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.
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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.