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Is Ethereum severely undervalued? Assessing the true value of the public chain through TVL and market cap ratio
【CoinPush】An interesting data comparison worth noting: based on the mapping between Total Locked Value (TVL) and market capitalization, Ethereum currently has the largest valuation gap.
The numbers make it clear—Ethereum controls 59% of the entire crypto market’s TVL, making it the absolute center of DeFi, but ETH’s market cap only accounts for 14% of the total cryptocurrency market cap. What does this mean? It indicates that the amount of funds locked in Ethereum far exceeds its token valuation.
Comparing with other public chains makes it even clearer. Solana’s market cap/TVL ratio is 3% to 7%, Tron is 1% to 3.7%, BNB Chain is 4.5% to 5.5%—these public chains generally have market cap proportions higher than their TVL proportions, whereas Ethereum is the opposite.
From this perspective, the market’s recognition of Ethereum’s value still seems insufficient. After all, Ethereum carries most of the industry’s ecological applications and capital flow, yet its token valuation is relatively lagging—there may be structural undervaluation here.