From a financial indicator perspective, Ethereum's pricing logic is worth pondering. If we consider it as a block space service provider, based on December data, the market fee rate (PF) skyrocketed to over 2000 times, and the market sales ratio (PS) even surpassed the 10,000 times mark. The problem is that net profit is negative, so the price-to-earnings ratio (PE) does not exist.

Comparing this to traditional cloud computing companies — their PE ratios usually stay between 20-30, and their PS ratios are single digits. How big is the gap? It's obvious at a glance.

The core issue reflected here is that the valuation logic of Ethereum as infrastructure is completely different from that of traditional service providers. The former's pricing power depends more on ecosystem consensus and growth expectations rather than current profitability. From this perspective, the current pricing system is more like paying for future business models and scale.