According to BlockBeats, on September 18, according to a research institute under the RxR Opportunities Fund, a joint venture between Republic Crypto and Re7 Capital, it believes that ETH is currently trading at a price 27% lower than its fair value. It is reported that RXR's fair value forecast is based on a hybrid version of Metcalfe's Law, which includes the growing active user base on the Ethereum extended network (Layer 2) and the active users on the Ethereum mainnet to measure the fair value of the network. Traditional Metcalfe's Law models tend to focus only on the active user base on the mainnet. RXR analyst Lewis Harland said: "When we include the active user base of the Ethereum extended network in the model, Ethereum's network valuation tracks the updated ML Index better than when this data is ignored. Assuming that users will never grow further, ETH's valuation should be $275 billion (currently $196.7 billion, trading at a 27% discount to fair price)."