As shown in the figure, from the key indicators of TVL (Total Locked Value), FDV (Fully Diluted Market Cap), and the TVL/FDV ratio, we can roughly judge the size of these public chains, market expectations, and whether there is any 'undervalued potential'. Simply put, TVL represents how much money is coming in, and FDV is the BTC value that the market assigns to the project. TVL/FDV is used to determine whether this cake is real or virtual. Let's break it down one by one below.

1. TVL- The higher the Lock-up Position amount, the more 'attractive' the ecosystem becomes

This is the most intuitive indicator, how much money is locked represents how much the ecosystem can support. From the table, it can be seen:

SUI locked $2 billion, this number is indeed impressive, but don't rush, wait for FDV to speak.

Aptos and Optimism have both locked nearly 1 billion, and the two ecosystems seem stable with active funding.

Although Merlin only has 178 million, it is not at the bottom of the list, and its ability to attract money is not bad.

2. FDV-BTC is the painting realistic enough

FDV is the market's "Market Cap expectation" for the project. If the pie is drawn too large but the funds do not keep up, it is in the "bubble danger zone"; if the pie is drawn moderately and the Lock-up Position fund ratio is high, it is a "potential stock". Let's take a look at these projects:

SUI's FDV directly soared to 37 billion, but 2 billion TVL cannot support it. This is definitely a case of 'BTC soaring while funds are underground'. The risk is not small.

TON's FDV is 28 billion, while TVL is only 3 billion, this ratio is ridiculously low, and it seems to be supported by sentiment and hype.

On the other hand, Merlin, with only 6.33 billion FDV, has a TVL of 1.78 billion, indicating that the market's expectations for it are not unreasonable, and there is still a lot of rise space.

3. TVL/FDV - Is it Real Strength or a Master of Drawing Pie?

This ratio is the proportion of Lock-up Position funds to the expected Market Cap. The higher the ratio, the higher the efficiency of the funds and the more solid the development. Let's have a game:

CORE (0.45): This ratio is directly on the list, with a lot of money coming in and a small pie, basically no bubble. If the influx of funds continues to rise, the explosive growth is obvious.

Merlin (0.28): The second-ranked entity, with a decent proportion of funds in Lock-up Position, didn't hype too much, playing it steady, quite suitable for lying in ambush.

Optimism (0.13) and SEI (0.10): fairly average, not undervalued, but nothing particularly surprising, considered to be the "steady faction" in the mainstream public chain.

SUI (0.05) and TON (0.01): These two directly pump TVL/FDV to the bottom, the market expectation is the ceiling, but the Lock-up Position funds pump the crotch, which looks more like a bubble and is not very suitable for chasing the market.

For TVL/FDV with a high ratio, the bubble is small and has potential; for TVL/FDV with a low ratio, the bubble is large, so be careful. Combining the above data:

High-potential players: CORE and Merlin are both solid performers with high capital utilization rates, reasonable token distribution, robust ecosystem, and especially suitable for mid-term lying in ambush.

Steady and Progressive Old Player: Optimism and Aptos, with a large amount of funds in Lock-up Position, although the cake is a bit too big, the ecosystem is still expanding steadily, and it is a solid blue-chip stock.

Bubble Suspects: Sui and TON, these two are too weak. Relying solely on FDV to draw BTC, without more TVL support, they are likely to cool down or shrink in valuation in the future.