Just in, via @tokenterminal

Ethereum’s L1 TVL is now $ 200 billion, 65% in stablecoins.

[In contrast, Bitcoin's TVL is ~ $6 billion]

Hard to argue that ETH is not vastly undervalued.

https://tokenterminal.com/explorer/studio/dashboards/ac4d18dc-5fbe-4527-8c71-ac5ccfd29c15

#BTC #ETH