ETHval

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App Capital ETH fair value model

Fair value$4,241

ETH close$2,498

Gap to price+69.8%

Last complete day 2026-10-13 (UTC) · Built 2026-10-14 21:45 UTC from the stored daily data. Values are for 2026-10-13; the live value is on the dashboard.

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Formula

AppCapital ÷ Supply

How it works

App Capital represents total on-chain assets: stablecoins, ERC-20 tokens, NFTs, RWAs, and bridged assets. Since direct App Capital data is unavailable, we estimate it using the 28% stablecoin ratio (Stablecoins/AppCapital) which has been stable since 2021. App Capital serves as a floor for market cap—network security (MC) must back the value of all settled assets. Unlike TVL (DeFi only), App Capital captures Ethereum's full settlement layer role.

Limits: Stablecoins estimated at 28% of total App Capital based on historical ratio

Constants

One-year history

References

• Yewjin: Ethereum as Financial Infrastructure (TVS Framework)
• Dipanshu: TVS Could Redefine ETH Forever

Other models

• TVL Multiple$2,882 · 2026-10-13
• Staking Scarcity$2,952 · 2026-10-13
• Metcalfe's Law$5,840 · 2026-10-13
• Staking DCF$7,494 · 2026-10-13
• L2 Ecosystem$3,249 · 2026-10-13
• P/S Ratio (25x)$6.65 · 2026-10-13
• Fee Yield$12.04 · 2026-10-13
• Liquidity Premium$3,551 · 2026-10-13
• Validator Economics$6,782 · 2026-10-13
• ETH Monetary (MV=PQ)$2,477 · 2026-10-13
• Ecosystem Settlement (MV=PQ)$16,383 · 2026-10-13