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ICP 
SOL The data behind the DFINITY Internet Computer Protocol reveals a pattern worthy of attention.
According to DeFiLlama data, the market value of ICP tokens is approximately US$1.15 billion, but its total chain locked positions (TVL) is only approximately US$12.6 million. This gap resulted in a market capital-to-TVL ratio of approximately 91 times.
How doescompare with other public chains?
For most mainstream blockchains, this ratio presents a completely different picture. Take Ethereum as an example. Its current TVL is approximately US$45.4 billion, corresponding to a market value of hundreds of billions of dollars, making the ratio well below double digits. The total TVL of DeFi across all chains has dropped 37% to approximately US$71.77 billion in 2026, with Ethereum accounting for 53.1% of the total. Competitive networks such as Solana and BNB Chain also accounted for significant additional shares. According to these standards, a ratio of up to 91 times ICP is extremely prominent. Simply put, the market prices ICP at a significant premium relative to the economic activity actually occurring on the network. The lower ratio means stronger capital deployment within the ecosystem, indicating that users and developers are actively locking funds into the DeFi protocol on the chain.
What drives ICP's valuation?
ICP ranks approximately 59th by market capitalisation, at approximately US$1.18 billion, far below the largest smart contract platform, but higher than most emerging Layer-1 public chains. The gap between its market value and on-chain activity reflects a dynamic common to technologically ambitious projects: the market is pricing future potential rather than current actual usage. In July 2026, the network processed 133 million daily transactions, making it the second most active blockchain in the world. However, this activity has not yet translated into corresponding DeFi capital inflows. ICP's activity is real but not dominant, indicating that the technical advantages of its architecture have not yet been translated into a convincing value proposition on scale.
In terms of the token economy, the "Mission 70" plan approved in January 2026 aims to reduce the annual inflation rate from approximately 9.7% to between 2.9% and 5.4% by the end of 2026 by limiting pledge rewards and accelerating cyclical destruction. Whether such structural tightening measures can help close the gap between market value and on-chain activity remains to be seen. Currently, DeFiLlama's data provides a useful reality test: Billions of dollars in market capitalizations do not necessarily reflect actual economic activity on the same scale.
