2026-01-04 09:22:30

I looked at an interesting data comparison. Ethereum's position in the entire crypto ecosystem is somewhat awkward — it accounts for 59% of the total locked value (TVL) in the market, yet its token market capitalization only makes up 14% of the crypto market. This naturally raises the question: what does this gap really mean?

Comparing it to other public chains makes the pattern even clearer. Solana's market cap/TVL ratio is 3%/7%, Tron is 1%/3.7%, and BNB Chain is 4.5%/5.5%. In other words, the ecosystem funds carried by Ethereum far surpass those of other chains, but its market valuation is relatively conservative. Some people therefore conclude that Ethereum might be the most seriously undervalued blockchain at present.

Of course, the data itself is just a reference. The differences in the market cap to TVL ratio involve multiple factors such as ecosystem application scenarios, risk premiums, and market expectations. But this comparison definitely gives us a new perspective for thinking.

ETH-0,76%

SOL2,16%

TRX-0,72%

BNB0,74%

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ProtocolRebel

· 01-07 09:10

The gap with ETH is really incredible; only 14% of the market cap for 59% of the TVL. If it's truly undervalued, that's just too outrageous.

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ForkYouPayMe

· 01-07 07:47

ETH's 59% TVL but only 14% market cap. In other words, the market is seriously pessimistic... It feels like you're just holding a bunch of other people's money.

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GigaBrainAnon

· 01-07 01:25

With so much gold backing ETH, why is its valuation still so conservative? It feels like the market hasn't fully figured it out yet.

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LiquidationOracle

· 01-07 00:48

Damn, this data is really outrageous. ETH can attract so much capital but hasn't been pumped up? Honestly, it's still the market's lack of confidence in it. The inflated TVL also doesn't make sense. Are those DeFi projects truly creating value or just pure speculation? Question mark

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GasBankrupter

· 01-04 09:50

59% of TVL only accounts for 14% of market cap, the gap is indeed outrageous... --- It's another case of underestimation. Every bull market hears this argument. The question is, when will it catch up? --- Basically, Ethereum is too crowded, gas fees are ridiculously high, who still dares to lock their money in? --- The data looks good, but the real profits come from small-cap coins, understand? --- This logic has flaws, high TVL doesn't necessarily mean high project quality. --- Wait, Solana has only 3% of market cap but 7% of TVL? That's even more outrageous. --- I just want to know why Ethereum still has to spend so much gas to carry these. --- Anyway, I don't believe in the underestimation talk anymore, I've been saying this for years. --- Maybe people just don't really believe in Ethereum's future. --- It looks like Ethereum is turning into a public bathhouse.

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MissedAirdropAgain

· 01-04 09:43

This data gap is quite significant; 59% of TVL accounts for only 14% of market cap. Ethereum is a bit too good at "working."

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retroactive_airdrop

· 01-04 09:42

This data is indeed interesting, but to say it's undervalued? I feel like this is just market pricing. ETH carries too many things, and the risks are high. High TVL doesn't necessarily mean it's valuable. Brothers, don't be fooled by these comparisons; the reasons for undervaluation have been discussed repeatedly. Why can't it be that other chains are overhyped? Think about it from a different perspective. What does this valuation really tell us? Honestly, it feels like someone brings this up every three months. Looks like another prelude to "Ethereum is about to take off"? I'll just laugh for a bit. High TVL doesn't necessarily mean profit. A thriving ecosystem ≠ rising coin price... Understand? The market prices this way; there's no such thing as being undervalued, only pricing efficiency.

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ser_ngmi

· 01-04 09:37

59% TVL compared to 14% market cap, this gap is indeed outrageous, but I'm not so optimistic about the underestimation theory. These numbers look good, but how many people can actually make money? Wait, is this why big influencers have been touting Ethereum doubling? I don't believe you. Anyway, I really don't know whether I should buy the dip or keep observing; there are too many factors. Honestly, it still depends on whether the application can be implemented; good data is just good data.

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RumbleValidator

· 01-04 09:32

59% TVL but only 14% market cap? The data logic seems a bit strange. You need to look closely at the consensus mechanism and node stability before drawing conclusions. Just looking at surface numbers can be misleading.

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LiquidityLarry

· 01-04 09:29

59% of TVL only 14% of market cap, this gap... really hard to hold on, what is Ethereum waiting for?

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