Fidelity Investments has recently proposed valuing blockchains based on GDP, suggesting that decentralized blockchains should be compared to sovereign nations rather than Web2 companies due to their embedded currencies. Using the GDP formula, Fidelity applies various metrics to Ethereum: consumption represents user gas fees and NFT minting, investment refers to staked assets, government spending is illustrated by the Ethereum Foundation's expenditures, and net exports comprise the minting and burning of stablecoins as well as cross-chain flow. However, concerns arise over the inclusion of stablecoins in Ethereum's GDP calculation, as these can inflate figures without reflecting productive activity. Furthermore, while Fidelity cites Ether's role as a medium of exchange, the argument lacks clarity regarding its function as a unit of account. Critics highlight that during transactions, users might prefer to convert store of value into payment rather than hoarding Ether. Additionally, staking does not create new productive capacity, further complicating the GDP analogy. Consequently, the investment metric in blockchain GDP may not reliably predict future growth, leading to doubts about the validity of Fidelity's approach.

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