Ethereum 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 is neutral infrastructure prioritizing security over short-term revenue. Valuation Framework: We propose a dynamic SOTP model anchored in "Security (45%) + Money (35%)," replacing static P/E. A "Regime Adaptation" mechanism adjusts these weights based on macro liquidit