the mcap/tvl ratio is considered a decent indicator to gauge whether a protocol is over/undervalued

by this ratio, some of the most undervalued DeFi protocols today are

- bancor $bnt - 0.65
- sushi $sushi - 0.53
- curve $crv - 0.12
- vesper $vsp - 0.08
- liquity $lqty - 0.01

never a guarantee but it would be logical to assume the aforementioned protocol tokens might perform well as the bull market matures and money flows into utility projects instead of vaporware

all data sourced from @coingecko

keen on knowing more such data indicators that can help form an idea about the actual valuation of a protocol..