Is Ethereum severely undervalued? Assessing the true value of the public chain through TVL and market cap ratio

Question

【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.

PumpStrategist · Accepted Answer

59% of TVL only 14% of market cap? The pattern is already formed, this is outrageous. The distribution of chips shows that the market hasn't reacted yet; the typical rookie mentality is to overlook this underlying logic.

BearMarketSurvivor · Answer

59% of TVL only accounts for 14% of market value? That data seems a bit off, it feels like Ethereum has really been hit hard.

RunWithRugs · Answer

This data is really shocking—59% of TVL only accounts for 14% of market value? If Ethereum catches up with a rally, it would be terrifying.

tokenomics_truther · Answer

59% of TVL only accounts for 14% of market cap? This data is so outrageous, Ethereum should be going crazy with a surge.

ProbablyNothing · Answer

It's the same valuation argument again, but when it really starts to rise, the market will say "so what if the fundamentals are good," and in the end, it still depends on the narrative.

SellLowExpert · Answer

59% of TVL but only 14% of market cap? ETH has really been hammered to the ground, wake up everyone.

quiet_lurker · Answer

59% of TVL is only worth 14% of the market cap? This data is indeed outrageous. If it weren't for gas fees discouraging people, ETH would have already skyrocketed.

SandwichTrader · Answer

Wait a minute, is there a problem with this data? Is the 59% TVL really undervalued compared to only 14% market cap, or does ETH itself deserve this price?

ShibaSunglasses · Answer

I've already said it, ETH was hammered down too hard. Once this data comes out, who wouldn't rush to buy in?

Is Ethereum severely undervalued? Assessing the true value of the public chain through TVL and market cap ratio

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