We know that historically, strong DeFi-focused Layer 1s tend to trade, sooner or later, at a market value significantly higher than their TVL. While this isn't a universal rule of course, MCAP/TVL ratios definitely remain a good way for spotting undervalued projects. In the current top 20 by TVL, 2 of them stand out: 1. Plasma $XPL One of the rare high-performance Layer 1 purpose-built for stablecoin payments and global money movement on the entire market. 🧮Current MCAP/TVL ≈ 0.1 ℹ️Around 400-500K daily transactions 2. Provenance $HASH Cosmos SDK-based Layer 1 purpose-built for financial services: loan origination, private credit, tokenized securities, mortgages, institutional workflows, etc. 🧮Current MCAP/TVL ≈ 0.35 This doesn't mean they can't go lower in the short term.