A lot of people like to focus on TVL to calculate market cap. Now Ethereum's market cap is already lower than its TVL, so many think Ethereum is undervalued. But Visa processes $15 trillion in transactions annually and only has a $600 billion market cap. The NYSE settles $60 trillion in stocks annually and only has an $80 billion market cap. Airbnb manages $3 trillion worth of properties and only has a $90 billion market cap, but you never buy their stocks because of that ‍♂️