$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 once you take 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 is just not the entire image, hopefully different components will drive ETH worth even greater. Like think about when you had to purchase $50 value of AMZN each time you purchased an merchandise on Amazon. That is what Ethereum customers do.