How to Value Ethereum's Future?

How to value the Ethereum network has always been an industry-wide challenge. Recently, BitMEX founder Arthur Hayes wrote an article addressing this issue. In this article, Arthur Hayes estimates the value of the Ethereum network ecosystem by calculating the total fees that traditional financial services charge users, and the market share that Ethereum DeFi might capture from CeFi. His conclusion is that if 0.5% of CeFi system transaction volume were transferred to the Ethereum ecosystem, ETH's price would appreciate 10 times from current levels.