According to the source, Solana (SOL) is trading at roughly a 3.7x market-cap-to-TVL multiple with a $146B market cap versus about $40B in ecosystem TVL. According to the source, this multiple is being framed as strong growth momentum for the SOL ecosystem. According to Messari research, the market-cap-to-TVL ratio is a commonly used relative valuation metric for smart-contract platforms, where higher multiples indicate a larger valuation premium relative to locked capital. According to DefiLlama TVL methodology, TVL aggregates assets locked in DeFi protocols, which traders use to benchmark chains and track relative-value shifts.