Revenue can be only part of valuing L1 assets (otherwise BTC would be zero).
That said think we will see 100gwei L1 fees this cycle when L2 usage explodes and many high value usecases use L1.
Will be interesting to see reactions of analyzooors when ETH L1 revenue hits 30-50x of closest competitor.
But since fud creativity is endless spin will be different then ;)
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