EPIC Abnormal Phenomenon Analysis

When evaluating blockchain networks, the market usually follows a certain proportional pattern. To illustrate with a simple example: when comparing a Layer 1 blockchain with its flagship ecosystem token, the valuation gap reveals some interesting phenomena.
Using the token's FDV (Fully Diluted Market Cap) as an indicator, ETH clearly demonstrates this dynamic — its trading price is approximately 101 times the valuation of the main ecosystem projects built on it. This ratio is not arbitrary; it reflects how the market prices the underlying infrastructure versus the applications built on top.
Understanding these "normal market ratios" is crucial for identifying valuation deviations from historical patterns. When a project breaks this pattern, it indicates either being severely undervalued or a market pricing discrepancy, warranting in-depth analysis.