Ether Trading at 27% Discount to Fair Value, New Research Shows

• Ether (ETH), the native token of the Ethereum blockchain, is trading at a 27% discount to its fair value, according to analysis by RxR.
• RxR's fair value projection is based on a blended version of the Metcalfe law, which includes the active user base on the Ethereum scaling networks and active users on the Ethereum mainnet.
• Traditional Metcalfe law models tend to focus only on the active user base on the mainnet.
• Ether's value proposition is closely tied to Ethereum's network usage.
• The updated model, which factors in the active user base of Ethereum's scaling networks, puts ETH's valuation at $275 billion, assuming no further user growth.
• Ether's market cap looks undervalued compared to RxR's ML Blended Model, which considers layer 2 networks and offchain solutions.
• Layer 2 protocols have seen significant growth, with the total value locked increasing to over $9 billion in two years.
• The incorporation of layer 2 activity is important in Metcalfe law fair value models.

The sentiment of the article is positive, highlighting the potential undervaluation of Ether and the importance of considering layer 2 activity in fair value models.