Ethereum May Be Massively Undervalued: TVL Just Surpassed ETH's Market Cap

>Ethereum seems highly undervalued!
>
>For the first time in history, the value locked ON Ethereum is bigger than the value OF Ethereum itself!
>
>ETH fully diluted market cap: ~$210B
>Total value locked: ~$260B
>The blue area just crossed above the orange line
>
>The economy running on the chain now outweighs the asset securing it.
>
>That has never happened before, not even in the depths of 2022!
>
>Either the Ethereum economy is overbuilt, or ETH is underpriced.

Source: https://x.com/LeonWaidmann/status/2075078498562044023