🛡 Ethereum Repricing: From Rollup-Centric → Security Settlement Layer 🔄 Paradigm Shift: ETH is pivoting from "Rollup-Centric" to a "Security Settlement Layer." This is its "Constitutional Moment"—unifying a loose L2 confederation into a digital federation. Viewing ETH as a "Tech Company" is a category error; it prioritizes security over short-term revenue. 📊 New Valuation: We propose a dynamic SOTP model anchored in Security (45%) + Money (35%), replacing static P/E logic. A "Regime Adaptation" layer dynamically adjusts weights based on macro cycles and sentiment. 🏛 Institutional Curve: TradFi integration (Staking ETFs) is reshaping ETH from a speculative token into an "Allocatable Asset" defined by native yield (Carry) and rigid settlement utility. 🚀 Bottom Line: This isn't a value collapse, but a "Pricing Anchor Migration." The structural pricing logic has shifted definitively toward Security Settlement + Native Monetary Attribute.