Vol.15, No.2, May 2026.                                                                                                                                                                          ISSN: 2217-8309

                                                                                                                                                                                                                        eISSN: 2217-8333

TEM Journal

TECHNOLOGY, EDUCATION, MANAGEMENT, INFORMATICS

Association for Information Communication Technology Education and Science

Beyond Cash Flows: A Multi-Layer Valuation Framework for Ethereum

Vladimir Kovšca, Zrinka Lacković Vincek, Suzana Keglević Kozjak

© 2026 Vladimir Kovšca, published by UIKTEN. This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License. (CC BY-NC-ND 4.0)

Citation Information: TEM Journal. Volume 15, Issue 2, Pages 1016-1024, ISSN 2217-8309, DOI: 10.18421/TEM152-06, May 2026.

Received: 01 July 2025.
Revised: 24 December 2025.
Accepted: 16 January 2026.
Published: 27 May 2026.

Abstract:

Prior research on cryptoasset valuation has largely adapted discounted cash flow (DCF) models by treating staking rewards and transaction fees as productive cash flows, while insufficiently accounting for monetary characteristics and strategic flexibility inherent to decentralized platforms. This study investigates whether such cashflow based approaches systematically undervalue Ethereum. The central hypothesis is that Ethereum’s intrinsic value cannot be adequately explained by DCF valuation alone, and that monetary premium and technological optionality constitute economically significant components of value. To examine this hypothesis, a multi-layer valuation framework is applied using network and market data from 2022–2025, combining a DCF model, a monetary premium benchmarked against gold based on relative scarcity and adoption, and a real option uplift reflecting future expansion potential. Monte Carlo simulation is employed to test the robustness of the results. The findings indicate that while DCF-based valuations remain relatively stable, total intrinsic value is highly sensitive to assumptions regarding monetary adoption and strategic optionality. These results underline the importance of layered valuation frameworks for decentralized platforms.

Keywords – Cryptoasset valuation, Ethereum, DCF, monetary premium, Real Option Theory.

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