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Don't remind me again today

Not all market caps are created equal.



We analyzed the DEX volume efficiency of the top ten chains. The data shows a clear split.

The vaults:
$BTC has a ratio of 0.000.
This is by design. Bitcoin is for saving, not swapping. Its 1.8T cap is backed by demand for storage, not velocity.

The malls:
$SOL at 0.038 and Hyperliquid at 0.043 show the highest capital velocity.
Their valuation depends on execution speed and liquidity.

The outlier:
$ETH sits at 0.008.
It is shifting from mall to vault.

It moves large volume at 2.79B, but its 366B cap makes it act more like collateral than a high velocity chain.

Know what you are buying.
BTC0.24%
SOL-0.26%
ETH-1.17%
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