A recent Etherealize research report proposes the "Productive Money" theory, arguing that if Ethereum captures the current monetary premium of approximately $31 trillion (combined with gold and Bitcoin), its implied price could exceed $250,000, far higher than the current level of around $2,300. The report points out that ETH not only possesses traditional monetary attributes such as scarcity, verifiability, and censorship resistance, but also offers an annualized return of approximately 2%–4% through staking, achieving the characteristics of an "interest-bearing" currency, thus distinguishing it from non-productive assets like gold and Bitcoin. Furthermore, ETH in the DeFi system has three sources of demand: collateralized assets, transaction fee burning, and staking lock-up, forming a mechanism for supply contraction and value accumulation. The report believes that with the development of on-chain finance and asset tokenization, ETH is expected to simultaneously possess the dual attributes of "store of value" and "productive asset." However, the report also cautions that achieving this valuation path for ETH still faces multiple uncertainties, including regulatory, technological, and competitive challenges, and its long-term value revaluation depends on the market's acceptance of its monetary attributes.