TOP 15 DEFI PROJECTS BY TOTAL VALUE LOCKED (TVL) / FULLY DILUTED MARKET CAP (FDMC) RATIO
TVL/FDMC ratio can give an understanding of the long-term growth potential of an asset and whether it’s undervalued or overvalued. A ratio above 1 may tell us that the asset is undervalued. A higher ratio may imply that the asset has more potential to grow. We took into consideration projects with TVL>$100M.