Let’s assume ALL Visa + Mastercard transactions move to Stablecoins on Ethereum.
📊 393B payments × $0.03 avg rollup fee = $11.8B fees/year
💡 ETH’s direct “take” (burn) ≈ $1.8B/year
⚡ L2 sequencers keep ≈ $10B/year
ETH market cap = ~$575B → that’s 320× fees.
Compare:
Apple ~30× earnings
Google ~25×
ETH 320× fees
Punchline: Even in a fantasy world where every Visa + Mastercard swipe ran on Ethereum, ETH would still be massively overvalued.
Tom Lee will get richer, you will get poorer.