The valuation system of the project is always chaotic. The best approach is to find a reference point. For instance, if you are looking at a lending platform, then compare it with Aave, Morpho, or something as similar as possible. Rather than comparing it to some irrelevant chain or useless infrastructure, whose valuations are higher than that of a good application. From my perspective, this issue currently has no solution.

Personally, I prefer to invest in applications.