image by Zoltan Tasi
Our 16 selected DeFi projects “Mcap/TVL ratio” average is down at 0.28 from last month 0.34 (i.e. $0.28 market cap for every $1 (TVL) value locked. The Mcap/TVL ratio (using fully diluted Mcap) was also down from 0.65 in Oct to 0.60 as at 1st Nov.
The following 3 projects have below average ratios at 1st Nov and we’ve included the data from Oct as reference: $CRV, $BAL and $CVX (New addition). $COMP is a worthy mention, staying flat with a MCap/TVL ratio of 0.2 (projects less than the average have usually performed better than their peers - DYOR!).
Data as at 1 Nov 2021
From a market cap. perspective, $UNI is still way out ahead (however levelling off) , with $CRV again showing upward strength and momentum.
Market Cap observation (UNI & CRV)
The TVL chart (as at 1st November) shows the continued strength of $AAVE, $COMP and $MKR, however it is definitely worth pointing out the month on month growth of following 3 projects $CRV (+35.4%), $CVX (66.62%) and $SUSHI (37.68%).
TVL - Total value Locked
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