Pal: The value of L1 lies in what it secures, not in cash flow Raoul Pal, founder and CEO of Global Macro Investor, published a post discussing how to value L1 blockchains. Using Ethereum as an example, he noted that if Ethereum were shut down, all stablecoins, DeFi, all L2s, and NFTs built on top would vanish to zero. Pal explained that L1s attract assets, capital, and velocity due to their intellectual density. Ethereum has the largest developer base, the greatest programmability, and the most complete ecosystem. He has heard numerous DCF arguments but considers them meaningless—valuation is not about cash flow, but about everything the chain secures. He stated that as we enter the exponential era, with the entire human economy and a new intelligent agent economy moving on-chain, immense value will accumulate at these foundational layers—and this is unmistakable.