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There's something striking about these numbers. $EPIC sits at $21M as an L1 blockchain, while $COLLECT—the ecosystem's leading dApp—commands $237M. Do the math: the application is worth roughly 11 times more than the entire chain supporting it. That's a 0.09x ratio, and it flips conventional market dynamics on its head.
Normally? The story's completely different. $ETH dwarfs $AAVE at 146x. $TRX overshadows $JST by 77x. $SOL carries 55x the weight of its ecosystem tokens. Here we're seeing the inverse pattern—when a single app outpaces its underlying infrastructure in valuation, it raises real questions about how markets price blockchain layers versus their applications.