$1bn in 40 days is ~$9bn/yr. Eth2 issuance is round $1.4bn / yr at $3500 per ETH.
That may put Ethereum at a P/E ratio of 51. That is fairly good for top tech and actually good while you have a look at the expansion. For reference, Nvidia has a PE ratio of 79 and Amazon is 60.
I really feel fairly good about Ethereum’s valuation right here. Clearly PE ratio isn’t the entire image, hopefully different elements will drive ETH worth even larger. Like think about in the event you had to purchase $50 price of AMZN each time you got an merchandise on Amazon. That is what Ethereum customers do.