Approximately $200 billion of Ethereum's market value remains unquantifiable as "social value or hopium," according to recent analysis by JD Dorman. The assessment stems from a debate over whether securing layer 2 networks should count toward ETH's fundamental valuation. Dorman argues that layer 2 chains function as "perfect substitutes" for each other, complicating efforts to assign concrete economic value to Ethereum's security role across the broader ecosystem. This perspective challenges traditional methods of quantifying ETH's utility beyond its base layer transactions and staking rewards.