Instadapp leads, followed by Vires Finance, Tectonic, and Solend.

When dividing the market cap by the total value locked, we obtain the TVL ratio. The TVL ratio can help determine if a DeFi asset is undervalued or overvalued. If the ratio is under 1, the asset is usually undervalued and more attractive to investors. When the market cap exceeds the TVL, the asset might be overvalued, leaving little to no room for growth.

👉https://cryptorank.io/categories/defi

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